What are the biggest consumer finance issues for the election?

MSE_Martin · 11 April 2010 at 8:59PM

What's this all about?

This week's site poll will ask what the key consumer finance issues are for the election. Then once I have the main ones voted on I hope to ask the party leaders for a direct response on them (one's already agreed, hopefully the others will too).

I'm looking for ideas of what issues people think are important - I already have a list (similar to the issues I put to George Osborne) but wanted to allow forum users the opportunity to put their suggestions too. I can't promise to use them but I can promise to read them.

Examples of the type of thing

Bank Charges
Financial Education in Schools
Unfair Energy Prices

Examples of things not to include

This isn't a general what's important financially type poll - its more specific consumer finance than general finance therefore please don't include things such as.

General tax rates like income tax
Immigration and the cost of
Public spending issues such as NHS or education
MPs salaries

PLEASE KEEP SUGGESTIONS TO AROUND 50 WORDS THOUGH FEEL FREE TO DO MORE THAN ONE

UPDATE NOTE: NOW YOU CAN VOTE ON THE COLLATED SUGGESTIONS (THOUGH WE WILL STILL READ NEW ONES)

Running_Horse · 11 April 2010 at 9:02PM

Simplify the tax system.

Abolish tax credits that turn hardworking families into benefit claimants applying for their own money.

I know you said don't mention levels of tax, but this is about simplicity and fairness, not the level.

codwidow · 11 April 2010 at 9:07PM

Bank Charges should be refunded (when requested) without haggling for low income families or individuals living on a certain level of income, they need to be more upfront (and clear) about their charges to customers who may not understand their terms or jargon for example the elderly or people who struggle with English. They wouldnt know the first thing about complaining about bank charges or refunds or the Financial Ombudsman.

nearlyrich · 11 April 2010 at 9:09PM

A fair rate for savers, many older people are living in fear of having no money left after saving all their lives because low interest rates have eroded their capital. Maybe taking the tax off all savings under £50k would be a great start.

codwidow · 11 April 2010 at 9:13PM

There need to be more basic bank accounts to avoid people racking up charges in the first place, if they only have a basic account then there is less chance of charges.

A good example is the Co Operative bank who in their written statement say they will not charge for a first occurence of being overdrawn

Errata · 11 April 2010 at 9:16PM

The average consumer has no idea what the gov actually does with the consumers tax.
I'd like to see a promise from all the parties which hope to form a government that a weekly updated website will be set up giving details of where the money has gone in that week.
For instance, few people know Britain gives millions each year to China for humanitarian aid, and far fewer understand why that happens when China is far richer than Britain.

veruccasalt · 11 April 2010 at 9:16PM

Allow couples to transfer tax allowance. I gave up work to bring our family up. My husband is now our sole wage earner. He should be allowed to use my tax alowance for our family's benefit.

codwidow · 11 April 2010 at 9:18PM

I would like to see more information on how the banks make their profit and a breakdown of all these profits for example which bank charged customers the most and what did they charge for.........this might increase confidence in banks which has to be at an all time low at the moment, I would like to see this on website broken down by each financial institution........

wackyjacky · 11 April 2010 at 9:18PM

Housing, the private rental is difficult for some to get into i.e deposits, non-smokers, pets which i dont argue with but surly everyone has the right to social housing not just those with dependents etc.

SimoneCarr · 11 April 2010 at 9:21PM

2 things - really important to me:
1 - interest on student loans are so high, I feel like I will never pay it off, but would not have been able to get through Uni without it. The interest amount is nearly £50 a month and is mostly less than I have to pay back, it should be interest free or not have to pay it back at all would be nice!
2. Banks should not let you take out more money than what they agree for your overdraft. They do this just so they can charge you a fortune for the privilage!

NLewis · 11 April 2010 at 9:22PM

MSE_Martin wrote: »

What's this all about?

Please ask Gordon Brown why he thinks a tax on the very hard working people of this country is fair. Surely they need to concentrate on getting people back to work to boost the economy of this country. I was made redundant in December and start a new job tomorrow. I have never claimed benefits in my life and the experience is one that I don't want to repeat. Getting a job was very hard and I spent hours and hours applying for anything half suitable. However at least I have my self-esteem.

What are the biggest consumer finance issues for the election?

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