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[MSE Martin]

Great “Improve Money Rules In 50 Words” Hunt.
What easy changes should our politicians make.

Politicians focus on big changes, but often it's the little things that could speedily be changed to make life better – many can be said in under 50 words.

We want your suggestions; a selection will be compiled, turned into a guide for all to read and sent to a selection of MPs for their views & published both here and (we hope) in the national media. Plus pls thank any posts you agree with.

An update letting you know when the full selections picked and published will be in the free weekly MoneySaving Email.

My example suggestions...

As an example here are some of mine, they include things we’ve already campaigned on as well as some new ones....

• Legal right to fair Energy Direct Debits.
  
  While paying by direct debit is cheaper, you’ve no legal right to demand it's fair; meaning companies can up it willy-nilly. This should be stopped. See the Fight Energy Direct Debits guide.

• Savings statements must list current interest rates.
  
  Every online & printed statement should say your current interest rate, or how can you monitor it. Often you’re sent to a page with scores of similarly named accounts. See See Savers Rights No.10 Peititon and Savers Rights Parliamentary motion

• Right to know the rate you’ll get before applications go on credit files.
  
  Apply for a product and it puts a search on your credit file which hits your credit score, yet many products are rate for risk, without applying you can’t know the rate. This vicious circle thats hurts comparing products should be stopped. See Credit Rating guide

• Water Rates Should Be Challengable
  
  Unlike council tax where if your property is overvalued you can be rebanded (see council tax rebanding), water rates are now over twenty years old and haven't moved with the times. People need a right to challenge unfair water rates.

• All phone companies must give option to know price/min at start.
  When you make a phone call, you should have the option to automatically be told the price per minute cost of the call at the start. Many override providers do this but not main stream companies, it makes things more transparent.

Please make your 50 word suggestions...

So now I want to know what yours are. We’re going to compile a selection into a document, publish it on the site and the weekly MoneySaving email (goes to 3m people including many influential opinion formers) and send it to scores of politicians and influential regulators to get their response.

To do it just click reply, please format it as follows

"A brief headline of what the measure is.
Then a longer description of the exact problem and how it should be dealt with. Keep it as practical as possible, so there is a definitive action. In total NO MORE than 50 words please."

Important extra notes...

• Pls only suggestions, no discussion.
• This is only on MoneySaving issues please.... all non MoneySaving/inappropriate suggestions will be deleted). Yet it can be finance, energy, telephones, shopping anything MoneySaving.
• Max one suggestion per post. You can post more than once though
• No duplication please. Do check no one else has suggested it
• This is for practical simple changes that positively benefit everyday lives. Not have a go at politicians thread. It's for small, easy practical changes. So things like "freeze MPs pay" or "Rewrite the tax system from scratch" won't make it.

PLEASE THANK ANY SUGGESTIONS YOU AGREE WITH (requires you to be logged in)

Martin

UPDATE NOTE FRI 1 MAY 2009: Lib Dem Leader to Take Part...

Hopefully you'll be pleased to hear that dipping my toe in the water has paid off. Our first politician has agreed to read the final compiled list, and it's a party leader. the Rt Hon. Nick Clegg MP of the Lib Dems.... plus he sent one of his own (any other politicians reading this who want to add one or take part, please send me a PM with your email address and we'll add you)

Cheapest Energy Units should be the first
It’s unfair that the first energy units you use are the most expensive: it’s harder to save money by cutting back. The first units should be cheapest, so people who use least, pay least. But I’d protect any low income families who genuinely need lots of energy with lower “social tariffs”.

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[angelflower]

Increase the lending age - short term solution whilst more financial teaching can be integrated into our schooling system to help with the long term problem.

[tomterm8]

Credit Card repayments should go to the highest interest balance first. A lot of credit cards charge 10% difference between cash and product purchase. They assign repayment to the lower interest rate balance. This can unfairly prolong repayments for several years.

[Mar.cresham]

I feel they need to do more for the singles over 25 that work under 30 hours. their living under the bread line. Alot of them would love to work more than the hours they do but just cant get the high contracts. So find life very hard. TAX CREDITS

[k2nga]

Every person should be allowed a basic bank account no matter what there credit or financial past. This has become a problem for those who have had to face bankruptcy.

[libra10]

No income tax deducted from savings interest rates if earnings under a certain level (to be decided) per year.

Income tax is deducted from salaries, most spending, including personal/company pensions, the money left over shouldn't also be taxed.
Cash ISAs are great but don't go far enough.

[ailuro2]

Help average wage earners with low interest government provided shared ownership mortgages to allow people to afford their own home.(20)

Give free healthy school meals to all school children.(9)

Low cost public transport for all, funded by reducing public sector pension contributions.(13)

give Martin Lewis a knighthood (8)



This sums up my best way of running the country in 50 words.

[jellyhead]

Make prescriptions free for everyone

Or at least include asthma in the freebie list, sorry, bit of a selfish one!

[blind-as-a-bat]

Financial industries should abide by a) the law and b) the terms of there licence, as defined by the OFT or be shut down.

It should also be compulsory that all there staff understand the saying ‘you cant get blood out of a stone…….you don’t work for the tax office

Bang on 50 words, according to M$ word, how freaky is that

[Lensman]

Improve regulation of the Debt Collection industry, by statute if necessary. A brief read of the DFW board will reveal an industry where the dereliction of OFT guidance and the law is endemic and systematic. The OFT can only work on a case by case basis, this makes improvement of the system impossible.

[carolt]

Credit cards/loans - lenders should ensure they are not lending to those who cannot afford to pay it back, after initial teaser rates - the UK's own version of sub-prime. Many NINJA's been solicited to take out 0% credit cards - income levels must be checked.

[carolt]

Likewise, income MUST be checked on mortgage applications - self-cert can be proved using tax info or accounts.

It was this mess that got the world into the economic mess we're in now - liar loans need to be stopped.

I know they're prevalent because I was offered one - told to lie by a broker. (I didn't take it, needless to say.)

[Poppy9]

Get rid of small print.

[carolt]

Build vastly more council houses and end right-to-buy - or only continue with it if as many new 'social' houses are built as are sold.

[Poppy9]

14 day cooling off period no matter if you sign on business or home premises

[carolt]

Introduce registration of landlords - providing a home is vital, and there are many who view it as a way to make an easy buck & do not fulfil their responsibilities to provide safe, adequate housing.

[Crispy Ambulance]

Make fee charging debt advice companies illegal. There is a wonderful free debt advice network out there and nobody should be paying to consolidate loans etc.

[splishsplash]

Compulsory accountancy and home economics/nutrition classes for all students, right up to school leaving age. These should be included as core subjects.

[Barneysmom]

Hi my idea isn't really about credit cards or mortgages type things but here goes, please don't laugh.....

I think that people should be given more time to pay parking fines, or even a pay a bit a month.

[Mar.cresham]

Stop letting so many supermarkets be but up in one area. So the land can be used for new housing for low income earner and anyone on benefits. Who needs 3 tescos in one town????