We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Should local councils be doing more to stop payday lending in their area?
Former_MSE_Wendy
Posts: 929 Forumite
Around the UK, different councils are taking different actions to control payday lending in their community. Ideas include:
What is your council doing?
If you're happy to get in touch with your local authority to ask please report it below.
If you could ask it to take one action, either from the above list or something else entirely, what would you ask your council to do?
Hear what some councils are already doing
Citizens Advice are running a series of guest blogs from councils, in which they talk about the work they are doing to tackle irresponsible lending practices. New blogs will be linked below...
Lambeth: With an already deprived population, one in six people in Lambeth have had their benefits cut by the government. Unsurprisingly, payday lenders have seized on this opportunity and here at Lambeth council we’re are working to reduce the impact. Read more... Taking on the loan sharks and the kangaroos
Leeds: Poverty is the biggest challenge our city is facing and one which we are determined to tackle head on. The success of Leeds, its people, communities and economy is dependent on our action. Read more... Leeds City Council take a stand against high cost lending
Northamptonshire: Our council’s libraries have long been considered community hubs with their unique offer of a warm welcome, universal appeal, the feeling that they are safe and neutral spaces, constant and trusted by the local community. The library service has recently been re-imagined and re-branded as LibraryPlus. This is not another hollow attempt to proclaim that with libraries ‘It’s not just about books!’ but rather a confirmation of what libraries can do and are delivering to their local communities by working in partnership with other organisations. Read more... 'It's not just about books': the Northamptonshire library service and payday lending
Plymouth: We live in a city of just over 200,000 adults and we estimate that at least 16,500 of them are using, or have used, payday lenders. That’s a staggering one in every 12 adults. Many of them are paying annual percentage interest rates (APR) well in excess of 1000 per cent. This means if someone borrows £100 over four weeks, they will need to repay at least £161 at the end of that time. Often it will be much more than this and, in some cases, the amount of interest will actually be more than the original amount borrowed. Read more... It's Mayday for payday lenders in Plymouth
Kingston: I’ve been asked to share the work we’ve been doing in Kingston to tackle payday lenders head on. People who go to payday lenders are, more often than not, forced into it by their circumstances. They’ve exhausted all other options and are trapped in an economic black hole, where the worst parts of our financial services prey on the most vulnerable. Read More... Six things your council can do now to tackle legal loan sharks
- Restricting access to payday sites on public computers.
- Trying to stop new lenders taking up place on the high street.
- Asking local cinemas to stop playing adverts.
- Using social fund cash to help credit unions compete with payday lenders.
- Banning the distribution of leaflets in public places.
What is your council doing?
If you're happy to get in touch with your local authority to ask please report it below.
If you could ask it to take one action, either from the above list or something else entirely, what would you ask your council to do?
Hear what some councils are already doing
Citizens Advice are running a series of guest blogs from councils, in which they talk about the work they are doing to tackle irresponsible lending practices. New blogs will be linked below...
Lambeth: With an already deprived population, one in six people in Lambeth have had their benefits cut by the government. Unsurprisingly, payday lenders have seized on this opportunity and here at Lambeth council we’re are working to reduce the impact. Read more... Taking on the loan sharks and the kangaroos
Leeds: Poverty is the biggest challenge our city is facing and one which we are determined to tackle head on. The success of Leeds, its people, communities and economy is dependent on our action. Read more... Leeds City Council take a stand against high cost lending
Northamptonshire: Our council’s libraries have long been considered community hubs with their unique offer of a warm welcome, universal appeal, the feeling that they are safe and neutral spaces, constant and trusted by the local community. The library service has recently been re-imagined and re-branded as LibraryPlus. This is not another hollow attempt to proclaim that with libraries ‘It’s not just about books!’ but rather a confirmation of what libraries can do and are delivering to their local communities by working in partnership with other organisations. Read more... 'It's not just about books': the Northamptonshire library service and payday lending
Plymouth: We live in a city of just over 200,000 adults and we estimate that at least 16,500 of them are using, or have used, payday lenders. That’s a staggering one in every 12 adults. Many of them are paying annual percentage interest rates (APR) well in excess of 1000 per cent. This means if someone borrows £100 over four weeks, they will need to repay at least £161 at the end of that time. Often it will be much more than this and, in some cases, the amount of interest will actually be more than the original amount borrowed. Read more... It's Mayday for payday lenders in Plymouth
Kingston: I’ve been asked to share the work we’ve been doing in Kingston to tackle payday lenders head on. People who go to payday lenders are, more often than not, forced into it by their circumstances. They’ve exhausted all other options and are trapped in an economic black hole, where the worst parts of our financial services prey on the most vulnerable. Read More... Six things your council can do now to tackle legal loan sharks
Please click reply to share your thoughts below.
If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
*** Get the Martin's Money Tips Free E-mail at www.moneysavingexpert.com/tips ***
0
Comments
-
Someone needs to tell Edinburgh council
http://www.edinburghnews.scotsman.com/news/council-slammed-for-giving-payday-loan-firm-700k-1-3309024CITY leaders have effectively subsidised a payday loan company with £700,000 of council taxpayers’ money – despite their public opposition to the controversial lenders who charge massive interest rates to some of the city’s most vulnerable people.
Cheque Centres Ltd – which typically charges customers 3873 per cent APR – is enjoying half rent for its head office and call centre in council-owned premises at Ratho Station0 -
Pay day lenders exists, because they are able to fund in emergences, where the State abnd benefit system does not.0
-
The main issue is premesis with A2 planning already, that the council are powerless to stop going into these units, purely due to (usually) their former use.
Our taxi unit (previously A1) had to have special planning permission before we can do anything, which as it was only the second company in town at this time was deemed to benefit the community.
On the other hand, part of the warehouse unit my other company is now in has a separate planning category for use as a music studio.
If you want to blame anyone, blame those licensing these institutions, as I'd love to see them at no more than 1 per x people in towns.
CK💙💛 💔0 -
Why stop at payday lenders??
All my local supermarkets sell alcohol and cigarettes - shouldn't my local council stop them as well.
What is it with all these do-gooders?
Leave people alone to get on with their lives - don't even get me started with EU interference we have to endure!!!0 -
Close the bookmakers as well. There's people who play the fruit machines at 8 o'clock in the morning.0
-
The government is forcing tax councils to cap council tax but letting them hike the fees for others services, like garden waste. Why not cap all council services.0
-
We are breeding future generations who'll not even understand the concept of personal responsibility, let alone be able to exercise it. Already it seems to be viewed as unacceptable to recommend it, and immoral to expect it.
Those of us who still accept that we need to plan and work for our future, and forego immediate pleasure are going to move further and further ahead of the median earner, and those on the bottom won't even be equipped to understand why this is.
Perhaps we are already past the tipping point. Sometimes, reading some posts on here, it certainly feels that way.0 -
jonesMUFCforever wrote: »All my local supermarkets sell alcohol and cigarettes - shouldn't my local council stop them as well.
Yes they should be stopped, I drink and smoke too much and since I lack the will power to cut down myself I need the clowncil to interfere in a free market to look after me.0 -
We all have the power to get to people to think. If you influence 2 other people. then you will have played your part.0
-
Why should the council have to act against these people. If you remove access to these companies then people will not stop using them, they will just turn yo the inevitable replacement that appears.
At some point people have to take responsibility for their own actions.Determined to save and not squander!
On a mission to save money whilst renovating our new forever home0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.3K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards