Improve Money Rules In 50 Words article discussion

Saetana

I cannot see the problem with the "available balance" thing with the banks. My bank , the Halifax, states (online) my available balance (ie money free to spend) AND my true balance (i.e. free money plus cheques not cleared or money on hold for debit card payments). If you have an overdraft you should keep even better track of your finances than those of us without - I generally know within a couple of pounds exactly how much I have in the bank at any given time. With online banking (I check mine daily) there really is no excuse for poor management of one's current account as it is so easy to check both the real and "available" balance as often as required plus check on/cancel direct debits and standing orders.

I can also manage my cash ISA online and easily transfer money between the two accounts when necessary. Admittedly I do not know if all banks' online services are this good but I can't see any reason why they shouldn't be. Anyone with a home PC could use online banking, although I would be somewhat more wary from a public computer unless you know for sure that your session is completely wiped after use (for example our local library computers do this and I have used them for online banking with no problems) and there is a good antivirus programme running in realtime.

tobyblume

Really great ideas and hopefully many of them will get picked up in Party manifestos.
Some further ideas:
1) introduce a limit to the cost of credit - payday lenders, doorstep lenders and the like can currently change as much as they want for (ususally small) loans. Many charge in excess of 1,000% for credit. This should not be allowed. (i know consumer education is also important here, but many poor people have very little choice)
2) require banks to disclose publicly information on where their money comes from and where it goes (ie geographically and by demographic) so we can know (and avoid) using servies of institutions that discriminate. (this idea also links with the idea put forward in 'Nudge' for 'simplified transparency' - basically transparent and consistent information on products that consumers can use. Also a very strong idea).
3) introduce a version of the Community Reinvestment Act - US legislation that creates incentives for banks to act responsibly and in the public good. the current system offers rewards for excessive risk taking and short-term profiteering (as we've seen recently!). It is possible to redesign the system to create commercial incentives for banks to change their behaviour. (i realise this is quite a technical proposal but it would probably have the most profound effect on all our lives, given that £250bn has been spent bailing out the banks!).

we're campaigning for these ideas through the Better Banking campaign. Would be great to hear your thoughts on these proposals

Toby Blume
Chief Executive, Urban Forum

angrygirlie

Fabulous idea, but could Martin do 51 words? My biggest gripe is that I live alone and only get 25% discount on the council tax bill for lone occupation. Surely, as a lone occupier it should be 50%? A house next door can have 4 people living in it, in the same tax band yet pay only 25% more than me?
Please can this unfair discount be re addressed.

Ambersuccubus

angrygirlie wrote: »

Fabulous idea, but could Martin do 51 words? My biggest gripe is that I live alone and only get 25% discount on the council tax bill for lone occupation. Surely, as a lone occupier it should be 50%? A house next door can have 4 people living in it, in the same tax band yet pay only 25% more than me?
Please can this unfair discount be re addressed.

But CTax is deliberately 50% for the property and 50% for the people - it was a replacement for Poll Tax, if you remember, which people objected to...errrm, quite strenuously! So I don't think any council/government could risk going back to charges per person!
So you get a half discount on the people portion, ie 25%

antonia1

I think that the one about landlords needing to insulate properties is really important. With people increasingly struggling to get on the property ladder and the severe lack of council housing, many young professionals have no choice but to enter privately rented accommodation. As such, the whole issue of tenant rights needs to be addressed properly. For instance, my rent has just been increased by nearly 10%, and unless I move out there is nothing I can do about it. There should be some kind of maximum rent increase which relates directly to interest rates.

jd87

Very pleased to see my suggestion about door-to-door sales people has made it to the list (almost using my exact wording - you're welcome MSE). Only two days ago one from npower barged her way past my partner and into our hallway before I realised what was going on. Let's hope the politicians are listening.

sheenaf

Great idea and I agree with many of the suggestions BUT -

Please do not fall into the media created shorthand of referring to the THREE main party leaders. Here in Scotland the main contending parties are Labour and the SNP, currently about 50/50 in the polls, with the prospect that the Tories might get no seats at all. Consequently, I want to be informed about SNP policies and promises along with the other parties, in order to make an informed choice.

michaels

I support almost all of the suggestions as either very helpful or nice to have - only problem is that each time the govt creates a new regulation there is more red tape for a small business to try to be aware of and comply with plus more work for bureaucrats to enforce. I don't know the answer just thought I would flag the problem

piggeh

Stop the discrimination against discharged bankrupts by insurers or mortgage companies after the six year period when bankruptcies fall off credit files. The last six years should be adequate to calculate someone's credit worthiness. Financial institutions should be prohibited from peering beyond six years into a person's financial past.

This has already been campaigned within the MSE forums:

http://forums.moneysavingexpert.com/showpost.html?p=23877701&postcount=15

dvs

piggeh wrote: »

Stop the discrimination against discharged bankrupts by insurers or mortgage companies after the six year period when bankruptcies fall off credit files. The last six years should be adequate to calculate someone's credit worthiness. Financial institutions should be prohibited from peering beyond six years into a person's financial past.

This has already been campaigned within the MSE forums:

http://forums.moneysavingexpert.com/showpost.html?p=23877701&postcount=15

I'm disappointed that the subject of former Bankrupts potentially being discriminated for the rest of their lives has not been put forward. 55 people voted on this following Martin's original request yet no mention of this.