MSE News: Call for banks to help financially excluded

Mikeyorks

Lokolo wrote: »

OK to quote like the above do this

OK ......... you can give up! I was only jesting, the 'where is the 'rolleyes' when you need it?', was the clue.

Lokolo

Mikeyorks wrote: »

OK ......... you can give up! I was only jesting, the 'where is the 'rolleyes' when you need it?', was the clue.

:p:p:p ha

chattychappy

As soon as I hear that "community groups" want something, I know it will be tosh.

~Brock~

chattychappy wrote: »

As soon as I hear that "community groups" want something, I know it will be tosh.

:rotfl:

Totally agree. Whenever I hear a 'spokesman' for such groups being quoted I wonder if he had paid attention at school whether he could have gone and got a proper job.

First they bang on about credit being too easily available and how everyone's a victim and then all of a sudden they're bleating that everyone should have a right of access to credit !

It wont be long before lenders will be blamed as 'irresponsible' if they grant a loan to anyone who shows any remote sign of actually needing one, with an army of ambulance chasers waiting in the wings to feed off the resultant mess.

Check out the OFT's irresponsible lending draft guidance if you don't believe me.

And then people wonder why credit is getting harder to obtain..................!!!!!! wake up people :eek:

vaporate

I'm not going to get into a full debate but, banks love the financially screwed, because they screw them further knowingly that these borrowers can not pay it back.

As for human rights and bank access, well, it is up to the bank who they do business with , just like we are, so it is up to the bank, not the individual. Same for credit.

davidgmmafan

vaporate wrote: »

I'm not going to get into a full debate but, banks love the financially screwed, because they screw them further knowingly that these borrowers can not pay it back.

As for human rights and bank access, well, it is up to the bank who they do business with , just like we are, so it is up to the bank, not the individual. Same for credit.

This is very true, but is this a viable business plan? Unless they make vast sums when they sell the debt on (seems unlikely) why are banks so pig headed when people are struggling?

And before you all explode with rage at the irresponsible masses consider for a moment I am not saying individuals are blameless, far from it. What I am saying is it is incredibly stupid for a bank to refuse to budge an inch when the options other than worknig with the debtor (bankruptcy, IVA, selling debt on) all result in a neglible return to the bank. Maybe they simply very good insurance poplicies that allow them to still profit in such circumstances.

chattychappy

I wonder if people that finance less than 10% of their lives on CCs are in "credit poverty"?

vaporate

chattychappy wrote: »

I wonder if people that finance less than 10% of their lives on CCs are in "credit poverty"?

I like that term.

duputydugg

[/QUOTE] Most people are in that situation due to their own stupidity and recklessness. Those who are genuinely hard up but who can manage their finances would be helped by a credit union. Why should the banks take risks utilising the money of the thrifty and careful majority. End of rant.[/QUOTE]

Credit Unions are not-for-profit organisations, they do provide loans, but also encourage good financial planning. We do get some people at my Credit Union (www.nbccu.org.uk) who can't manage their money well, but they are a minority. It is hard to be harsh and not lend them the money; but it is in their best interests sometimes.

Banks have the same problem; customers at the lower end of the social spectrum will be a cost.

However, as a society it is essential that people aren't excluded from basic financial services. The questions are 'what are the basic financial services?' and 'who should provide those services?'

The banks aren't interested, so it is for Credit Unions to fill the gap. Rightly or wrongly, the ability to build up a credit score (ie borrow money) is becoming a basic financial service.

chattychappy

However, as a society it is essential that people aren't excluded from basic financial services. The questions are 'what are the basic financial services?' and 'who should provide those services?'

That's the trouble about this society thing - it tends to license well meaning types to impose obligations on types like me to types like "them".