Bank taking your Benefit? Quote this -

SEE

krisskross wrote: »

I wouldn't trust Gordon Brown and Alistair Darling with a penny piece of mine. If they have those 2 clowns in charge then my money will be under the mattress.

By interest abolished do you mean on savings or just on what you want to borrow?

I believe the banks should pay you. You allow them to invest your money and for them to keep the profit. No interest should be payable on loans because until you ask to loan the money, the money never existed;)
Say you loan a £1000 and the interest is £200. The banks prints a £1000 because it can, and then destroys it again when you pay it back. The only money they keep is the interest of £200 which you sucked out of circulation for them, and based on that £200 of Interest they are then allowed to print 1000 that amount to loan to others, and round and round it goes. One big public rip-off.

Watch this 8 minute movie on money
http://uk.youtube.com/watch?v=_dmPchuXIXQ

krisskross

SEE wrote: »

I believe the banks should pay you. You allow them to invest your money and for them to keep the profit. No interest should be payable on loans because until you ask to loan the money, the money never existed;)
Say you loan a £1000 and the interest is £200. The banks prints a £1000 because it can, and then destroys it again when you pay it back. The only money they keep is the interest of £200 which you sucked out of circulation for them, and based on that £200 of Interest they are then allowed to print 1000 that amount to loan to others, and round and round it goes. One big public rip-off.

Watch this 8 minute movie on money
http://uk.youtube.com/watch?v=_dmPchuXIXQ

please sort out 'loan' 'borrow' and 'lend' because I find it very difficult to understand what you mean

SEE

krisskross wrote: »

please sort out 'loan' 'borrow' and 'lend' because I find it very difficult to understand what you mean

If you loan from a bank how much interest do you pay, if you borrow how much interest do you pay? What;s the difference, the banks hold countries to ransom and are responsible for this recCession just as they are every reccession. What gives them the right to have that control and put people into debt? WE ALLOW IT. Just as we allow the BBC to charge us a licence fee to pay Jonathan Ross £18million. Are we mugs? It seems so;)

seven-day-weekend

SEE wrote: »

If you loan from a bank how much interest do you pay, if you borrow how much interest do you pay? What;s the difference, the banks hold countries to ransom and are responsible for this recCession just as they are every reccession. What gives them the right to have that control and put people into debt? WE ALLOW IT. Just as we allow the BBC to charge us a licence fee to pay Jonathan Ross £18million. Are we mugs? It seems so;)

And why precisely would the banks lend money for nothing? And where would the money come from to pay interest to savers?

SEE

seven-day-weekend wrote: »

And why precisely would the banks lend money for nothing? And where would the money come from to pay interest to savers?

Because you pay it back, and it should be secured on assets. The interest comes from the fact they invest your money and make a profit. The bank doesn't do you a favour, you do it a favour.

seven-day-weekend

I asked WHY they would lend you money for nothing, not how!

I never thought they were doing me a favour, they are running a business to make a profit and are not a charitable organisation. And the problem with this is what, exactly?

There are such things as Credit Unions which I believe run along the lines you have suggested.

sandraroffey

have just come across this thread and havent read through all of it, so this suggestion may have already been made: the answer to all of this is dont have your benefits paid into your bank!!!! all benefits now can be paid via a post office card account. perfect. goes nowhere ner your bank account .

pat22

my daughter has recently split from her partner and has just started recieving tax credit paid into her bank they took 400 in 2 weeks including her family allowence to pay her credit card as she only pays the minimum payment looked on this forum took the advice we went to the bank and they straight way returned to her account with out finding you we would off done nothing so thank you from the bottom of our hearts this has proberly saved her home xx

denise070

Last week our benifit ( we are on income support due to husbands disability) didnt go into our bank account, but after a quick call to dhss it was paid in by 10am. But in the mean time i had two direct debits due out on this same day. Due benifits not being in between say 9am to 10am i have now had 2 charges took out the bank!!!

Can the bank legally do this, A) take charges out of mean tested benifits and take charges even though money was in account by end of that day

We are now in so much finacial trouble!

HELP what can we do quick, we have 10 more days till payday with £38 left!!! I have called halifax and they are just not interested, i have asked for a manager to call me back today, so if this is not legal it would be good to tell them!

alwaysonthego_2

denise070 wrote: »

Last week our benifit ( we are on income support due to husbands disability) didnt go into our bank account, but after a quick call to dhss it was paid in by 10am. But in the mean time i had two direct debits due out on this same day. Due benifits not being in between say 9am to 10am i have now had 2 charges took out the bank!!!

Can the bank legally do this, A) take charges out of mean tested benifits and take charges even though money was in account by end of that day

We are now in so much finacial trouble!

HELP what can we do quick, we have 10 more days till payday with £38 left!!! I have called halifax and they are just not interested, i have asked for a manager to call me back today, so if this is not legal it would be good to tell them!

Why not contact the bank and see if they will refund the charges!