0% loans what's in tomorrow's budget

owen_money

jonesMUFCforever wrote: »

Loans secured on what?

Nike trainers and Adidas track suits (grey jogging bottoms only)

[Deleted User]

Against your Name/NI Number - I think that could be a good option. Even those on job seekers etc would be eligible, because the contract could be so water-tight it would come out of payments.

Say a cap of £1000 for JSA people, £2000 if you earn under 17k, £3000 up to 25k etc.

Set repayment accordingly, you aren't pushing people into debt (£15 a month of JSA = 5 & 1/2 years... then whack a bit on for interest) and are helping people get off debt (block on credit file UNTIL it's repaid, but then it disappears).

Dandytf

Somerset_La_La_La wrote: »

Against your Name/NI Number - I think that could be a good option. Even those on job seekers etc would be eligible, because the contract could be so water-tight it would come out of payments.

Say a cap of £1000 for JSA people, £2000 if you earn under 17k, £3000 up to 25k etc.

Set repayment accordingly, you aren't pushing people into debt (£15 a month of JSA = 5 & 1/2 years... then whack a bit on for interest) and are helping people get off debt (block on credit file UNTIL it's repaid, but then it disappears).

Until it's repaid and similar term wait for any new loan with max loan borrowing fund.

D_M_E

What hope has the goverment got of getting people to relinquish reliance on debt, when they themselves spend far more than they have coming in?

Debt needs tackling from the top and government should set an example itself by setting the PSBR to zero and sticking to it, and stop borrowing to give money away - make any official in government, national or local - responsible for repaying any borrowing they have authorised, that should bring down the national debt and this needs to be done to set an example to the population.

Thrugelmir

D_M_E wrote: »

What hope has the goverment got of getting people to relinquish reliance on debt, when they themselves spend far more than they have coming in?

Never been any different. Helping people to manage their money better without resorting to loan sharks is a social issue. The benefits of which are more than just about money.

Herzlos

The problem with taking money out of benefits and JSA, etc, is that unless it's really puny (like £1/week) it runs the risk of pushing them into real financial difficulty and thus onto riskier borrowing. If they've become completely blacklisted legally then they'd have to go back to the old loan sharks.


It'd probably be better to spend the money on financial education to prevent people buying things like a brighthouse sofa and paying 4x what they should on an item that's far higher spec than they need. Maybe a fund to go towards council funded rental of stuff for benefits recipients, or some drive towards charity-shop style furniture instead of brand new.