Comments on: We’ve a long way to go to beat the payday lenders

By: Leon Wolfeson

Leon Wolfeson — Thu, 09 Oct 2014 22:00:00 +0000

In reply to swat.

It’s basically impossible to start a new credit union or mutual thanks to the rules on new banks (it was essentially impossible to start a consumer-lending bank for over a century, and even now only a few have got through the “new” process).

Moreover, teaching financial management does not help when people have emergencies which require money to be spent, and the downwards poverty spiral the poor are in means that saving is effectively impossible for a vast swathe of the population.

Councils emergency funds for that sort of thing have been abolished, too.

By: Guest

Guest — Thu, 09 Oct 2014 21:58:00 +0000

In reply to Dave Roberts. No surprise you need to constantly post spam to disrupt the conversation.

By: Dave Roberts

Dave Roberts — Thu, 09 Oct 2014 07:42:00 +0000

No one is saying outlaw, simply regulate. I’ll read Carl’s first book again but my memory is that when the 1974 Consumer Credit Act was passed it abolished The Money Lenders Act which did regulate rates.

By: Dave Roberts

Dave Roberts — Thu, 09 Oct 2014 07:40:00 +0000

Come on Leon/Guest. You haven’t called me LordBlagger yet, what’s happened?

By: swat

swat — Thu, 09 Oct 2014 07:39:00 +0000

Even if you outlawed them they’d still be around, because desparate people turn to desparate measures. Just look at protection rackets. We have to teach Financial Management in schools; every school shoiuld havea credit union so kids can put their pocket money in.

By: Dave Roberts

Dave Roberts — Wed, 08 Oct 2014 18:23:00 +0000

Must get your new book Carl. My copy of ” Loansharks” is falling apart from the number of people that have read it. Why as Labour backed away from this one? It must surely have cross party support, it certainly does across the country.