Will the new 7 day waiting period encourage loan sharks?

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Will the new 7 day waiting period encourage loan sharks?

Postby perseus » Thu Jun 27, 2013 10:40 am

Osborne is to introduce a new seven day waiting period before somebody can receive benefit. So who really wins in this spending review? One clear winner will be legal loan sharks, Wonga, The Money Shop, Quick Quid and the like.

http://www.leftfootforward.org/2013/06/ ... y-lenders/

Perhaps this is a softener to the payday loan firms who are facing the scrutiny of the Competition Commission after a watchdog found widespread abuses? Why should the chancellor do this, I will give you a clue. Conservative Central Office is in receipt of large amounts from payday loan bosses, not least Wonga's Adrian Beecroft who is also part of the Tory policy generation machine

http://liberalconspiracy.org/2012/05/23 ... ory-right/

The Office of Fair Trading (OFT) has referred the payday lending industry to the Competition Commission because of concerns about "deep-rooted problems with the way competition works"

http://www.bbc.co.uk/news/business-23065501
Last edited by perseus on Thu Jun 27, 2013 5:26 pm, edited 1 time in total.
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Re: Will the new 7 day waiting period encourage loan sharks?

Postby *Lisa* » Thu Jun 27, 2013 4:42 pm

The linkys not working

I can imagine it will cause alot of problems and yes loan sharks will be delighted :evil: i understand when they say about focusing on looking for a job not looking for benefits BUT!!!!!!!! thats not gonna pay your bills and put food on the table and feed your children!

£70 a week is bare minimal anyway :-?

I think it should be assessed by your circumstances for examle if you have any savings/how much is in your account etc at the time of unemployment etc...

Just another knife in the system :roll:
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Re: Will the new 7 day waiting period encourage loan sharks?

Postby perseus » Thu Jun 27, 2013 5:31 pm

Links working now
Last edited by perseus on Thu Jun 27, 2013 5:35 pm, edited 1 time in total.
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Re: Will the new 7 day waiting period encourage loan sharks?

Postby perseus » Thu Jun 27, 2013 5:34 pm

With electronic banking systems it should be possible to trickle feed in benefits each day to help people who are poor at managing money. As far as loan sharks are concerned, any company who charges over a certain rate should be prosecuted and monies returned. More difficult with the 'unofficial' lenders I know.
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