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sossij

Banks 'crippling' The Vulnerable

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More criticism of the money-lenders:

http://news.bbc.co.uk/1/hi/business/6256490.stm

Banks are providing a current account "jungle" and hurting the most vulnerable customers, a watchdog says.

The National Consumer Council called on regulators to force banks to give better information about interest charges on statements.

Some bank charges could harm low-income account holders who exceed their overdraft limit by pushing them further into debt, the council said.

"It is about time banks stopped pulling the wool over people's eyes and started behaving more responsibly."

For how much longer do the debt-peddlars intend to keep this farce going?

Edited by sossij

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So it is the banks fault if people go over their overdraft limit, is it?

What ever happened to personal responsibility and spending what you can afford, eh?

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So it is the banks fault if people go over their overdraft limit, is it?

Yes it is. What is stopping them from freezing an account preventing it from going over the limit.

The only explanation I can think of is that they want people to go over the limit.

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So it is the banks fault if people go over their overdraft limit, is it?

What ever happened to personal responsibility and spending what you can afford, eh?

Actually it is. The banks can program thier computers to say NO. They dont because they want to make a killing.

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Yes it is. What is stopping them from freezing an account preventing it from going over the limit.

The only explanation I can think of is that they want people to go over the limit.

Damn right Dr. The previous thread on bank charges made my blood boil! There are a lot of people on here that talk out of their ass when it comes to this issue!

Bank charges are not just applied for when someone decides to say screw it im going to take out cash I dont have and p*ss itt up against a brick wall! Bank charges are placed on accounts if a direct debit bounces because someone doesnt get paid or has a crisis in their lives (car breaks down) and they havent had the option to save money for such a situation because they are POOR!

They are also charged on accounts that are overdrawn because the charges the banks place took them past that point.. Again this is outrageous and anyone who thinks its fair obviously hasnt ever known what it feels like to live from pay check to pay check!

The issue here is that the banks say the charges are to cover the cost it causes them when someone fails to ensure they have funds available. Now that is fair enough.... But £30 to let a computer automatically return a direct debit or £30 to cover the cost of a letter to inform a customer they have exceeded their overdraft is extortion (note they still charge a higher interest rate on balances over limits!)

Anyone who thinks that ripping people off is fair because they are stupid and deserve it need to question the whole point of this website because a landlord/baby boomer would act in the same way saying "Stupid idiots should of purchased a house when they were 18 instead of getting drunk every night and buying flash cars....!" The injustice is the same but just a different scenario

:angry:

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Anyone who thinks that ripping people off is fair because they are stupid and deserve it need to question the whole point of this website because a landlord/baby boomer would act in the same way saying "Stupid idiots should of purchased a house when they were 18 instead of getting drunk every night and buying flash cars....!" The injustice is the same but just a different scenario

:angry:

Exactly. Anyone who thinks its a good idea to have their "free" banking subsidised by the less well off is the same mindset as a BTL landlord who thinks that their mortgage/pension should also be subsidised by the less well off. Same selfish mindset... and I'm surprised to find it alive and well on this website.

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Guest mattsta1964
So it is the banks fault if people go over their overdraft limit, is it?

What ever happened to personal responsibility and spending what you can afford, eh?

Here I am just 12 hours after publically stating that I wont be posting on HPC anymore

Unfortunately, after reading the statement above, I feel compelled to slip back into old habits

It wouldn't be the banks' fault if our people were sufficiently well educated to make informed judgements about how to manage their money. Unfortunately, this isn't the case.

I am a libertarian and I believe absolutely in delf determination and self responsibility and I disapprove very strongly of government or agencies of the state telling people or companies how to behave and how to manage their lives. However, things have got so out of hand that it has become necessary to regulate the banks more stringently to prevent their exploitation of people whose ignorance or desperation forces them to borrow too much money.

It's a pretty dire situation when 20% of the adult population are borderline illiterate. How can you expect then to understand the consequences of borrowing money? Alot of these people probably don't even understand what interest rates are!

The culprit, as always, is our education system

Unfortunately, our desire to live in a less regulated more libertarian society is being destroyed daily because our country is full of morons who have no education, no concept of self responsibility, no concept of law and order or discipline and exist on state handouts and debt that will be paid for by the shrinking number of productive people who actually crawl out of their pit every morning and work for a living.

It's called SOCAILISM

And it is the most destructive, evil ideology ever invented

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Here I am just 12 hours after publically stating that I wont be posting on HPC anymore

It's called SOCAILISM

And it is the most destructive, evil ideology ever invented

Comes a good joint first with CAPITALISM if it's destruction you want... :)

BTW mattsta1964 why did you decide not to post anymore?

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I agree with mattsta; a liberal society would be great but there is not a chance it could ever work. The more we liberate our society the more people just run riot and the less they care about the rules, laws etc. Unfortunately regulation is required.

Banks are just screwing money out of people in any way they can within the current regulatory framework. What business would do anything different?

Look at the amount of building regulations there are. Why? Because many developers would build unsafe houses without a second thought given the chance just to up their profit margins.

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Guest mattsta1964
Comes a good joint first with CAPITALISM if it's destruction you want... :)

BTW mattsta1964 why did you decide not to post anymore?

There's a big difference between the capitalism we have in the world today and real free market economics

We are NOT living in a free market economy. We have a Stalinist monetary system and corporatism.

Corporatism is more akin to fascism than capitalism.

I decided to leave because I find what is going on in the world so ugly and depressing and being on this forum reminds me every day what a bloody mess we're in.

I'm addicted to gloom and doom it seems :blink:

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There's a big difference between the capitalism we have in the world today and real free market economics

We are NOT living in a free market economy. We have a Stalinist monetary system and corporatism.

Corporatism is more akin to fascism than capitalism.

I decided to leave because I find what is going on in the world so ugly and depressing and being on this forum reminds me every day what a bloody mess we're in.

I'm addicted to gloom and doom it seems :blink:

Cheer up, things could be worse.

Quote from Sir Winston Churchill:

A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.

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There's a big difference between the capitalism we have in the world today and real free market economics

We are NOT living in a free market economy. We have a Stalinist monetary system and corporatism.

Corporatism is more akin to fascism than capitalism.

I decided to leave because I find what is going on in the world so ugly and depressing and being on this forum reminds me every day what a bloody mess we're in.

I'm addicted to gloom and doom it seems :blink:

Yeah, can get a bit gloomy on here... but as they say, the truth will set you free but it will make you unhappy. I'm still reeling after reading The Grip Of Death.. talk about living in The Matrix!

I'd go for a walk, except it's chucking it down :)

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It's a pretty dire situation when 20% of the adult population are borderline illiterate. How can you expect then to understand the consequences of borrowing money? Alot of these people probably don't even understand what interest rates are!

The culprit, as always, is our education system

Unfortunately, our desire to live in a less regulated more libertarian society is being destroyed daily because our country is full of morons who have no education, no concept of self responsibility, no concept of law and order or discipline and exist on state handouts and debt that will be paid for by the shrinking number of productive people who actually crawl out of their pit every morning and work for a living.

It's called SOCAILISM

And it is the most destructive, evil ideology ever invented

Agree - and because of the factors mentioned in your first para. the government should regulate banks by law and prevent them from lending in an uncontrolled fashion (many multiples of salary, for example). There are too many morons out there who will just borrow on a whim considering that they 'deserve' things (that they don't even need in many cases) without thinking of the consequences. Ultimately, it will be the average productive people who will suffer, as well as the economy of the country as a whole.

I cannot believe that the FSA hasn't clamped down on lending. :angry:

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I decided to leave because I find what is going on in the world so ugly and depressing and being on this forum reminds me every day what a bloody mess we're in.

I'm addicted to gloom and doom it seems :blink:

Hi mattsta,

I find that it is very, very difficult to leave this forum. It is very addictive. Maybe I too am attracted by doom and gloom. I have been trying to pry myself away to do other things in life, like chasing women for instance ;)

Take Care,

L

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Guest mattsta1964
Yeah, can get a bit gloomy on here... but as they say, the truth will set you free but it will make you unhappy. I'm still reeling after reading The Grip Of Death.. talk about living in The Matrix!

I'd go for a walk, except it's chucking it down :)

I usually do plenty of exercise at the weekends. Makes me feel better. Man! This weather is doing my head in!

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Guest mattsta1964
Hi mattsta,

I find that it is very, very difficult to leave this forum. It is very addictive. Maybe I too am attracted by doom and gloom. I have been trying to pry myself away to do other things in life, like chasing women for instance ;)

Take Care,

L

Heya Lumi!

I count you amongst some of the people on here who have some pretty interesting and valuable things to say about the madness of it all!

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Guest mattsta1964
Hi mattsta,

I find that it is very, very difficult to leave this forum. It is very addictive. Maybe I too am attracted by doom and gloom. I have been trying to pry myself away to do other things in life, like chasing women for instance ;)

Take Care,

L

And my girlfriend arrives from America on monday!

So I really will have to spend some time doing 'other things'! :rolleyes:

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Heya Lumi!

I count you amongst some of the people on here who have some pretty interesting and valuable things to say about the madness of it all!

I find that the larger the group of minds, the more "madness" there seems to be. When there is only one or two people in the room, personal conduct is often guided by common sense. When you have a group mind of several tens of millions, made possible by modern technology and media, then the group conduct falls to the lowest base denominator. Maybe the human species is doomed to evolve in this way. Madness is the prequisite for self-destruction and the fall of civilisations. I am an optimist by nature, but sometimes I wonder how sustainable the human race is considering how far it has come in the last 10,000 years and that we have to find some means to make this planet support us for another 4 billion years

Best,

L

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Far from being all doom and gloom, I find this site rather cathartic. And some of the posts are the funniest I have ever seen! (Some intentional, some not).

Not visiting the site won't change anything, but perhaps by posting you just might change something, the butterfly effect and all that. I appreciate it's not exactly the revolution you want, but it's a start.

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Guest mattsta1964
Far from being all doom and gloom, I find this site rather cathartic. And some of the posts are the funniest I have ever seen! (Some intentional, some not).

Not visiting the site won't change anything, but perhaps by posting you just might change something, the butterfly effect and all that. I appreciate it's not exactly the revolution you want, but it's a start.

There is some great discussion on here and some pretty interesting people....some idiocy too!

The internet is the final frontier, the last place where you can say pretty well what you like without some bureaucrat or fascist stopping you from saying what you want to say. We must protect the internet at all costs.

The most terrifying people in the world right now are our governments.

I was reading about the 'bombs' in London this morning, marvelling at how such a thing can be blown out of all proportion in order to terrify us a little more, to crank up the paranoia another notch.

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Guest mattsta1964
Im an anarcho-capitalist....

Whats your ideology? I think someone should do a poll ? :)

I'm a free market libertarian. similar I think

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Yes it is. What is stopping them from freezing an account preventing it from going over the limit.

The only explanation I can think of is that they want people to go over the limit.

I'd like to know how you can go over an over-draft, isn't that the point of an over-draft in the first place?

Whats the point in calling it an over-draft, its simply just credit/debt extension or unoffical credit limit.

Where is the break-off point for indebtedness?

Also, does collatral actually mean anything these days... :unsure:

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Guest happy?
I'd like to know how you can go over an over-draft, isn't that the point of an over-draft in the first place?

Whats the point in calling it an over-draft, its simply just credit/debt extension or unoffical credit limit.

Where is the break-off point for indebtedness?

Also, does collatral actually mean anything these days... :unsure:

An overdraft is the low charging debt to entice you in too deep. Beyond the overdraft is where the chairman's bonus lies. Think of it as the difference between your first free heroin fix and full addiction. Just as profitable, and just destructive to people, the community, and the economy.

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