Stop stores being able to offer a credit or credit store cards with every sale.

Dear Sirs,

I feel a law should be introduced to stop stores being able to offer a credit or credit store cards with every sale.

Why is this idea important?

Dear Sirs,

I feel a law should be introduced to stop stores being able to offer a credit or credit store cards with every sale.

Debt Relief Orders

In April 2009, Debt Relief Orders were introduced and were  designed to help those in financial difficulties with less than £15,000 of debt and less than £300 in assets. 

The problem with these D.R.O's is they include all assets….even a pension which you may not be entitled to for many years. In doing so, it automatically eliminates people from being able to apply for a D.R.O and leaves them with no alternative except to go for bankruptcy or wait for the bailiffs to eventually turn up. 

This idea which was designed to help people in real financial hardship with spiralling debts is actually no good should you have been made redundant and are not able to receive your pension for another 30 years!

The issues regarding removing pensions from the application for a D.R.O should be addressed immediately and help ease personal financial debts which are fast becoming out of control. 

Why is this idea important?

In April 2009, Debt Relief Orders were introduced and were  designed to help those in financial difficulties with less than £15,000 of debt and less than £300 in assets. 

The problem with these D.R.O's is they include all assets….even a pension which you may not be entitled to for many years. In doing so, it automatically eliminates people from being able to apply for a D.R.O and leaves them with no alternative except to go for bankruptcy or wait for the bailiffs to eventually turn up. 

This idea which was designed to help people in real financial hardship with spiralling debts is actually no good should you have been made redundant and are not able to receive your pension for another 30 years!

The issues regarding removing pensions from the application for a D.R.O should be addressed immediately and help ease personal financial debts which are fast becoming out of control. 

Change the PCI DSS Compliance regulations

For small businesses like mine the annual PCI DSS compliance review is just unnecessary red tape. Although I accept that there needs to be legislation in place to protect card details, this could be served by a simple set of standards, rules and guidelines that all businesses must follow.

We don't keep any card details, other than keeping the merchant copy of a transaction slip for six months before shredding them, so why should I have to complete a lengthy questionnaire every year? If our card handling system has been found compliant, why do I have to apply for verification of compliance every year? Why not just make it necessary for me to report any changes? Yet again this appears to be a regulation where we have to confirm how we are doing something so that someone else can decide we are doing nothing wrong. It just seems like another job creation scheme.

Why is this idea important?

For small businesses like mine the annual PCI DSS compliance review is just unnecessary red tape. Although I accept that there needs to be legislation in place to protect card details, this could be served by a simple set of standards, rules and guidelines that all businesses must follow.

We don't keep any card details, other than keeping the merchant copy of a transaction slip for six months before shredding them, so why should I have to complete a lengthy questionnaire every year? If our card handling system has been found compliant, why do I have to apply for verification of compliance every year? Why not just make it necessary for me to report any changes? Yet again this appears to be a regulation where we have to confirm how we are doing something so that someone else can decide we are doing nothing wrong. It just seems like another job creation scheme.

Re-introduce weekly pay

A significant number of people in the UK rely on Credit Cards to get through the month. Once a person is in this cycle it is very difficult to get out of. Normally their debts spiral, eventually become unmanageable and they are effectively economically inactive. The Credit Card companies end up with a bad debt, which ultimately means they will pay less tax.

I feel that if we could clear any legislative obstacles to employees having the right to be paid weekly, there would be many benefits.

Less money being wasted on high interest charges would mean consumers would have greater spending power. 

That spending power would be spread more evenly over the month, which may help some businesses with their cash flow. In a time when Banks seem reluctant to offer businesses credit, this could be a good thing.

People in serious debt can easily become a burden on the State, either through using the CAB,  becoming ill or losing their job. Making it easier for people to stay out of debt could lead to cost savings over time in several Govt Departments.

 

 

Why is this idea important?

A significant number of people in the UK rely on Credit Cards to get through the month. Once a person is in this cycle it is very difficult to get out of. Normally their debts spiral, eventually become unmanageable and they are effectively economically inactive. The Credit Card companies end up with a bad debt, which ultimately means they will pay less tax.

I feel that if we could clear any legislative obstacles to employees having the right to be paid weekly, there would be many benefits.

Less money being wasted on high interest charges would mean consumers would have greater spending power. 

That spending power would be spread more evenly over the month, which may help some businesses with their cash flow. In a time when Banks seem reluctant to offer businesses credit, this could be a good thing.

People in serious debt can easily become a burden on the State, either through using the CAB,  becoming ill or losing their job. Making it easier for people to stay out of debt could lead to cost savings over time in several Govt Departments.

 

 

Capping of Credit Card Interest rates

The  credit card companies are praying on those who are unable to repay their cards in full each month.  The interest rates charged have no bearing to the Bank of England's interest rates and are just making those less well off even poorer. There can be no justification other than greed to charge interest at rates of between 15 and 19%. The card companies should reduce their rates to a more affordable level to allow those who wish to reduce their debt, the chance to pay off their cards without paying huge sums extra in interest over a longer period of time.

Why is this idea important?

The  credit card companies are praying on those who are unable to repay their cards in full each month.  The interest rates charged have no bearing to the Bank of England's interest rates and are just making those less well off even poorer. There can be no justification other than greed to charge interest at rates of between 15 and 19%. The card companies should reduce their rates to a more affordable level to allow those who wish to reduce their debt, the chance to pay off their cards without paying huge sums extra in interest over a longer period of time.