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Payday loans

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Monday 2 July 2012 11.08am
Officers' report for next week's meeting:

http://planningonline.southwarksites.com/planningonline2/DocsOnline/Documents/234868_1.pdf

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Thursday 12 July 2012 10.31pm
Has this definitely been rejected and over now? Bit confused
Friday 13 July 2012 7.38am
It's been rejected by the council, but The Money Shop is near certain to lodge an appeal and the chances of the council successfully defending the appeal are slim.

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Friday 13 July 2012 9.04am
Is there an element of abuse of process or waste of resources here; if their chances of defending the refusal are slim, would the elected representatives and officials not be better employed on other matters, including enforcement of planning or tidying up some of the true eyesores such as the collapsed former bookstore? That corrugated sheeting has been in place for 7 years now.
Friday 5 October 2012 9.57am
Anyone who wants to send their comments to the planning inspector should do so by 18 October:
http://planningonline.southwarksites.com/planningonline2/DocsOnline/Documents/249361_1.pdf

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Monday 15 October 2012 1.41pm
The council's appeal statement is a bit half-hearted:
http://planningonline.southwarksites.com/planningonline2/DocsOnline/Documents/256435_1.pdf

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Monday 15 October 2012 2.04pm
Absolutely, James. It's pathetic, but enlightening.

...if you press it, they will come.
Wednesday 28 November 2012 9.23pm
Jules62 wrote:
...I would go one step further and have these legalized extortionists outlawed altogether.
They pray on the poor and vulnerable who are desperate to make ends meet, and tie them into an escalating spiral of debt...

Ivanhoe wrote:
What else are you going to save us poor feeble helpless souls from?
Has it ever struck you that some would find this an extremely patronising approach.

What other legal businesses are you going to campaign to drive out of the borough, just because you don't like those businesses?

Is it OK to have a casino on Park Lane, but not a bookies on TBR?

Latest news in:

Payday loan rates 'to be limited'


The government is to change the law to allow restrictions to be imposed on the interest rates charged for so-called "payday loans".

Ministers are to amend the Financial Services Bill to give the planned Financial Conduct Authority the power to limit charges.

The news follows concerns over annual interest rates of up to 4,000%.

The government faced a possible House of Lords defeat on an amendment put down by a Labour peer over the issue.

BBC political correspondent Norman Smith said it was being suggested that there should not be a blanket cap on interest rates but the Financial Conduct Authority (FCA) would be able to investigate different loan schemes and then set a limit on the amount of APR charged.

'Usury'

Labour peer Lord Mitchell put down the amendment to the bill, which was also signed by Lord Welby, the incoming Archbishop of Canterbury.

Lord Welby called the most costly loans "usury", saying that curbing them was a "moral" issue.

There are concerns that small loans, intended to be short-term, have become prohibitively expensive, and in some cases ruinous, if not rapidly repaid.

The government has now agreed instead to introduce its own amendment to the bill next Wednesday.

Treasury minister Lord Sassoon told peers: "We need to ensure that the Financial Conduct Authority grasps the nettle when it comes to payday lending and has specific powers to impose a cap on the cost of credit and ensure that the loan cannot be rolled over indefinitely should it decide, having considered the evidence, that this is the right solution."

Sources insist it is not a U-turn and that the Financial Services Bill would already have given the FCA some powers to cap payday loans.

Peers have been told that some loans involve interest rates running into thousands of per cent.

Lord Mitchell told peers:" This is an industry run by cowboys on the fringes of legality."

Reacting to the concession, Lord Mitchell praised the minister's "very welcome statement of intent".

He said: "This issue is now where it should be - beyond party politics."

Lord Mitchell added that the change would help "those who live in the hell-hole of grinding debt. Their lives will become just a little easier.

"The losers are clearly the loan sharks and the payday lending companies. They have tried every trick in the book to keep this legislation from being approved and they have failed. Their failure is our victory."

But an official study in 2010 said payday loans provided a legitimate, useful, service that helped cover a gap in the market.


Source
Wednesday 28 November 2012 10.01pm
Jules62 wrote:
Jules62 wrote:
...I would go one step further and have these legalized extortionists outlawed altogether.
They pray on the poor and vulnerable who are desperate to make ends meet, and tie them into an escalating spiral of debt...

Ivanhoe wrote:
What else are you going to save us poor feeble helpless souls from?
Has it ever struck you that some would find this an extremely patronising approach.

What other legal businesses are you going to campaign to drive out of the borough, just because you don't like those businesses?

Is it OK to have a casino on Park Lane, but not a bookies on TBR?

Latest news in:

Payday loan rates 'to be limited'


The government is to change the law to allow restrictions to be imposed on the interest rates charged for so-called "payday loans".

Ministers are to amend the Financial Services Bill to give the planned Financial Conduct Authority the power to limit charges.

The news follows concerns over annual interest rates of up to 4,000%.

The government faced a possible House of Lords defeat on an amendment put down by a Labour peer over the issue.

BBC political correspondent Norman Smith said it was being suggested that there should not be a blanket cap on interest rates but the Financial Conduct Authority (FCA) would be able to investigate different loan schemes and then set a limit on the amount of APR charged.

'Usury'

Labour peer Lord Mitchell put down the amendment to the bill, which was also signed by Lord Welby, the incoming Archbishop of Canterbury.

Lord Welby called the most costly loans "usury", saying that curbing them was a "moral" issue.

There are concerns that small loans, intended to be short-term, have become prohibitively expensive, and in some cases ruinous, if not rapidly repaid.

The government has now agreed instead to introduce its own amendment to the bill next Wednesday.

Treasury minister Lord Sassoon told peers: "We need to ensure that the Financial Conduct Authority grasps the nettle when it comes to payday lending and has specific powers to impose a cap on the cost of credit and ensure that the loan cannot be rolled over indefinitely should it decide, having considered the evidence, that this is the right solution."

Sources insist it is not a U-turn and that the Financial Services Bill would already have given the FCA some powers to cap payday loans.

Peers have been told that some loans involve interest rates running into thousands of per cent.

Lord Mitchell told peers:" This is an industry run by cowboys on the fringes of legality."

Reacting to the concession, Lord Mitchell praised the minister's "very welcome statement of intent".

He said: "This issue is now where it should be - beyond party politics."

Lord Mitchell added that the change would help "those who live in the hell-hole of grinding debt. Their lives will become just a little easier.

"The losers are clearly the loan sharks and the payday lending companies. They have tried every trick in the book to keep this legislation from being approved and they have failed. Their failure is our victory."

But an official study in 2010 said payday loans provided a legitimate, useful, service that helped cover a gap in the market.


Source
Great quoting, but what's your view?

...if you press it, they will come.
Thursday 29 November 2012 7.35pm
Ivanhoe wrote:
Great quoting, but what's your view?

My view remains the same and was quoted in the message you have replied to:

Jules62 wrote:
...I would go one step further and have these legalized extortionists outlawed altogether.
They pray on the poor and vulnerable who are desperate to make ends meet, and tie them into an escalating spiral of debt...
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