Ethics are not just for Sundays

new archbishops has to back track

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seren nos    pirate
27/07/2013 at 15:58

no pension or isa..........only pension that I have accrued is in the treasury 

 

 Ric ..were you also one of those oeople who were persuading NHS workers by their thousands to opt out of the NHS scheme to open a private pension.........

I can remmeber whole wards and whole intakes of student nurses all being signed up by the same person..........who must have made 1000's out of tricking them into an inferior product......

 

27/07/2013 at 18:31

Seren nos, 

It was considered by the manager of our branch that persuading workers out of an occupational scheme (especially the NHS) to open a private pension an act bordering on the criminal.

He fired a guy for doing this. (1988)

The essence was that it was impossible to guarantee that the accumulated benefits via equities would out perform schemes based on length of service, final salary etc.

I never managed to sell anything to anyone except my own colleague and vice versa. It was the only way either of us could get paid. It was desparate. Our faces just didn't fit. No contacts or net-work.

I did however pile in the maximum % allowed by law and have never stopped paying. It was/is the primary out going that precedes all others.

 

 

Edited: 27/07/2013 at 18:31
27/07/2013 at 18:37
Sussex Runner NLR wrote (see)

Wonga was started by an old running partner of mine. He came to this country in 2006 with the idea of offering loans, short term to pay day and charge for it. They are not meant to be affordable long term loans. The Wonga website is upfront and explains exactly how much you will pay back if you borrow x amount and pay back in x time. No hidden charges and fees charged by banks and other financial institutions. 

 

And by thier works shall thee know them.  

seren nos    pirate
27/07/2013 at 18:59

when i was only working 7 hrs a week i did pay avcs as well as my normal pension......but when i had to stop working the rules said that i could not pay into a pension scheme even if I had the money to do so.....

legal and general were rife at getting people out of the NHS scheme.......

but then a few years later it did pay for me to work every sunday on double time getting the info to restore the pensions.......so I benefitted at a time when i really needed the money 

27/07/2013 at 20:08

The 12 weeks I spent trying to be a financial advisor has subsequently turned out to be the most useful 12 weeks I've spent anywhere.

A financial education should be compulsory. Its a cornerstone of our entire existance.

Even my lad at 16 could tell you the difference between various types of mortgages, types of pensions, interest rates and the rest. Basic stuff. A mystery to masses.

 

 

seren nos    pirate
27/07/2013 at 21:10

I do feel a bit aggrieved that i can't go for any compensation .......I wouldn't let the financial advisors sell my an endowment mortgage back in the late 80's when they were telling me it would pay off the mortgage and give me 2 or 3 times the amount in cash as well.......I was a mug not to take it up,.........

i refused to opt out of my final salatired pension scheme when approached and i never took up payment protection for anything....

so for being sensible I can't claim any money back now

28/07/2013 at 01:14

I tried for compensation for a spell of PPI but I suppose a couple of hundred pounds wasn't what the vultures wanted.

I'll never forget the 'mortgage advisor' in the Halifax trying her damndest to get me to agree to an endowment mortgage. I already knew the product to be suspect, but really I wanted to be able to get rid of the mortgage as soon as I could (took 9 years 11 months) so a 'repayment' version was best.

That idea was from New Zealand. They consider mortgages a waste of money so encourage early repayment. The money saved on interest can then be used for investment.

The advice was buy the cheapest property in the best area. Throw every spare bit of cash at the loan. Get rid. 

 And all off below average wages.

 

Edited: 28/07/2013 at 06:48
28/07/2013 at 07:14

Its a difficult one this. I see both points of view and I know people who have gone both ways. IE loan sharks and these horrible loan companies. I say well done to the Arch Bish trying to be seen to do something but I am not sure that it fits my way of thinking theologically. But thats beside the point. There are other options out there if people need money. These companies offer low sums of money with huge APR. If these people need money for food then their are now very well organised food banks, if they need it to cover mortgages then its a slippery slope and borrowing small sums of money isn't going to help anyway unfortunately.

But if used correctly the loan companies can work out but they are aimed at people sitting at home all day on benefits (sometimes not their own fault)  and offering them a 1000£! You only need to watch Jeremy Kyle in the morning to see the adverts and the kind of people its aimed at, its usually loan companies and Bingo games. Perhaps it should be reigned in a bit and not aimed at the vulnerable

seren nos    pirate
28/07/2013 at 07:29

My eldest is useless with money.....he really is impulsive........Now I don't know if he would ever know where to find a loanshark....or would be brave enough to go and mix with the criminal types..........

But the payday loan people can be done on his mobile without any embarrissing questions.....and in no time....he would have the money...

He isn't capable of looking after his own finances..but would a payday loan company know that.......

29/07/2013 at 08:21
MikeFrog wrote (see)

It would be fascinating to see the church get into the moneylending business

What would Jesus say? 

29/07/2013 at 08:31

A women this morning on telly; She needed to borrow 275 pounds to buy a new oven. She borrowed it, aiming to pay it back at relatively lower interest rates in 10 days ( as they are designed) but couldn't pay it back so after a year owes 10,000. Moral of the story? Use the hob or make sandwhiches until you can afford to buy it. If you don't have money this week what makes you think you will have it next week? Why can't people get that?

seren nos    pirate
29/07/2013 at 08:46

so did the payday loan look at her finaces and assess whether she could pay it back....and advise that they couldn't lend it because she couldn't pay it back and so for the next year should live on sandwiches...

29/07/2013 at 08:56

Live by your means or rack up the debts. I'll go for the sandwhiches. When I was a kid we often had jam sandwhiches for dinner. I don't imagine it was because the butcher had run out of sirloin steak. 

seren nos    pirate
29/07/2013 at 09:00

I agree NLR.its how I live.but then we all have different flaws and personalities......

and some peopel are useless with money and these payday loans with their friendly bubbly adverts make it all seem so easy and normal.....without really assessing does the person need a new pS4 game today or can they wait 3 weeks....

 

I'm not saying that the individual isn't the one that should take the responsibility.......they should..but there should be more checks and services for those who are vunerable to these sort of people...

29/07/2013 at 09:06

I don't like those " spitting image" Wonga adverts either. I fear the reason people don't go for checks are because they have such poor credit rating they wouldn't get a cheaper loan. These people are high risk. Lets not forget that people who borrowed recklessly and couldn't pay it back are responsible for the ongoing financial crisis. The savers and scrimpers, and pensioners have been bailing them out ever since.

29/07/2013 at 09:13

IMO we need to stop teaching algebra, binary, prime numbers and other guff in maths and teach personal finance instead.

29/07/2013 at 09:26
Screamapillar wrote (see)

IMO we need to stop teaching algebra, binary, prime numbers and other guff in maths and teach personal finance instead.

Disagree, if you teach people the fundamentals of mathematics (properly from first principles) who would ever take out a payday loan

29/07/2013 at 09:45
Runnin man wrote (see)
Screamapillar wrote (see)

IMO we need to stop teaching algebra, binary, prime numbers and other guff in maths and teach personal finance instead.

Disagree, if you teach people the fundamentals of mathematics (properly from first principles) who would ever take out a payday loan

They're not the fundamentals, that's the whole point. They are fine if your want to be a scientist or engineer, otherwise you forget the lot the minute you leave school. More practical stuff would benefit more people.

If you want to learn more advanced stuff you should go on and study it separately if you want to.

Edited: 29/07/2013 at 09:46
29/07/2013 at 09:56

Wonga has those slide thingys. x amount pounds borrowed against y amount of time to pay back. THEY do the maths for you. 

29/07/2013 at 10:04

There's the customer base then, if someone has to do your maths for you, you're stuffed basically

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