In November 2010, market analyst Datamonitor published Non-standard lending 2010: New Opportunities for Alternative Lenders. Highlights of the report include the statement that:
The non-standard population is growing in size, as shifts towards self-employment, growing unemployment and increasing arrears combine to exclude ever more borrowers from mainstream credit.
If ever there was clear evidence that personal money worries are rich pickings for another's profits, this is it. The report alone costs around £1735...
The sheer numbers of households where income earners are under- or unemployed are the key to this exploitation. For you and me it may only be a payday loan here, or a logbook loan there to tide us over with a couple of hundred quid, but these crooks are counting on the millions who are finding it hard to make ends meet whilst being encouraged to spend.
At Zero-credit, we are sick and tired of the spin.
Whether you're right wing, left wing or slightly off the centre, whatever your hopes, beliefs of fears, indeed, whichever way you look at it: IT IS WRONG TO LEND MONEY TO PEOPLE WHO ARE UNSURE OF PAYING IT BACK.
Sub-prime credit brought us here and it sure as hell isn't the way out of it. The mere mention of "New Opportunities for Alternative Lenders" makes a mockery of all the Financial Inclusion, Financial Capability and Over-Indebtedness Strategies we've had in recent years. How can the Government allow it?
Simple... In February 2010, when reviewing the 16 debt advice projects funded by BIS through the Financial Inclusion Fund, even the National Audit Office went so far as to state that:
...there has been no attempt to evaluate the strategy as a whole.
What?!? People are dying because they are terrifed of mounting debts, yet Ministers and Civil Servants from both Governments have shirked all responsibility in bringing lenders to heel.
If you share our view that borrowers need to be heard, there's never been a better time to join us. After 14 months of incredibly successful campaigning online, Zero-credit formed as a co-operative last August, precisely so that borrowers can and do have a say in the financial services which affect them. Whether you are up-to-date on your mortgage or up to your eyes in debt, please consider becoming a part of the Debtors' Coop.
When lenders need us this much, we need to stand together.
Want a say in how we do things?
For £1 a year, Zero-credit membership
is open to anyone, aged 16 or over
with personal experience of debt.
Alternatively, if you're a business, why
not subscribe to our Information Service?