The Make Sense Loan’ to be made available in all Credit Unions ‘It Credit Unions to be given support with model development’ with a view to ‘business providing relevant and life-enhancing products that meet regulatory requirements to members and in particular to low-income borrowers. In this regard the UK FCA’s regulatory is a model worthy of consideration with respect to enabling new models of ‘Sandbox’ provision to be explored in a safe environment. Interest rates charged by money lenders to be reviewed with a view to reduction. Consideration to be given to establishment of a purpose vehicle’ whereby Credit ‘special Unions or other could re-finance mortgages now being offered at a discount to mortgage borrowers by ‘funds’. Consideration to be given to enabling credit unions to jointly finance Housing ‘Approved Bodies’ under the Mortgage to Rent scheme. MUCH DEBT’ ‘TOO Recommendations: Review eligibility criteria for DRN and shorten supervision period to one year. Remove excludable debts from legislation relating to DRNs. Provide a free/public PIP service for low income borrowers to facilitate access to insolvency. Creditors to a more humane approach to the most vulnerable clients and write-off more debts voluntarily.
The ‘It Make Sense Loan’ to be made available in all Credit Unions Credit Unions to be given support with ‘business model development’ with a view to providing relevant and life-enhancing products that meet regulatory requirements to members and in particular to low-income borrowers. In this regard the UK FCA’s regulatory ‘Sandbox’ is a model worthy of consideration with respect to enabling new models of provision to be explored in a safe environment. Interest rates charged by money lenders to be reviewed with a view to reduction. Consideration to be given to establishment of a ‘special purpose vehicle’ whereby Credit Unions or other could re-finance mortgages now being offered at a discount to mortgage borrowers by ‘funds’. Consideration to be given to enabling credit unions to jointly finance ‘Approved Housing Bodies’ under the Mortgage to Rent scheme. ‘TOO MUCH DEBT’ Recommendations: Review eligibility criteria for DRN and shorten supervision period to one year. Remove excludable debts from legislation relating to DRNs. Provide a free/public PIP service for low income borrowers to facilitate access to insolvency. Creditors to a more humane approach to the most vulnerable clients and write-off more debts voluntarily.
social_prebudget_2018.docx