I have first-hand experience at this and was wandering when the Government is going to regulate charges.
When someone has no money and is struggling with day to day living, how can they find more money? If a direct debit goes out and a payment does not go in, in time, daily charges apply with interest. Then the debiting organisation charges as well.
Most people are on just over the minimum wage which barely covers the living costs, with electricity bills and running cost like council tax going up every year and the average income has not increased in many years, people are struggling to pay just the normal bills or exist.
Now we have release equity in the home to help the next generation, so even if you are lucky enough to own your home this is now being eroded away.
Suicides and depression are often caused from financial pressure and having money worries day in and day out can also cause many break ups in families. Not being able to provide for their families and give them the necessary items they need puts pressure on the family, making children feel worthless. Many schools are now experiencing children not having enough food or ways of providing clothing and the necessaries.
When families suffer from financial pressure this often causes arguments and the children can suffer abuse and neglect which from research children who suffer this way affects their emotional side of the brain, resulting in some of these children reaching adult hood having very little esteem.
Research has shown that some of these upon reaching adult hood can become murders or child abusers themselves.
I lived with a person who worked in social services the only person on one particular case the father cared very much for his children the wife did not he had terminal cancer leaving behind four children from age of 10 and younger her case load was so heavy she was working for less than half the minimum wage. The task of trying to get foster care for them as a family was proving to be difficult not only did the children not only have the burden of loosing the only parent that cared for them they had to cope with the loss and also be split up and put with several people over a length of time, most of her colleagues was leaving because of the work load leaving the rest with unreasonable targets.
Why is this out of control?
When is the Cost and Charges going to stop?
Banks and financial organisations are making a lot of money from outrageous interest charges and pay very little for any investment’s, money is dead in a bank account.
The future organisations that will make the money will be debt consolidation and debt management then most of the money will have to be written off so with the charges and financial pressure put on people do the banks win in the end.
I had unexpected bills unreasonable charges from my electricity and gas providers I had to pay my house payment a week later which was paid in the month. I was informed this would occur a £35.00 charge per month and if I am struggling to pay the payments, they would charge this every month.
I have found in these times direct debit only causes problems since they can take what they want I have no control therefore I pay when the money is in to avoid daily charges and interest charges of 19%. If the money that is being received only barely covers with all these charges where is the money going to come from?
If I cannot pay to keep a roof over my head ? Over many years worked two to three jobs, because of the failing legal system now struggle. Because of this I have no right to have a roof over my head and will be forced to live on the streets. I guess at least if one feels suicidal because they have lost all they have worked for and carried out this act, the financial institutes have won, or have they?
With all the charges then they will get nothing, it is time to stop this pressure and stop these outrageous charges and interest to the less fortunate.
I urge the powering organisations and regulating bodies to investigate this and implement laws and regulations to protect people before it is too late.
When this has happened in other countries there has been riots and escalation of crime since people will get to a point of not caring they have nothing further to lose the ones that have managed to hold on to what they have will have everything to lose. No one wins in the end.
SallyGilson 