Zero Credit – united we stand
7 July 2011
2 Comments
The Haze was glad to learn about Zero Credit..
Zero-Credit is a co-operative, promoting consumer rights for borrowers.
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Although Zero Credit is working with the status quo and is not involved directly in the Monetary Reform movement – we found their determination to have a voice as consumers of credit to be a very refreshing step in the right direction.
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Here is their charter:
Zero-credit is a co-operative, promoting consumer rights for borrowers. Who do we mean when we say borrowers? Ordinary people, who have used or are using a credit card, loan, or mortgage.Some of us may slip into the red now and then – most often at Bank Holidays, when the balances don’t update – and we pay for it….Many of us have jobs to go to, to look for, or families to worry about, so any small print opting us into unforeseen extras is not an option. Life is far too important for that!.Precisely because we are a coop that shares hopes and ideas, our Members expect, and are gaining, respect from government, the media and financial services..And if one or two bankers seem to have forgotten that the customer is always right? Well, the more fool them, we say – after all, what ARE market forces, if not consumers….Why not join us if you are aged 16 or over, have personal experience of borrowing and believe that borrowers need:.* to be valued as consumers* to have clear, reliable and actionable money advice* to receive credit information only when requested* to find lending that is purposeful and sustainable* to repay lending without harassment* to never to feel helpless.With personal debt worth £1453 billion in the UK, the pound in our pockets is worth a bob or two, and there is no doubt that we are many!
Obviously there is a discussion to be had around what constitutes ‘lending that is purposeful and sustainable’.
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The best consumer triumph of all would be the abolition of Fractional Reserve Banking altogether – but in the troubled present we really like Zero Credit.
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In an e-mail to us, Emma Bryn-Jones the Business Development Director of Zero Credit said this:
Our aim is therefore to create a collective identity for borrowers – who are millions – and to insist that, as the currency with which we access basic human needs, financial services is accountable to the consumer and the electorate – essentially part of Welfare and social services..Consumers have a right to participate in the development and regulation of financial services – it is not a spectator sport where experts mete out what is “good for us” – and we are using populist appeal to reiterate that the bottom line of market forces is that the customer is right.
Amen to that!
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The banks have long had the idea that the customer (the entire nation) will do as its told and be grateful – anything at all that rebels against that is great.
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We hope to have an article from Zero Credit themselves soon.
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In the meantime why not pop over to their website and join up? It only costs a pound and they deserve your support.
Hey!
Thanks for this
re lending that is purposeful and sustainable you may find the concepts of consumption smoothing and investment outlined in Section 3 of this report helpful:
http://www.europarl.europa.eu/activities/committees/studies/download.do?language=en&file=30657
eg Payday lenders promote the idea of paying for Valentines gifts with a loan aimed at consumption smoothing, but what is its real purpose and sustainability, whereas investments in household security, or personal employability may, for some, result in improved quality of life.
We aim to promote the consideration of lifestyle choices that are creditfree before turning to borrowing. Some consumers may still feel that borrowing is their only or best option, but rather than say no you have failed, we prefer to celebrate creditfree achievements.
Thanks for the link.
You are coming at this problem from a very different place to us – but it still feels helpful and grounded.
good on yer