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Eligible Loan Deduction Scheme
Yes the Government is using legalese again and making something look which it is far from this is the quote:
"
The Eligible Loan Deductions Scheme (ELDS) is a joint DWP and Treasury initiative to support the expansion of affordable credit to people on low incomes. It is part of the government strategy for reducing financial exclusion.
Using the scheme, we aim to increase the supply of affordable credit for people on low income, including people on benefit. Under the scheme we can make deductions from benefit, in certain circumstances. This reduces the risk of people defaulting on loan payments which reduces the cost of lending to people on low incomes."
And their lies the bit which is of great concern: Under the scheme we can make deductions from benefit, in certain circumstances. This reduces the risk of people defaulting on loan payments which reduces the cost of lending to people on low incomes."
Yes you got it if you are on benefits you can have amounts deducted for debts boy those debt collectors are going to make great use of this and it has not crossed the Govts minds that a debt can be disputed and even not owed and thus your right to justice in front of a Judge is taken away.
It does say:
"The participating organisations are from the not-for-profit sector such as credit unions and community development finance institutions. Organisations taking part are referred to as ‘lenders’ and have demonstrated to DWP that they meet approved responsible lending criteria."
However I bet you will get a raft of DCA's registering as Not For Profit Organisations.
This is certainly an area to pay close attention too.
https://www.gov.uk/government/public...duction-scheme
Further Documentation:
https://www.gov.uk/government/public...duction-scheme
Yes the Government is using legalese again and making something look which it is far from this is the quote:
"
The Eligible Loan Deductions Scheme (ELDS) is a joint DWP and Treasury initiative to support the expansion of affordable credit to people on low incomes. It is part of the government strategy for reducing financial exclusion.
Using the scheme, we aim to increase the supply of affordable credit for people on low income, including people on benefit. Under the scheme we can make deductions from benefit, in certain circumstances. This reduces the risk of people defaulting on loan payments which reduces the cost of lending to people on low incomes."
And their lies the bit which is of great concern: Under the scheme we can make deductions from benefit, in certain circumstances. This reduces the risk of people defaulting on loan payments which reduces the cost of lending to people on low incomes."
Yes you got it if you are on benefits you can have amounts deducted for debts boy those debt collectors are going to make great use of this and it has not crossed the Govts minds that a debt can be disputed and even not owed and thus your right to justice in front of a Judge is taken away.
It does say:
"The participating organisations are from the not-for-profit sector such as credit unions and community development finance institutions. Organisations taking part are referred to as ‘lenders’ and have demonstrated to DWP that they meet approved responsible lending criteria."
However I bet you will get a raft of DCA's registering as Not For Profit Organisations.
This is certainly an area to pay close attention too.
https://www.gov.uk/government/public...duction-scheme
Further Documentation:
https://www.gov.uk/government/public...duction-scheme