Michael Shen’s “robbery” is an impressive process of buying and canceling people’s loans, but it also exposes a basic injustice in our financial system (‘It’s not because I want people to be very good’: Michael Shen Paying $ 1 million to his neighbors’ Debus, March 10). The loans of the struggling people are bought and sold for money on pounds, while they are responsible for the full amount – and may face disturbing visits to borrowers and bailiffs. With our research, the Center for Responsible credit, it is learned that loan buyers expect them to be deposited between two and three times they have paid for loan.
Due to low wages, unsafe work and a broken borrowing system, personal debt has increased that punishes communities that can minimize. Shane is fine-people are working hard, often do many jobs, yet they get stuck in high-cost credit cycles to meet the necessary equipment. More than 10 million people The whole of the UK is “excessive”, either behind bills or loans to find a heavy financial burden-70 % higher at the first level before. Only in England have the arrears of the Council of Taxes b arrived at 6bn.
With a loan on this scale, we cannot rely on individuals’ generosity to cancel the loans. We need systemic reforms, including ways to lend appropriate loans and government action to deal with unbearable loans in its roots.
Heady Chu
Executive Director, Loan Justice
Michael Shen’s gesture reflects the power of people in positions to relieve relative wealth and/or suffer and to change life for a large number of people. This is a story for our time and it is heartbreaking, if only to remind us that we still have community -minded people. Imagine that can be rich in extremely rich, if they only feel the poor and are able to need it.
Of course, there will be blasphemous and jealous who claim that he is in it for his promotion – but not always there? I am very impressed with what Michael has done for the people of his area. This is a beautiful thing.
Donna White
Barnett, London
Bravo, Michael Shen, which you have done and continue. I first learned about the purchase and sale of loans from the amazing 2021 film and book bank jobs, where Dan Adelaston and Hillary Powell arranged their own robbery and blow up a million pounds worth of pounds in a gold -colored transit van in the London financial district.
Kate Kelly-Tangoy
London
