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WALTHAM FOREST: East Londoners declared debt-ridden

9:53am Wednesday 19th November 2008

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EAST Londoners have been ranked as the most indebted people in the UK, according to a credit reference agency.

People living in ‘E’ postcodes such as Walthamstow, Leyton and Leytonstone, are ranked by the survey having the worst debt status in the country.

Credit reference agency Callcredit based their results on an evaluation of census data, age, property class, income, and debt and payment performance data.

It assessed the debt status of 124 UK regions, ranking E1 as the worst, followed by Uxbridge, South East London and Liverpool.

This bleak debt map follows reports that London will suffer a higher net percentage of job losses in the recession than the rest of England.

Recent Land Registry figures have also indicated that house prices have fallen more sharply in Waltham Forest than anywhere else in London.

Head of Callcredit Owen Roberts said: "The GeoDebt map paints a vivid picture of indebtedness across the country, with consumers borrowing more and more to stay afloat.

“With many unable to raise additional capital through remortgaging due to falling house prices, and daily expenses continuing to rise, some individuals will be struggling to pay back loans and credit cards taken out over 12 months ago.

"Consumers can take the first step in managing their financial situation by checking their credit report to gain a full understanding of their financial situation."

The top ten most indebted postal areas were ranked as: London E, Uxbridge, London SE, Liverpool, Motherwell, Ilford, Sunderland, London N, Romford and Birmingham

The postal areas with the lowest debt ratings were ranked as: London EC, Dorchester, Salisbury, London WC, Bournemouth, Bath, Taunton, Guernsey, Oxford, Exeter

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Bert Small, Leyton says...
11:05am Wed 19 Nov 08

Yes, and it does not help the situation by permitting the opening of a massive amount of bookies, cash converters, pawn shops and loan shark operators in the area to make these poor people even worse off.

The Councillors responsible should be ashamed of themselves.

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beepee25, Louth says...
11:27am Wed 19 Nov 08

Sorry, are these places forcing people to part with their money and goods at the point of a gun. Surely, people are responsible for their own actions. The council have allowed these shops to open in order to reduce your council rate. I sincerely hope you won't be moaning when next years rates are fixed. Might I suggest you ask to pay a few thousand pounds more in order to get rid of some of these places that offend you so much.

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Bert Small, Leyton says...
11:51am Wed 19 Nov 08

Sorry, are these places forcing people to part with their money and goods at the point of a gun

No they are not, but desperate people do desperate things and you have obviously never had to pawn things or have a bet in the hope of feeding yourself or your children. They do not need premises like these tempting them into a downward spiral.


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Technomist, Walthamstow says...
2:03pm Wed 19 Nov 08

Bert makes a good point. The local community is having the cash sucked out of it by the pawnshops, betting shop operators and other leaches like Oakam Ltd (of 442% interest fame) and this it will never benefit the council. All that money disappears to shareholders who live no-where near here leaving misery and social deprivation in its wake.

There is therefore less money being spent in the proper, local retail businesses, restaurants, pubs and cultural organisatons, which in turn would have been recycled into the rest of the local community.

Without the bloodsuckers in our High Street this area could have a much stronger local economy and the council would have a firmer discretionary income base from taxes with which to tackle the social problems we want them to.

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Walthamster, Walthamstow says...
2:50pm Wed 19 Nov 08

How exactly do betting shops reduce council tax, beepee25? They're taking the place of real shops, which would both pay taxes and provide services to the.
Like the money-lenders, betting shops spring up where people are desperate for a way out of money troubles. Of course they make matters much worse. The fallout in domestic violence, other crime and family break-up is not only tragic for the people involved but also a financial cost to taxpayers.

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dissenter 2008, P C MADNESSVILLE says...
5:23pm Wed 19 Nov 08

its not the poor, the report is aimed at, its the middle class twit, mortgaged up to the hilt , 4/5 or more credit cards up to their limits, 2 cars on tick, kids in clothes to impress, but cant afford , all living beyond their means


bang in sheiss now are'nt you, lets see how the local chavvy joints do now , now that the real pinch is on with the orange perma tan gang

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beepee25, Louth says...
5:51pm Wed 19 Nov 08

"How exactly do betting shops reduce council tax, beepee25?" You're now making the same mistake as Bert Small. They do not send heavies into flourishing shops and force them into the street, they take over empty premises in areas where they think they can make a profit, employing people into the bargain. They take less money fom the poor than McDonalds and Primark. What gives you the right to tell anybody how to spend their money?

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Technomist, Walthamstow says...
9:55pm Wed 19 Nov 08

beepee25, it's a bit of a false choice, betting shops, pawn brokers and high interest loan operations or Mcdonalds and Primark.

We don't actually have a Primark in Walthamstow, and if I recall there is only one McDonalds. As well as at least 5 pawn shops on Walthamstow High Street and the nasty Oakam, we also have loads of bookmakers: Ladbrokes have about 8 shops locally, competing with Coral, Paddy Power, Coral, Metrobet, Star Racing, the Tote and places like Quicksilver to hoover up the punters' cash and take it out of the area.

The empty shops you talk about generally come after the arrival of the bookies, rather than preceding them. I consider there are far far too many betting shops for the good of this community. They are killing the local economy.

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Morris Hickey, Redbridge says...
9:58pm Wed 19 Nov 08

And what do you, in Louth, know about conditions in Walthamstow (even if you actually know where it is)?

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beepee25, Louth says...
11:40am Thu 20 Nov 08

Lived in Walthamstow and Leyton for 50 years until 2003 although I'm not sure where I live is important. The point is, peple should be entitled to spend their money however they like. When an area has too many bookmakers they will start closing, leaving the empty shops you want. People with poor credit histories have to pay higher and higher interest rates as their credit rating deteriorates. Unfortunate, but inevitable whilst they renage on agreements. If you really want to know why shops stand empty I suggest you should look towards the supermarkets rather than the betting shops.

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rod stewarts gardener, johnmail94@yahoo.com says...
4:10pm Sat 22 Nov 08

but here are no large scale employers in E17 .. maybe supermarkets ? ,,, when the Leyton E10 based , DRUIT VEG DISTRIBUTORR, REYNOLDS, moved from E10, .... they moved to Hertfordshire, not EAst London, so large scale employers are not their to supprt the community.. althoufg a lot of Waltham Forest/Hackney based Reynolds employess, did opt to Commute to REYNOLDS , new depot , in Waltham Cross .....

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dissenter 2008, P C MADNESSVILLE says...
10:49pm Sat 22 Nov 08

rod stewarts gardener wrote:
but here are no large scale employers in E17 .. maybe supermarkets ? ,,, when the Leyton E10 based , DRUIT VEG DISTRIBUTORR, REYNOLDS, moved from E10, .... they moved to Hertfordshire, not EAst London, so large scale employers are not their to supprt the community.. althoufg a lot of Waltham Forest/Hackney based Reynolds employess, did opt to Commute to REYNOLDS , new depot , in Waltham Cross .....
its hardly 50 miles away


3 times the size and half the cost no doubt, you work it out

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Curmudgeonly, Leyton says...
8:05pm Sun 23 Nov 08

Technomist, do you seriously think that if we did away with pawn shops and bookmakers then all those people loitering outside Ladbrokes mid-morning or selling burgled DVD players and stereos would be out buying handicrafts from local businesses or joining performing arts groups? Give us a break!

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Baffled, E11 says...
7:22pm Mon 24 Nov 08

The betting shops are a symptom of a declining area, not a cause of it. Mega-supermarkets are more to blame for empty shops.

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Technomist, Walthamstow says...
7:12pm Wed 26 Nov 08

Curmudgeonly wrote:
Technomist, do you seriously think that if we did away with pawn shops and bookmakers then all those people loitering outside Ladbrokes mid-morning or selling burgled DVD players and stereos would be out buying handicrafts from local businesses or joining performing arts groups? Give us a break!
Sorry, I missed your comment. I agree they are a problem, but generally think the people you refer to should mainly be in jail or removed from the UK.

If the pawn shops are correct in what they tell their shareholders, the average customer is a young woman with children, probably employed in a lowish paid job in the public sector. Yes, I do think if these places were closed down and people used alternatives like the credit unions or building societies, there would be more money in the local economy and in many of such family's budgets.

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