| Privatisation of student loan debt - how corrupt is this? 13:20 - Nov 23 with 1620 views | Swansea_Blue |
Following my NHS thread (I'm on a roll  ), here's another good one on possible official nepotism.
The government issues student loans and bears the debt over the long term. But then decides to sell some of that debt to improve it's financial position in the short term.
The only problem is that it sells the debt for about half of it's £3.5bn face value, despite high confidence it could recoup the debt in the next 7-8 years - https://www.independent.co.uk/news/education/education-news/student-loans-sale-g
So firstly, the Government is accused by the Public Accounts Select Committee of "selling off assets for short-term capital gain, without demonstrating how the deal is in the best long-term interests of the taxpayer given the scale of future repayments that has been sacrificed". https://publications.parliament.uk/pa/cm201719/cmselect/cmpubacc/1527/152705.htm
Nothing new there - it's done the same with the Post Office.
But then it gets worse.
The Government won't declare who it sold the debt to (including the debtors, which presumably is a breach of data protection too, although that's relatively minor in the grand scheme of things), leading the Select Committee to state "We are concerned about the lack of transparency to the public and Parliament surrounding this sale".
Some digging has been done and it appears that some of the debt may have been sold to Marston, a debt recovery organisation known for its 'persistent' debt recovery tactics (we can assume it will be recovering the full value of the debt, or near enough).
Marstons are owned, via an offshore vehicle, by a pivate equity group lead by a regular Tory donor.
As a footnote, Marston was also a beneficiary of Osborne's changes to the vehicle tax when the discs were scrapped.
If this Marston claim is correct, Hmmm... 🤔 |  |
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| Privatisation of student loan debt - how corrupt is this? on 13:27 - Nov 23 with 1579 views | GeoffSentence |
This sort of thing is one of the many reasons I would never vote for the tories.
Those b'stards are just out to look after their rich buddies at the expense of everyone else. |  |
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| Privatisation of student loan debt - how corrupt is this? on 13:28 - Nov 23 with 1576 views | No9 |
There has been a lot of this sort of stuff that should really be subjected to investigation.
The Greenbank sale is another suspect deal |  | | |
| Privatisation of student loan debt - how corrupt is this? on 13:44 - Nov 23 with 1550 views | Swansea_Blue |
There's a nice turn of phrase on one of those twitter threads that sums it up this process. It's locust capitalism - "they fly in, hoover up anything of value then f*ck off off-shore with it all". | |
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| Privatisation of student loan debt - how corrupt is this? on 13:46 - Nov 23 with 1546 views | No9 |
| Privatisation of student loan debt - how corrupt is this? on 13:44 - Nov 23 by Swansea_Blue |
There's a nice turn of phrase on one of those twitter threads that sums it up this process. It's locust capitalism - "they fly in, hoover up anything of value then f*ck off off-shore with it all". |
The amounts allowed to leave untaxed isn't doing the UK danygood & is a very bad deal as most if not all these companies pay no tax here.
The fact none of this gets investigated at all suggests someone at the top is in on it | | | |
| Privatisation of student loan debt - how corrupt is this? on 14:04 - Nov 23 with 1519 views | lordsambuca |
Great piece of research and thanks sharing.
This was always going to happen given the interest rates on these loans. Unsurprtisingly not something that will receive any attention in the MSM. | | | |
| Privatisation of student loan debt - how corrupt is this? on 14:09 - Nov 23 with 1509 views | Clapham_Junction |
| Privatisation of student loan debt - how corrupt is this? on 14:04 - Nov 23 by lordsambuca |
Great piece of research and thanks sharing.
This was always going to happen given the interest rates on these loans. Unsurprtisingly not something that will receive any attention in the MSM. |
It's the kind of thing that Private Eye is packed full of every fortnight, and reading it is not good for my blood pressure.
It would be lovely to have a government that tries to resolve the kind of issues they report on, instead of actively creating them. |  | | |
| Privatisation of student loan debt - how corrupt is this? on 14:48 - Nov 23 with 1467 views | hampstead_blue |
The OP is a cracker.
Not impressed by the discount. A few points.
1) The Student loan is collected directly via the PAYE system. Cheap and easy to collect.
2) Interest is added regardless of repayment schedule so those out of work end up laying loads more as it's compounded.
3) It started as cheap money so loads took it regardless. I have mates who invested theirs and cleaned-up. That's wrong. I however spent mine of guitars and a Klon Centaur, that's right.
I don't buy the nepotism. It's not hard to find a successful business person who hasn't donated to any party.
I'd say that Gordon Brown got away with blue murder with the PFI. That took billions from public services and into business and even more of the balance sheet.
Gordon Brown wins on corruption stakes with PFI, but this is pretty poor. Too much of a discount considering it's hard to default on the loan when it's taken straight from your wages! |  |
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| Privatisation of student loan debt - how corrupt is this? on 15:18 - Nov 23 with 1432 views | jaykay |
| Privatisation of student loan debt - how corrupt is this? on 14:48 - Nov 23 by hampstead_blue |
The OP is a cracker.
Not impressed by the discount. A few points.
1) The Student loan is collected directly via the PAYE system. Cheap and easy to collect.
2) Interest is added regardless of repayment schedule so those out of work end up laying loads more as it's compounded.
3) It started as cheap money so loads took it regardless. I have mates who invested theirs and cleaned-up. That's wrong. I however spent mine of guitars and a Klon Centaur, that's right.
I don't buy the nepotism. It's not hard to find a successful business person who hasn't donated to any party.
I'd say that Gordon Brown got away with blue murder with the PFI. That took billions from public services and into business and even more of the balance sheet.
Gordon Brown wins on corruption stakes with PFI, but this is pretty poor. Too much of a discount considering it's hard to default on the loan when it's taken straight from your wages! |
yeah the others did it, so it don't mater |  |
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| Privatisation of student loan debt - how corrupt is this? on 15:22 - Nov 23 with 1428 views | Pinewoodblue |
They have sold around 3% of student loans so you can expect them to sell more off in years to come. The total loaned out is over £100billion,
A lot of students will never pay off the loan as their earnings will not be high enough, and interest keeps being added to the loan. Loans are written off after 25 or 30 years depending when the loan was made.
Presumably the leeches who have purchased the loans will also be required to write vast sums off in years to come. Understand a lot of overseas students never pay anything back. |  |
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| Privatisation of student loan debt - how corrupt is this? on 16:06 - Nov 23 with 1393 views | No9 |
| Privatisation of student loan debt - how corrupt is this? on 14:48 - Nov 23 by hampstead_blue |
The OP is a cracker.
Not impressed by the discount. A few points.
1) The Student loan is collected directly via the PAYE system. Cheap and easy to collect.
2) Interest is added regardless of repayment schedule so those out of work end up laying loads more as it's compounded.
3) It started as cheap money so loads took it regardless. I have mates who invested theirs and cleaned-up. That's wrong. I however spent mine of guitars and a Klon Centaur, that's right.
I don't buy the nepotism. It's not hard to find a successful business person who hasn't donated to any party.
I'd say that Gordon Brown got away with blue murder with the PFI. That took billions from public services and into business and even more of the balance sheet.
Gordon Brown wins on corruption stakes with PFI, but this is pretty poor. Too much of a discount considering it's hard to default on the loan when it's taken straight from your wages! |
Gordon Brown wasn't the only politician guilty of using PFI to fund taxpayer projects.
& It's still going on | | | |
| Privatisation of student loan debt - how corrupt is this? on 16:55 - Nov 23 with 1351 views | manchego |
| Privatisation of student loan debt - how corrupt is this? on 14:48 - Nov 23 by hampstead_blue |
The OP is a cracker.
Not impressed by the discount. A few points.
1) The Student loan is collected directly via the PAYE system. Cheap and easy to collect.
2) Interest is added regardless of repayment schedule so those out of work end up laying loads more as it's compounded.
3) It started as cheap money so loads took it regardless. I have mates who invested theirs and cleaned-up. That's wrong. I however spent mine of guitars and a Klon Centaur, that's right.
I don't buy the nepotism. It's not hard to find a successful business person who hasn't donated to any party.
I'd say that Gordon Brown got away with blue murder with the PFI. That took billions from public services and into business and even more of the balance sheet.
Gordon Brown wins on corruption stakes with PFI, but this is pretty poor. Too much of a discount considering it's hard to default on the loan when it's taken straight from your wages! |
Terrible case of whataboutism there.
But the Klon pedal ... nice.
So an upvote and a downvote. #conflicted |  | | |
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