- Location
- Derbyshire
Radical move by the supermarket chain, offering a loan to shoppers to finance their weekly spend. But is it really the right way to ease the cost of living, or is it an opportunity to boost sales of "services" rather than food?
Iceland giving loans to buy the weekly shop.
- Thread starter onesiedale
- Start date
SilliamWhale
Member
I feel its more of a publicity stunt
- Location
- Sedgefield
If you can’t afford to buy food this week
You’ll not be able to buy food AND repay a loan next week !
Suppose you might as well call it a pay day loan.
Sad but true and a sign of the times.
Sad but true and a sign of the times.
They want you to default and keep you on the hook as it’s more lucrative….
- Location
- Lincolnshire
I hope some of these sharks get a haircut when their customers declare themselves bankrupt. Sounds like folk need help to manage money rather than borrow more.
Was hearing on the BBC of folks living in poverty on “only” £23k a year,,,,,, almost my double drawings for my living costs!
Was hearing on the BBC of folks living in poverty on “only” £23k a year,,,,,, almost my double drawings for my living costs!
primmiemoo
Member
- Location
- Devon
On the slate. Put on the tab. Weekly or monthly account.There always was some give in the system of food retail until the supermarkets came to dominate demanding cash on the nail. Not all of us have a credit card.
Loans, otoh, can be the thin end of a super-slippery slope. It will be interesting to see how Iceland decides who to take on, and how it deals with inevitable defaults.
Loans, otoh, can be the thin end of a super-slippery slope. It will be interesting to see how Iceland decides who to take on, and how it deals with inevitable defaults.
- Location
- West Kent
With the greatest of respect I think you need a bit of a reality check. My mortgage and council tax alone would near enough swallow up a £23k salary.
- Location
- Montgomeryshire
My drawings wouldn’t be anywhere near that, but I also appreciate that many of my ‘living costs’ are paid for by the business. As a saddo, I do very little mileage that isn’t to do with the business in some way, and my (farmhouse) rent is included in the farm. My wife pays for all the food, from the wage the business pays her.
And yet the average ‘Monty’ resident would look at you and think ‘feather bedded farmer’ just the same as we would look at the guy with the £80k BMW on the drive and think ‘he’s doing well’.
You rent your farm but he probably rents most of his life, on balance I know which I would rather be.
- Location
- N.Lincs
Hhhmm
I've always wondered how you managed to get through so much work and spend a good chunk of time on here too
I suspect we should really be congratulating Mrs Neilo for all those high index tups and the like if she's doing all the 'heavy lifting'
wouldn't your accountant adjust for your living costs and farmhouse rent and show it as drawings ?
- Location
- Montgomeryshire
A small amount is allocated as drawings (proportion of leccy, farmhouse heating, etc), but farmhouses included in rent are allowed wholly as business, or so he tells me. I have a stipulation that the tenant has to live in the house, so I don't have any choice.
Apart from food and drink, I'm quite cheap to keep.
Having livestock, I don't do expensive skiing holidays and, having some arable, I don't do expensive summer holidays... 
- Location
- Scottish Highlands
In the real world:
Energy £4k
House (mortgage/ rent) £10k
Council tax £2k
Transport £5k
Telephone, internet etc £1k
Food ???
Life is much easier if the business (taxman) helps out but that’s not really an option for most people.
Don't forget alot of working families will also be paying for childcare, DIL went for a job with Next, she would have taken home £3/hr after paying for childcare. I really feel for young families on middle bracket incomes. Not qualifying for much help but need to work to pay the bills.
I do think with interest rates being so low for so long and our food being comparatively cheap compared to other countries peoples priorities have changed. It often seems the norm to have cars on finance, holidays etc? Many, tied into non essential costs which they are going to struggle to find.
anyone could start their own business and work from home their home then partly becomes their business and quite rightly goes against tax just the same as where most of the people in your example work those business premises will go against tax which is a good job or they probably wouldn't have a job
- Location
- S. Staffs
Half our village used to run a tab at the village shop when I was a kid in the 50s -60s
perhaps not have kids if you can't afford them ?
- Location
- Scottish Highlands
Anyone could? Not if you need an income in the meantime and/or have limited skills to sell. Life is not easy out there, so let’s not pretend it is.