Stop big bank exploitation of local authorities

Help put an end to the exploitation of local authorities by big banks: support the #NoLOBOs crowdfunder

We’re excited to share that the #NoLOBOs campaign is going strong. Last year, we provided support for residents objecting to risky and expensive LOBO loans in 18 local authorities. This summer, we aim to double that number and have already filed at least 15 objections in just two weeks!

What’s the campaign?

Councils are paying extortionate sums of money to banks, who sold them complex financial products they could not understand, whilst cutting everything from social care to housing and building safety. (You can find out how much your council is paying here)

Debt Resistance is supporting local residents to challenge their council’s decision to take out these risky bets. Here’s more info on how the process works.

Why we need your help

To keep the pressure up, we need to provide more support to local residents to lodge objections. We are now crowdfunding for a part-time campaigner to help residents navigate council bureaucracy and scrutinise the details of LOBO loans that are extracting huge interest payments from their already cash-strapped local authorities. Can you help us reach our goal?

Please consider donating here:

Other ways to support the campaign

  • Forward this email to people who you think might be supportive of the initiative
  • Post this call in any list of network and groups you are part of.
  • Share the campaign on Facebook
  • Share the campaign on Twitter
  • Talk about it as much as you can!

Here is a tweet you can use:

.@DebtResistUK needs help! Support the campaign to reclaim #LocalGov. Taxes should go to public services not banks!

Below is a short video explaining the issue and why we are asking for support.

Thanks for your help!

Fanny, Vica and Joel

Posted in Blog

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