iRef:This Week in News Zealand-Loan Sharks do do do do do & Jono and Ben’s Farewell


Hey what’s up you guys my name is Bella
and welcome back to this week in News, Zealand. No this first story isn’t
exactly big news, but this show focuses on New Zealand and the story is relevant
to that element. This week it was announced that Jono and Ben, a sketch
show that consists of Ben Boyce and Jono Pryor as well as an ensemble cast that
has been recently expanding has been cancelled
although television is fading as providers such as Netflix Hulu and
lightbox now provide an Ad free entertainment medium, I’m still quite
saddened by this. I’d personally only been watching the more viral videos
through Instagram Facebook YouTube and Twitter recently but I think what they
were doing was fantastic. For seven years they provided opportunity for sketch and
semi improvised comedy. The big cause of the show being canceled is that they
were rejected for their application to get more funding from Media works this
year. Recently their timeslot switched over from 10:00 p.m. to 7:30 p.m. and changed
to Thursday instead of Friday. By changing the time of the show it meant
that it had to become more family-friendly after this time and date
changed the show dropped its viewership by 50%. I’ve always been quite saddened
by the fact that we don’t have any long-running shows that compare to SNL
or anything that’s come out of the UK recently even the panel shows that are
coming out of the UK have a really good opportunity to try and parody our
culture with an air of satire although we do still have 7 days. New Zealand
comedy shows are notorious for having a short lifespan so what they did over
this 7 years was quite incredible. Towards the end they brought in a lot of
fresh new faces therefore giving these new voices a platform and a boost in
their careers, which I admire. There’s currently a petition to save the show
that’s sitting around 12,000 signatures I don’t know how much help it will be
but I’ll put the link down in the description below. The guys have said
farewell with a cheerful note. We’re gutted it’s ending.
Although to be honest it went six and a half years longer than we thought it was
going to. We put it down to the incriminating photos we have of
mediaworks management. The last show will air on Thursday the 15th of November and
although the show is almost over, Boyce and Pryor will still remain a part of
the media works family. Hopefully their new cast members will too. NZ native
and currently endangered Kākā birds have been breaking into Wellington homes to
mate. Their breeding season has started recently and the cheeky parrots have
decided it’s easier to break into a Wellington home to make a nest than to
make their own in some tree. These new tenants have been anything but the ideal
flatmate they’ve broken plasterboard shredded insulation and enjoy having
loud conversations early in the morning the amount of calls the Department of
Conservation have had regarding the birds has led them to issue warnings to
homeowners in the area on how to keep the avian adventures out of their home.
The birds will pull apart wooden beams as they settle down to create their
nests and so they can harm the structural integrity of the house. The
birds are likely to enter through ventilation openings or by tearing wood. So closing these off or securing them it would stop the birds entering. Lead
poisoning as well as metabolic bone disease is a leading cause of death for
the birds and so residents have been warned not to feed the birds at all. The
government are currently in the process of reworking the laws for loan companies. Due to many people becoming stuck in cycles where the interest is a lot higher than
the initial loan payment, creating a poverty cycle for the person who takes
out the loan. This week a story about a man who spent forty thousand dollars in
loan repayments over a nine hundred dollar loan has shocked many. The story
is not unique or particularly unusual loan sharks do tend to target those in
desperate situations with companies often setting up in poorer areas. In this
situation Auckland man Blair (name changed) was the
victim. Blair needed money to move to Auckland for work three and a half years
ago due to the fact Blair had bad credit history he turned to a company called Seed Cash for the $900 loan. Just a side note here
if you’re ever in a similar situation even if you have bad credit or you’re
very broke, if you have a job offer somewhere else or you think that if you
go somewhere else in the country you could have a better opportunity work and
income can grant you $3,000 to relocate. If you don’t use the costs to move that
they grant to you, or you leave the new job that you’ve got within three months
without a good reason. They will expect you to pay that loan back, however that
is without interest and it’s a lot better than getting a loan. At Blair’s
new job he earns $65,000 per year which is $16,000 above New Zealand’s median
wage so it should be comfortable for him to live off. Because of this Blair didn’t
expect encounter any trouble with repaying his loan. The loan increased to
$1,300 over time which still seems feasible to pay. However on top of this
loan there is five hundred and eighty three dollars and 49 cents to repay
every month in interest. The invoices he receives every month don’t tell him
which interest rate he is currently being charged at. The website for seed
cash does state that they charge between one hundred and sixty seven point nine
percent interest to four hundred and thirty eight percent interest a year on
their loans which are two vastly different numbers.
Blair pays two thousand dollars every 58 days in loan repayments but he still
can’t seem to escape his debts. He says that every time he gets close to
clearing it he ends up needing to borrow money just for his living expenses. Banks
kind of understandably won’t give him a personal loan or a credit card at the
moment. Banks interest rates as well as credit card rates are lot lower than
lending companies. Payday lenders don’t provide positive credit reports as some
lending outlets do. So he can’t prove to his bank that he’s met all of his
repayments. Commerce Minister Kris Faafoi and prime minister Jacinda Ardern
said this week that lenders who do not adhere to Responsible Lending principles
such as lending more than borrowers can be expected to pay back will face
penalties of up to $600,000 . There will also be an interest and fee cap which
means that people won’t be expected to pay back more than twice of what they
originally borrowed. Which still allows loan companies to make money but in a
more ethical way. I’m really glad this has caught the
government’s attention and hopefully we’ll see these practices implemented
sometime soon. Well guys that’s all we have for this week thank you so much for
watching if you have any opinions or queries leave them down below otherwise
thank you and goodbye loan sharks *bark* do tend *bark* to responsible *bark cont.*
To respons *bark* lending principle well hey. I know you’re trying to help but you’re not.

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