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End Legalised Loan Sharks.


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Very important vote on Monday,help make it happen.Latest news

Thursday night, MPs were going to vote on an amendment to the Finance Bill, which will limit how much short-term lenders can charge. However, they got into a fierce argument about other aspects of the bill which kept them in the House of Commons until 2am. Even tea and toast couldn’t keep them awake and the vote has been postponed until Monday.

Now we’ve got 2 more days to send our MPs a flood of emails telling them to put a stop to legal loan sharking, which the government has already admitted is a problem. Your MP might not turn up to vote, or not vote the right way. We can persuade our MPs that this is something we care about and doing nothing is not an option. Could you get in touch with your MP and tell them to stop opportunistic lenders ruining people’s lives? Get started here.

Edited by tawnyowl
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Last few hours. Email now.Links below.You could make a difference to be proud of..Kick off about 4-30pm

 

skkw_debtpicture.jpg Nearly half of all households are now struggling to make ends meet, and 10% of these say its because of the repayments they have to make on high cost credit products like payday loans, doorstep credit or hire purchase agreements. TODAY parliament has the opportunity to vote for action to be taken now to regulate this market- as it is in most other countries- and cap the costs of credit.

 

Yet whilst there is support for this measure across parliament, there could be a delay in action on this issue purely for party political purposes. Without pressure from campaigners, there is a fear that in order to create headlines at Liberal Democrat conference in the autumn Government MPs will vote against taking action now. You can read an article giving the background to this here and the views of grassroots Liberal Democrat activists who are angry that vulnerable consumers could take second place to choreographing coalition dividing lines. Every month more and more people are getting into debt with these firms, making any such delay potentially costly for thousands of families already experiencing financial hardship.

The debate and vote on New Clause 11 to the Finance Bill will be on Monday 4 July (having been delayed from Tuesday 28 June) and will start around 4.30pm. Its therefore not too late to ask your local MP to do the right thing and vote yes to encourage the Government to come clean and say what they intend to do now. The people struggling to repay these loans now deserve nothing less.

Edited by tawnyowl
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The yes's 228 vs no's 273- when they publish plans on this later in year make sure you ask govt mp's why they left people hanging so long!.Stella Creasy comment shortly after losing vote.A few other comments.

Debate about to close govt voting no but hinting at deal that has been done. So if you are a borrower wait til lib Dem conf for respite!

 

Thank you for your efforts. As someone who has got into trouble through Payday Loans, I appreciate it. Please dont give up

Also a comment from a CAB worker saying how sad.And many more to folow as the news comes in.

 

And if this article is right maybe theres hope yet . But why delay.http://www.labourlist.org/eaten-by-the-sharks

 

Surely not. http://blogs.mirror.co.uk/parliament/2011/07/nick-clegg---youre-so-vain-you.html

Its not over yet.Tawnyowl

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  • 2 weeks later...

Bit of news.

http://www.cfa-uk.co.uk/news.asp

 

 

Consumer Finance Association code of practice for payday lenders utter rubbish. more 'non action' . on legal loan sharks.

 

 

 

Hilarious - cfa admits only 8 members of group and they don't actually have an enforcement process worked out for it... Stella Creasy comment

Both consumer focus & cab don't want anything to do with payday lender voluntary code of practice as BOTH THINK think useless .

Payday lenders have failed to clean up their act:

Government must now intervene

http://www.responsible-credit.org.uk/uimages/File/cfrc%20payday%20code%20statement.pdf

 

Cfa claiming if you regulate uk Market there will be overseas lending to uk consumers like online gambling ....more novel excuses!

Edited by tawnyowl
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Surely all a credit cap is going to do is shift the high risk customers to actual loan sharks at much higher rates of interest?

7 years in retail customer service

 

Expertise in letting and rental law for 6 years

 

By trade - I'm an IT engineer working in the housing sector.

 

Please note that any posts made by myself are for information only and should not and must not be taken as correct or factual. If in doubt, consult with a solicitor or other person of equal legal standing.

 

Please click the star if I have helped!!

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This will play intyo the hands of the banks who can charge whatever they want on overdrafts, because they dont have to quote an APR.

 

By trying to stop one high cost lender people will be pushed back into the arms of another who charges even more (and is responable for many of the problems we all now face).

 

Payday loans should not be used to top up peoples income and anyone with more than one payday loan needs their to take a look at their finances and stop before it all becomes to much. more regulation is desperatley needed in a sector that does whatever it feels like but for the people who use them correctly they are an alternative to even more expensive bank charges (or worse)

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skkw_wfw_33.jpg

End Legal Loan Sharking Campaign Wins Government U Turn !

Lobby Your MP to Demand Independent Research

 

skkw_debtpicture.jpg Hello!

This week our campaign to end legal loan sharking won a significant victory- the Government has announced it is to go back to the drawing board and commission new research as part of its Consumer Credit Review. This is great news as it means they are now reversing their earlier opposition and taking seriously the calls for caps on the total cost of credit which could make a real difference in protecting British consumers who use high cost credit products.You can read the ministerial statement on this here.

I'm asking for your help now to make sure that this research is impartial and independent - In the past there have been real problems with the way research has been done in this area, and we have to make sure these problems don’t re-occur.

Please write to your MP asking them to lobby the Minister responsible Ed Davey to ensure that we can all be confident in the outcomes of the research this department commissions. Below is some suggested text to send to your MP and click here for a shortcut to contact your MP.

 

It’s vital that this research is done fairly, you can help make sure this happens.

 

 

skkw_stellasignatureshort_3.jpg

 

 

Stella Creasy

Labour and Co-operative MP for Walthamstow

 

 

 

 

Suggested Text for your MP

 

Dear XXXX

 

I understand that the Department for Business, Innovation and Skills is commissioning research looking into the effects of introducing a range of caps on the total cost of credit within the high-cost credit sector.

 

While I welcome this news as a positive first step towards introducing tighter regulation of high-cost credit, I want to be sure that this research will carried out by an independent body that has no previous connection to this area of policy. This is prompted by well-documented concerns about previous research on introducing interest rate caps in this market. The European Commission recently published an in-depth study which reviewed all such research, and concluded that UK research on this issue was based on “controversial” and “weak” evidence (“Study on Interest Rate Restrictions in the EU”, January 2011, pp269-270).

 

It is important that these weaknesses are not replicated in the forthcoming research on introducing caps on the total cost of credit. Please write to Ed Davey, the minister for consumer credit, asking him to ensure that the new research is impartial and independent from previous studies so that we can all have confidence in its outcomes.

 

Yours sincerely,

XXXX

Edited by tawnyowl
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Surely all a credit cap is going to do is shift the high risk customers to actual loan sharks at much higher rates of interest?

Back in this thread there are a few links discussing this reasoning.I am sure everything will become clear soon.I hope so as i am getting a bit of a sweat on.

Won’t a cap push borrowers into the services of illegal loan sharks?

A cap must be set high enough to ensure lenders can operate at a level which is financially viable. We also need to ensure that alternative affordable sources of credit are readily available through the Post Office network, local credit unions, CDFIs, co-operatives and mutuals

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OK but (and yes I appreciate that this is a common thought on these forums) arent you assuming that the relevant companies are therefore behaving in a way that is over and above economic viability? In fact, you are going one further and implying that there is some form of cartel (official or unofficial) setting interest rates higher than is economically viable for this type of loan. I would dispute that this is the case, and would state that if the interest rates are genuinely set at an "economically viable" level, then the change to the current situation will be zero. Ultimately, there is a lot of competition in that market, and it is an open market, which by definition will drive interest rates down to an economical viable level in any event.

7 years in retail customer service

 

Expertise in letting and rental law for 6 years

 

By trade - I'm an IT engineer working in the housing sector.

 

Please note that any posts made by myself are for information only and should not and must not be taken as correct or factual. If in doubt, consult with a solicitor or other person of equal legal standing.

 

Please click the star if I have helped!!

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