End Legalised Loan Sharks.

[Tawnyowl]

I know its been mentioned before but still time to make your voice heard.Let your MP know how you feel http://www.38degrees.org.uk/page/speakout/end-legal-loan-sharking

[Tawnyowl]

Sent mine,quite easy to do.R.I.P legal loan sharks i hope.Anyone else sent one.

[Tawnyowl]

Bit more about legal loan sharks. http://blog.38degrees.org.uk/tag/loan-sharks/

[Tawnyowl]

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 July 2, 2011 by tawnyowl

[Tawnyowl]

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

 

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 July 4, 2011 by tawnyowl

[Tawnyowl]

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

[Tawnyowl]

http://verothiel.wordpress.com/2011/07/05/independent-thoughts-on-payday-lending-required/ Bit of info and thoughts of different people about the payday industry.

[Tawnyowl]

Research shows Ed Wongas pref option of limiting rolling over loans has been circumvented in US http://bit.ly/n7CSUv

[Tawnyowl]

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 July 15, 2011 by tawnyowl

[Tawnyowl]

http://www.newsbiscuit.com/2011/07/16/loan-shark-spotted-off-cornish-coast-334/ Anyone know who he is. Not Ed Wonga is it. Any ideas welcome.

[Tawnyowl]

Errol is that you moonlighting you naughty legal loan shark.

http://www.newsbiscuit.com/2011/07/16/loan-shark-spotted-off-cornish-coast

[Tawnyowl]

http://www.endlegalloansharks.org.uk/archives/439

Interesting.

[Tawnyowl]

Breaking news via Stella Creasy more soon.

Govt formally commissioning research into caps on cost of credit. Now to make sure it's independent & fair

[Tawnyowl]

Basically the govt has gone back to the drawing board on it's consumer credit review following your pressure.

[Tawnyowl]

Latest possible good news i can find.

http://www.workingforwalthamstow.org.uk/?p=683

[Tawnyowl]

We should welcome this rethink & keep up pressure that credit caps come sooner rather than later - ask your mp to support!

[Tawnyowl]

Certainly need some energy for this.Any views.

http://clients.squareeye.net/uploads/compass/documents/COM0327%20Compass%20Loan%20Shark%20toolkit%2019%2005.pdf

[Tawnyowl]

End Legal Loan Sharking Campaign Wins Government U Turn !

Lobby Your MP to Demand Independent Research

 

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.

 

 

 

 

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 July 21, 2011 by tawnyowl

[Tawnyowl]

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

[Tawnyowl]

On the consumer credit section of the review, it was clear that there was much concern about interest rates applying to the high-cost credit market with a number of respondents calling on the Government to introduce a cap on the total cost of credit that can be charged. Intervention in this market carries a risk that we might reduce access to credit. Given the concerns raised and the lack of hard evidence on what impact a total cost of credit cap might have on both the lenders and consumers, we will commission research to see if a cap on the total cost of credit would avoid adverse consumer outcomes. We will report back later in the year to announce the Government position on the consumer credit aspects of the review while we continue to consider the evidence.

[Tawnyowl]

Lets hope Credit Unions fire up. Some good news. http://www.thisismoney.co.uk/money/saving/article-1725358/Credit-unions-pay-savers-regular-interest.html

Just in case anyones interested http://www.findyourcreditunion.co.uk/home

[Tawnyowl]

Bit disturbed about report about Credit Unions in America. http://www.cutimes.com/2011/07/22/report-one-in-three-credit-unions-financially-weak I hope ours become stronger than they are by new legislation,government reforms.

But there is new hope with the Government announcement of a £73m fund to help support the sector over the next four years. In a further boost, the Post Office has agreed to allow credit union members to access their savings accounts through its branch network.

New legislation is also going through Parliament that will dramatically increase the business scope of credit unions.Good news for certain.

Time to go back to the Payday loan,legal loan shark thoughts.Sorry if anyone thought i was going off track.

 

 

 

 

 

Contentious issues are the issues that arouse emotions. If you cede the contentious issues, you cede passion to the other side. And given that people vote their passions, that’s always a losing strategy.

Note: A sound argument against the notion there are some issues we should avoid

Edited July 26, 2011 by tawnyowl

[Tawnyowl]

Message sent to my local MP (Paul Burstow), explaining my identity on CAG and my reasoning.... might get a meeting with said gentleman.

Hi Silylgirl nice when people get involved to that level.Hope you get some reaction from your MP.Time to let them know how you feel about things.Predatory lending,for me it was the subprimers that originally got my blood boiling..And what their practices and products caused for people and economies round the world.Now its this lot. All their astronomic charges are as the man once said gathered up picked up and jetted out of town.Less money to be spent in local communities.My view anyway. And luckily this is a free country and you can say what you want.People can disagree or agree thats your right..Goodluck Sillygirl.

[Tawnyowl]

Latest news in the battle against legal loan sharks.Support is needed.

 

End Legal Loan Sharking Newsflash: Consumer Credit Bill Secures Second Reading on Friday 14 October - make sure your MP is there to support it!

 

Hello!

I have just received confirmation that against the odds the Consumer Credit Regulation and Advice Bill will get a second reading in parliament on Friday 14 October 2011, having been denied this opportunity earlier this year.

 

This Private Members Bill would introduce a cap on the total cost of credit, thus helping to tackle the problems so called legal loan sharks cause to thousands of consumers in the UK who use payday lenders, doorstep credit or hire purchase agreements. We know that every day the Government delays action on this more and more people get into debt, as they try to pay off the costs these loans incur due to the excessive interest rates these companies are able to charge.

 

This Bill also has other important clauses designed to help the fight to support families and communities during this time of economic hardship. For example, it would make these credit companies contribute towards the cost of debt advocacy services to support those who get into financial difficulties, give local authorities the power to regulate the number of these companies in their communities and help promote credit unions too.

 

The second reading is the next step to making these proposals law. However to pass this stage at least 100 MPs must turn up to take part in the day and vote for it. Please ask your MP to attend and vote for the bill to get its second reading - below is some suggested text to send to your MP and click here for a shortcut to contact your MP.

 

Let's use this opportunity to finally ensure vulnerable British consumers get the protection and support others across the world enjoy,

 

 

 

Stella Creasy

Labour and Co-operative MP for Walthamstow

 

P.s. please forward this email to friends and family around the countryand ask them to help lobby their MP to write as wellso that we reach as many MPs as possible. Together we can end legal loan sharking!

 

 

Suggested Text for your MP

 

Dear XXXX

I understand that against the odds the Consumer Credit Regulation and Advice Bill will receive its second reading in the House of Commons on Friday 14th October 2011. I'm writing to ask you as my local MP not to lose this chance to help consumers struggling to make ends meet by voting for this legislation.

This bill will help tackle the problems caused by so called legal loan sharks in our local area as well as ensure they contribute towards helping provide debt advice services for their customers. It will also give local authorities the ability to regulate the presence of these companies in their communities and provide support for the expansion of credit unions as a form of alternative affordable credit to those who cannot access mainstream banks. A second reading would allow the bill proper scrutiny to ensure these proposals provide the effective protection for vulnerable consumers that many other countries offer their citizens in the credit market. That's why I'm asking you as my MP to attend parliament on that day and vote for this legislation to progress.

Please let me know whether you will do this and thank you in advance for supporting these important proposals.

Yours sincerely,

XXXX

[Tawnyowl]

35 days left till the the Consumer Credit Regulation and Advice Bill gets a second reading in parliament on Friday 14 October 2011, having been denied this opportunity earlier this year.Help make it happen.

Lobby your MP .Together we can end legal loan sharking!

 

 

Suggested Text for your MP click here for a shortcut to contact your MP.

 

Dear XXXX

 

I understand that against the odds the Consumer Credit Regulation and Advice Bill will receive its second reading in the House of Commons on Friday 14th October 2011. I'm writing to ask you as my local MP not to lose this chance to help consumers struggling to make ends meet by voting for this legislation.

 

This bill will help tackle the problems caused by so called legal loan sharks in our local area as well as ensure they contribute towards helping provide debt advice services for their customers. It will also give local authorities the ability to regulate the presence of these companies in their communities and provide support for the expansion of credit unions as a form of alternative affordable credit to those who cannot access mainstream banks. A second reading would allow the bill proper scrutiny to ensure these proposals provide the effective protection for vulnerable consumers that many other countries offer their citizens in the credit market. That's why I'm asking you as my MP to attend parliament on that day and vote for this legislation to progress.

 

Please let me know whether you will do this and thank you in advance for supporting these important proposals.

 

Yours sincerely,

XXXX

Perhaps some of you dont agree with my views.Perhaps i am becoming a activist.I respect your views.Some things i just have to support.The subprime chaos changed me.And songs like this one while looking around America hardened my views on things.Right or wrong i may be.I dont mean to upset or distress anyone.But some things just dont seem right.and legal loan sharks is one.Heres the song

Tawnyowl.

Edited September 12, 2011 by tawnyowl