End Legalised Loan Sharks.

[Tawnyowl]

Interesting.

Payday loan’ firms ‘not appropriate’ for island

 

 

http://www.thisisguernsey.com/business/2012/07/23/payday-loan-firms-not-appropriate-for-island/

[Tawnyowl]

Interesting.

Payday loan’ firms ‘not appropriate’ for island

 

 

http://www.thisisguernsey.com/business/2012/07/23/payday-loan-firms-not-appropriate-for-island/

 

It seems the message to the legal loan sharks is not on our Island thank you.

Jog on and infest elsewhere.

Made my day.

So pleased i put it on twice.

Maybe this is the start of their demise.Who knows.

Maybe this is a first.

No licence for the sharks.

Someone has seen what they are.

Predators from the deep.

I hope i do not appear biassed.

Edited July 23, 2012 by tawnyowl

[Tawnyowl]

Payday loans concern for jobless

 

http://www.bbc.co.uk/news/business-18966596

The Consumer Credit Counselling Service (CCCS) called on the industry to offer more protection to the jobless in a new code of conduct due later this week.

 

 

There is a tape of what happens when you take out a payday loan then lose your job.

From a chap in Northern Ireland who lost his job and told the paydayloan company whose advice seemed to be to rollover.Luckily enough he managed to find a job within a month but not before his 400 pound loan cost him a extra

130 in costs

 

A new code of conduct will be unveiled by the industry later this week, after talks with the government.

It is likely to include commitments aimed at preventing a build-up of unmanageable debts for consumers.

Lenders have already said they will freeze charges and interest for borrowers in difficulty, no later than 60 days after they stop making payments.

Borrowers would also have the charges frozen as soon as they managed to agree an acceptable repayment plan.

 

Do i believe this new code of conduct will make much difference.I doubt that the lenders are very happy with this.

They must have been dragged and screaming to agree to this which will cost them plenty.

 

In America the legal loan sharks find their way around every obstacle put before them.They will carry on ripping the money out of people one way or the other..Snakes in the grass comes to mind.

The first 60 days,plenty of charges etc will be added.

Charges frozen as soon as they managed to agree an acceptable repayment plan.

Opportunity to pile on the charges before anything is accepted.

I suppose i could be wrong but carry on regardless with a few body swerves round the new code of conduct.

Be very careful out there in high interest rip off,doubledip land.

A few of these lenders could do with a doubledip in a pile of smelly stuff.

Trying not to be biassed as usual.

Fair play to all.

The summer offensive against the legal loan sharks is underway.

Stella Creasy the Walthamstow MP who also does not seem to like the way the payday loan companies treat the great British public also seems to about to unleash a few summer surprises for the sharks.Something seems to be about to be unleashed.

Perhaps the puppets may develop woodworm,dry rot,or their strings snap for one lender.

Now maybe it is tme for me to retreat.I must admit when wanting to harm puppets comes to mind,something is amiss.Going to a darkened room for a hour or two.

Last thought that military kind of advert from one lender gets right on my nerves.

And any legal loan shark hunters going to the rally in London Thursday latest is,

Ed Miliband event in Walthamstow on loan sharks now starting slightly earlier on thurs at 10.30am

Lights out.

Edited July 25, 2012 by tawnyowl

[sillygirl1]

The CCCS are a bit toothless when it comes to payday loans, so is the CFA, they both advocate seeking professional qualified help when we know that is not always needed, what IS needed is for the OFT Guidelines on Debt Collecting to become enshrined in Statute Law, and the OFT able to close companies down who repeatedly empty bank accounts 'at will' because it says so in their convoluted terms and conditions.

[Tawnyowl]

Join Sharkstoppers and Help Fight Back Against Britain's Legal Loan Sharks: Your Campaign Pack

 

 

Today Ed Miliband, Leader of the Labour Party, and Tom Watson, Deputy Chair, joined me and over a hundred campaigners from across the country to launch our campaign pack to help communities fight back against the damage Britain's legal loan sharks are doing to our country.

 

This Government has so far refused to act to tackle the high cost credit companies who are pushing families into crippling debt across Britain. But that doesn't mean that we can't take measures to protect them and help make the case for caps on the cost of credit. Produced in association with the Movement for Change, the Co-operative Party and the Red Card for Wonga campaign, this pack is designed to help with ideas and actions you can take either on your own or together with others to stand up to these companies. You can download it from my website here:

 

Legal Loan Shark Campaign Pack Download Link.

 

Please join us in acting together to fight back against Britain's legal loan sharks!

 

 

Stella Creasy

Labour and Co-operative MP for Walthamstow

p.s. Please also

share this message and campaign pack with your family and friends too!

 

 

 

Distributed by Your Mailing List Provider, Ieperstraat 85, B-8970 Poperinge, Belgium Promoted by Steve Terry on behalf of Stella Creasy, Labour MP for Walthamstow, both at 23 Orford Road London E17 9NL. Please note The Labour Party and its elected representatives may use the data and content you have supplied.

[sillygirl1]

An interesting read, but without the government actually issuing statute law against these sharks nothing will be done.

 

As I keep saying, the OFT Guidelines on Debt Collecting need to become Statute Law and if a company breaks these guidelines on more than 100 occasions they must NOT be allowed to get another trading name to hide behind.

 

One company, one trading name per licence should be the norm and no hiding behind 'other financial services' category, there needs to be a Payday Lending category set up and companies given 3 months to change over to the one company, one trading name system, if after that they don't then they should be barred from lending further to customers and closed down.

[Tawnyowl]

Now Toddlers are Advertising Legal Loan Sharks?!

The Red Card for Wonga Rally

Wednesday 19th September 7pm Wembley

 

 

I'm writing to invite you to join our rally calling for legal loan sharking to be kicked out of British football. This special event will be at the Chalkhill Community Centre in Wembley in North London at 7pm on Wednesday 19 September 2012.

 

The Football Association is responsible for the regulation of football and currently bans alcohol and gambling advertisements on club merchandise for children. According to the FA, this ban is designed to protect the 'welfare, health or general wellbeing' of young people.

 

Opposite is the replica kit Blackpool Football Club are currently selling for babies and toddlers which promotes their sponsor Wonga. In our poorly regulated UK consumer credit market, encouraging young children to endorse payday lending cannot be to the benefit of their wellbeing. Despite this, The FA has so far rejected calls to show leadership on this issue and extend their ban on inappropriate adverts for underage fans to include such high cost credit companies.

 

That's why the "Red Card for Wonga" Campaign is going to the home of the FA, to challenge their decision. If the FA took this step it could help encourage the Government to act on this industry and cap the costs of credit. This measure would give British consumers the same protection others around the world enjoy from the debts these loans can generate. Please sign up to attend here to attend - all are welcome so please do share this invitation with anyone else you think may wish to come too!

 

I hope you can join me and others in Wembley to send a strong message that British consumers want all those who can to help the call for an end to legal loan sharking.

 

Stella Creasy

Labour and Co-operative MP for Walthamstow

p.s. Please feel free to

share this and the legal loan shark campaign pack with your family and friends too!

 

Edited September 4, 2012 by tawnyowl

[Tawnyowl]

#Sharkstoppers Red Card for Wonga Action: Use Twitter to Kick Legal Loan Sharks Out of Football!

 

 

 

Last night, we went to Wembley to ask the Football Association to be better neighbours to residents in Brent and join the campaign to end legal loan sharking in the UK. This email tells you how you can use twitter to help ask them to act.

 

With 30% of residents in Brent on the brink of poverty, legal loan sharks are targeting the area selling high cost payday loans and doorstep credit to families struggling in our current economic climate. Last night Leaders of Brent and Camden Council pledged their influence to lobby for Britain to follow the lead of other countries and cap the costs of credit to protect consumers from the debts these loans can cause.

 

They are also joining calls for the Football Association to extend their current ban on alcohol and gambling adverts on merchandise for under 18's to include high cost credit companies until this industry is better regulated. This would help to send a strong signal to the Government that they cannot ignore the problems these types of credit cause- please tweet the following messages to The FA, and to Blackpool Football Club who are sponsored by Wonga and sell children's replica kits which promote these legal loan sharks.

 

@bfc1887 end legal loansharking in footie. Show Wonga the red card! #sharkstoppers pls RT

 

@FA end legal loansharking in footie: Ban them advertising on kids' strips #sharkstoppers pls RT

 

We want as many people as possible tweeting the above to send a message to the FA about the public support for this action, and to Blackpool Football Club that their promotion of Wonga is harmful to the country. Please also feel free to use the #sharkstoppers hashtag too to show your support not just for an end to legal loan sharking in football, but an end to legal loan sharking in Britain!

 

 

 

Stella Creasy

Labour and Co-operative MP for Walthamstow

p.s. Please feel free to share this l and the legal loan shark campaign pack with your family and friends too!

[Tawnyowl]

Payback time

 

Lord Parry Mitchell is a member of Labour’s BIS team in the Lords

 

4,214% might strike you and me as an outrageous rate of interest to charge on a loan, but this is exactly what payday loan companies are doing and they are doing so with phenomenal success.

 

Tomorrow in the Lords, on the final day of Committee on the Financial Services Bill, I will introduce an amendment to give the new Financial Conduct Authority (FCA) the power to set guidelines on the impact of lenders’ behaviour on consumers. This will potentially include the capping of interest rate charges.

 

Walk down many of our high streets in disadvantaged areas and you will see money shop after money shop enjoying record-breaking business. Even some of our football clubs are sponsored by payday lenders, with the Wonga stable now including Blackpool and Newcastle United. And £25 will buy your young baby a Blackpool replica kit with Wonga splashed all over it.

 

Until a year ago I knew nothing about these organisations. Of course I had heard about loan sharks and the illegal murky underworld where desperate people seeking immediate cash could get it quickly from backstreet dealers. I also knew that if you didn't repay your loan, nasty people with black gloves and baseball bats would come round and make you an offer you couldn't refuse.

 

Looking up ‘loan shark’ in the Oxford English Dictionary, I see it defined as a 'moneylender who charges extremely high rates of interest, typically under illegal conditions'. From a marketing perspective, loan shark is a horrible expression with strong negative connotations. So to spruce up their image many of the new generation lenders have gone up-market, become legal and repositioned their brand.

 

Now their offerings are called 'payday loans', and if you don't repay it’s no longer baseball bats but telephone harassment and the bailiff; plus the very real threat that your personal credit rating will be shot to pieces. Michael Corleone, the ultimate Godfather, would certainly have approved.

 

Four million people are using such loans and the amounts advanced exceed £2bn, in an industry enjoying stratospheric growth – no double-dip here! It's a world of companies, with jaunty, blokey names like Quick Quid, Money Shop, MyAdvance and of course Wonga. Need a few quid over Christmas – easy, peasy!

 

But I have seen another side to this fun-filled world of easy loans. I have met people whose lives have been destroyed as they have been sucked into the payday loan vortex. For some, it becomes a never-ending cycle of payment, repayment, payment, repayment – shuffling credit cards, borrowing from one loan company to meet the unrelenting demands of another. All the while, the inexorable clock of compound interest is ticking away. Indeed, the words of Hotel California reverberate around my brain: “You can check out any time, but you can never leave”.

 

Not surprisingly many of these companies have taken to the Internet like ducks to water. I decided to go onto Wonga’s website to ‘borrow’ £300 for 21 days. Relative newcomers, they have become the market leader so where better to start?

 

The process of course was a simple one.

 

They wanted my personal details, where I live and where I work, plus details of my debit card so that they could capture the repayment after three weeks. Wonga were then able to instantly assess my credit rating, enabling them to accept or reject my application within minutes. They highlighted the fact that they offer 'straight talking money' and that they promote 'responsible lending’. They told me that they would give me a decision in six minutes and that the £300 would hit my bank account in 15 minutes. They also told me upfront and clearly that I would have to repay £365 in 21 days. They stated, as they must, that this loan was equivalent to an annualised interest rate of 4,214%. I did not click the final ‘accept’ button.

 

The truth is we absolutely need payday loan companies and other lenders like them. Many desperate people cannot get credit and they must have a source one step better than the illegal loan sharks. But we must give the FCA the power to cap these usurious rates of interest with the intention of protecting those who are the most vulnerable. My amendment seeks to do that.

 

Published 23rd October 2012

 

Tawnyowls thoughts-i do have them occasionally

Living in the town where Wronga sponsors the football team.

All the people walking around advertising the legalloansharks product.For free.

I have now developed a twitch when grown men walk past with that cheap looking emblem on that famous shirt.

Please unstitch and bin to save me from a visit to the doc.

I can only hope the credit unions somehow power up, nip in and take over.

Membership is growing,slowly.

Back to the roost.

But keeping a eye on the legalloansharks.

Powerful organisations with powerful friends in high places.

Sucking the money out of Britains people and communities.

[Tawnyowl]

Controversy over business access to the heart of government will be reignited this week when a senior adviser to David Cameron defects to Wonga, the payday loan provider.

http://news.sky.com/story/1004407/exclusive-cameron-aide-quits-for-wonga

 

 

 

From Stella Creasy MP for Walthamstow.

HIGH INTEREST IN WONGA’S LATEST RECRUIT: FOUR QUESTIONS GOVERNMENT MUST ANSWER ON LEGAL LOAN SHARKS IN NUMBER 10

It has been confirmed today that Wonga has recruited a senior adviser directly from David Cameron’s team to be their Head of Government Affairs. Like many other legal loan sharks, Wonga is making massive profits from preying on consumers in Britain’s poorly regulated consumer credit market.

 

They have used these profits to target our football clubs and Saturday night TV, and now they are targeting the highest echelons of Government. Those Britons struggling with debts caused by payday lending and wondering why the Government is doing nothing to help them will want answers to the following questions:

 

The rules on civil service appointments are clear- Someone from such a senior position must have this appointment approved by the Advisory Committee on Business Appointments. Will the Government confirm this has happened and publish the advice given to the committee on this appointment by the Cabinet Office Permanent Secretary?

This person also worked on the GREAT Britain campaign promoting British businesses at the Olympics–will he confirm if Wonga was one of those companies involved in this work?

Will the Government detail all contact between all number 10 employees and high cost credit companies during Mr Luff’s time of employment including hospitality accepted by Mr Luff as well as any colleagues during this time?

Given the current debates on consumer credit regulation, will the Government confirm that the terms of Mr Luff’s appointment forbid him from contacting his previous colleagues to speak on behalf of Wonga and if so for how long this ban on lobbying for Wonga will be in place?

Along with Wonga paying for cosy chats at Conservative conference with Ministers and the lack of regulation to tackle the problems these companies are causing British consumers, this appointment only further raises concerns about how seriously this government takes personal debt. When most other countries have capped the costs of credit to protect their citizens from the debts this type of lending can cause, British consumers urgently need to know whose side their Prime minister is on- theirs or the legal loan sharks?

 

Ends.

 

For more information on the Civil Service Code on Business Appointments please click here.

 

Any journalists who manage to get answers from number 10 on these 4 questions would be grateful to know what they say

[caro]

Sickening!!

[Tawnyowl]

Hi Caro,

Yes it is sickening.

I am just going to find out the latest news on this.And find some other reactions to this.

I am just putting the article on again to save anyone having to turn back a page.

This has angered some and makes you wonder what is going on in high places.

I will put the latest news i can find on shortly.

Who would think Wronga would be recruiting at NO 10

Snakes in the grass.

All round the same table.

Just found this interesting blog on legalloansharks.

Might interest some

From Kezia Dugdale

Member of The Scottish Parliament for the Lothians.

As Mike Dailly has said

Two and half thousands year ago the Romans capped interest rates at 8.3%. What have we done in the UK?

http://www.keziadugdale.com/2012/10/27/busting-some-debt/

 

Controversy over business access to the heart of government will be reignited this week when a senior adviser to David Cameron defects to Wonga, the payday loan provider.

http://news.sky.com/story/1004407/ex...uits-for-wonga

 

 

 

From Stella Creasy MP for Walthamstow.

HIGH interest IN WONGA’S LATEST RECRUIT: FOUR QUESTIONS GOVERNMENT MUST ANSWER ON LEGAL LOAN SHARKS IN NUMBER 10

It has been confirmed today that Wonga has recruited a senior adviser directly from David Cameron’s team to be their Head of Government Affairs. Like many other legal loan sharks, Wonga is making massive profits from preying on consumers in Britain’s poorly regulated consumer credit market.

 

They have used these profits to target our football clubs and Saturday night TV, and now they are targeting the highest echelons of Government. Those Britons struggling with debts caused by payday lending and wondering why the Government is doing nothing to help them will want answers to the following questions:

 

The rules on civil service appointments are clear- Someone from such a senior position must have this appointment approved by the Advisory Committee on Business Appointments. Will the Government confirm this has happened and publish the advice given to the committee on this appointment by the Cabinet Office Permanent Secretary?

This person also worked on the GREAT Britain campaign promoting British businesses at the Olympics–will he confirm if Wonga was one of those companies involved in this work?

Will the Government detail all contact between all number 10 employees and high cost credit companies during Mr Luff’s time of employment including hospitality accepted by Mr Luff as well as any colleagues during this time?

Given the current debates on consumer credit regulation, will the Government confirm that the terms of Mr Luff’s appointment forbid him from contacting his previous colleagues to speak on behalf of Wonga and if so for how long this ban on lobbying for Wonga will be in place?

Along with Wonga paying for cosy chats at Conservative conference with Ministers and the lack of regulation to tackle the problems these companies are causing British consumers, this appointment only further raises concerns about how seriously this government takes personal debt. When most other countries have capped the costs of credit to protect their citizens from the debts this type of lending can cause, British consumers urgently need to know whose side their Prime minister is on- theirs or the legal loan sharks?

 

Ends.

 

For more information on the Civil Service Code on Business Appointments please click here. http://acoba.independent.gov.uk/media/25653/business%20appointment%20rules%20for%20civil%20servants%20feb%202011.pdf

 

Any journalists who manage to get answers from number 10 on these 4 questions would be grateful to know what they say

Edited November 1, 2012 by tawnyowl

[Tawnyowl]

#Sharkstoppers: Ask the Lords to have mercy and vote to end legal loan sharking in Britain!

 

 

 

All next week the national press will reveal just how many people's lives are now being ruined by legal loan sharks in Britain. I'm asking you for help to change this by emailing Lords and Baronnesses to vote for powers to cap their charges this month.

 

At the end of November, the House of Lords will vote on a amendment tabled by Lord Mitchell to Clause 28 of the Financial Services Bill that will allow the new regulator to cap what these firms can charge. It's a chance to limit the damage high cost credit companies can do by giving British consumers the same protection that others all over the world enjoy.

 

New research shows 60% of those using payday loans are using the money to pay for household bills and buy essentials like food, nappies and petrol. With over 50% admitting that they took out these loans despite knowing they could not afford to pay back, capping what these companies can charge could make a real difference to millions across the country borrowing just to make ends meet, and now facing the costs of Christmas.

 

Please contact members of the House of Lords to ask them to support this amendment. You can find a suggested email text to use and details of their email addresses here. There are 812 members of the Lords and we want to ensure they all know how strongly Britain wants this change – we have less than three weeks to ask them to take this chance to end legal loan sharking in the UK!

 

 

Stella Creasy

Labour and Co-operative MP for Walthamstow

p.s. Please feel free to share this l with your family and friends who will also help us contact all the Lords and Baronnesses to ask for their help!

p.p.s. If you have been personally affected by using legal loan sharks and would like information on how to negotiate with them or would be willing to speak out about your experience please do get in touch!

----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Text to use to write to members of the House of Lords

“Lord/Baroness XXXX,

House of Lords,

London,

SW1A 0PW

 

Dear Lord/ Baronness XXXX,

 

I’m writing to ask you to vote for the pay day loan amendment tabled by Lord Mitchell to Clause 28 of the Financial Services Bill designed to help tackle legal loan sharking when it comes before you at the end of November 2012.

 

Whilst every other industry has suffered from the recession, legal loan sharks are making huge profits off the back of lending to people at excessive rates of interest – some of up to and over 16,000%. Fines alone will do little to change the way they operate – one firm this year made £45m in pure profit and its main director took home a salary of £1.6m.

 

Giving the new regulator explicit powers to cap the charges that these companies can set would send a strong message to this industry about the costs for loans that should be considered acceptable. British consumers deserve the same protection from these companies that others around the world enjoy. Research shows 60% of those using payday loans were using the money to pay for household bills and buying essentials like food, nappies and petrol. By restricting what firms can charge, we could make a real difference to millions of families across the country right now who are struggling financially and are borrowing from these companies just to make ends meet.

 

A poll by ComRes for R3, the insolvency practitioners, shows overwhelming public support for action on this issue with 93% agreeing there is a problem with payday lending and 65% supporting a cap on the total cost of credit. Ministers claim they support the spirit of the amendment but refuse to back it – legal advisors are clear that without explicit powers to act, these companies will be able to challenge any regulatory action in the courts.

 

Please don’t let the fight against legal loan sharking become a fee generating opportunity for lawyers – please vote for this amendment and help end legal loan sharking in Britain.

 

Yours Sincerely,”

 

http://www.workingforwalthamstow.org.uk

Stella Creasy: Labour and Co-operative MP for Walthamstow

[Tawnyowl]

Latest news.

 

 

 

 

#Sharkstoppers Update 1: 1 in 10 go hungry to pay off payday loan debts but Government won't act- Contact 10 Lords to Help End Legal Loan Sharking!

 

 

 

Yesterday it was revealed 1 in 10 payday loan users are

foregoing food in order to pay back their debts. Thanks to your campaigning so far, I'm delighted to say that Labour have now announced they will vote yes to a proposal to cap what these firms can charge that will be debated in the House of Lords in two weeks time.

 

With 5 million Britons now turning to legal loan sharks to make ends meet we want to now target those who have yet to declare their intentions. These are the Conservative, Liberal Democrat, 'Crossbenchers' Lords (who do not represent any political party) Law Lords and Bishops who can also all take part in the vote on the Mitchell amendment to the Financial Services Bill.

It has also become clear this week that despite the widespread evidence of the problems these companies are causing millions in Britain, the Government won't consider regulating these companies for another year. Listen to this interview from the Today programme http://news.bbc.co.uk/today/hi/today/newsid_9769000/9769036.stm to hear the complacency of these companies about the problems they cause- this amendment in the House of Lords is our best chance to change the Government's approach and push them to act to regulate this industry. We have just two weeks left to win the argument with the rest of the Lords so if you can spare 10 minutes to email 10 of them you could be part of helping to end legal loan sharking!

 

 

Stella Creasy

Labour and Co-operative MP for Walthamstow

p.s. Watch out for further discussion in the media of the problems payday loans are causing millions of people in our country in the coming days as well as updates on #sharkstoppers and please share this email to a friend to encourage them to join our campaign.

----------------------------------------------------------------------

Text to use to write to members of the House of Lords

“Lord/Baroness XXXX,

House of Lords,

London,

SW1A 0PW

 

Dear Lord/ Baronness XXXX,

 

I’m writing to ask you to vote for the pay day loan amendment tabled by Lord Mitchell to Clause 28 of the Financial Services Bill designed to help tackle legal loan sharking when it comes before you at the end of November 2012.

 

Whilst every other industry has suffered from the recession, legal loan sharks are making huge profits off the back of lending to people at excessive rates of interest – some of up to and over 16,000%. Fines alone will do little to change the way they operate – one firm this year made £45m in pure profit and its main director took home a salary of £1.6m.

 

Giving the new regulator explicit powers to cap the charges that these companies can set would send a strong message to this industry about the costs for loans that should be considered acceptable. British consumers deserve the same protection from these companies that others around the world enjoy. Research shows 60% of those using payday loans were using the money to pay for household bills and buying essentials like food, nappies and petrol. By restricting what firms can charge, we could make a real difference to millions of families across the country right now who are struggling financially and are borrowing from these companies just to make ends meet. Just recently it was revealed 1 in 10 payday loan customers are going without food in order to be able to pay back their debts- with 5 million Brits now turning to payday loans it is vital to act quickly to prevent a personal debt crisis in our country.

 

A poll by ComRes for R3, the insolvency practitioners, shows overwhelming public support for action on this issue with 93% agreeing there is a problem with payday lending and 65% supporting a cap on the total cost of credit. Ministers claim they support the spirit of the amendment but refuse to back it – legal advisors are clear that without explicit powers to act, these companies will be able to challenge any regulatory action in the courts.

 

Please don’t let the fight against legal loan sharking become a fee generating opportunity for lawyers – please vote for this amendment and help end legal loan sharking in Britain.

 

Yours Sincerely,”

 

 

Here are their contact details.

 

http://www.parliament.uk/mps-lords-and-offices/lords/

Please contact members of the House of Lords to ask them to support this amendment.. There are 812 members of the Lords and we want to ensure they all know how strongly Britain wants this change – we have less than 2 weeks to ask them to take this chance to end legal loan sharking in the UK!

 

 

Bit more news.

 

CDFA joins calls for high interest loan cap

http://www.cdfa.org.uk/2012/11/15/cdfa-joins-calls-for-high-interest-loan-cap/

 

A little more info.

 

Notes

 

 

 

 

1. A survey by Which? in November 2012 shows;

 

 

 

 

Half (48%) of payday loan users have taken out credit that it turned out they couldn’t afford to repay.

A third (29%) of payday loan users have taken out credit that they knew they couldn’t repay.

In the last 12 months, more than half (57%) of people with payday loans have missed a payment and have incurred charges because of missed or bounced repayments (56%).

43% of payday loan users say it’s too easy to get credit.

Almost a third (31%) were hassled by debt collection agencies in the past 12 months.

One in ten UK payday customers have incomes of less than £11,100 per year and 46% have incomes of less than £15,500 a year.

Research by WHICH? Showed that over 60% of people who took out payday loans were using the money to pay for household bills or buying other essentials like food, nappies and petrol.

Payplan, a debt charity company, says that 47% of its clients had six or more payday loans in the last year alone. *Most crucially, 86% of its clients were using the loans for basics—food, transport and the basic costs of everyday living, not luxuries.

 

Just in case someone missed this.

It has also become clear this week that despite the widespread evidence of the problems these companies are causing millions in Britain, the Government won't consider regulating these companies for another year. Listen to this interview from the Today programme http://news.bbc.co.uk/today/hi/today/newsid_9769000/9769036.stm

 

We have just two weeks left to win the argument with the rest of the Lords so if you can spare 10 minutes to email 10 of them you could be part of helping to end legal loan sharking!

Contact details again.

http://www.parliament.uk/mps-lords-and-offices/lords/

 

My view, and once again i hope i do not appear biased is many are been targeted by clever predatory lenders from the depths.

Who have targeted their prey just as the subprimers did.

And they left many people in one hell of a mess.

Just as this lot will.

 

Time to target them.

Ml view only and i do not wish to upset or distress anyone.

Apart from ALL legal loan sharks wherever they may be.

 

 

More information soon, Tawnyowl.

Edited November 16, 2012 by tawnyowl

[Tawnyowl]

Here are ten to be getting on with if anyone feels like letting them know how you feel about the legal loan sharks.

I hope many will.Let me know if you do.

Anyone who gets a reply let us know and we will pass the details on to Stella Creasy MP for Walthamstow.

 

The Baroness Brinton Liberal Democrats [email protected]

The Lord Burnett of Whitchurch Liberal Democrats [email protected]

The Lord Carlile of Berriew QC Liberal Democrats [email protected]

The Lord Chidgey Liberal Democrats [email protected]

The Lord Clement-Jones CBE Liberal Democrats [email protected]

The Lord Cotter of Congresbury Liberal Democrats [email protected]

The Lord Dholakia OBE DL Liberal Democrats [email protected]

Baroness doocey Liberal Democrats [email protected]

The Lord Dykes Liberal Democrats [email protected]

The Earl of Mar and Kellie DL Liberal Democrats [email protected]

 

“Lord/Baroness XXXX,

House of Lords,

London,

SW1A 0PW

 

Dear Lord/ Baronness XXXX,

 

I’m writing to ask you to vote for the pay day loan amendment tabled by Lord Mitchell to Clause 98 of the Financial Services Bill designed to help tackle legal loan sharking when it comes before you at the end of November 2012.

 

Whilst every other industry has suffered from the recession, legal loan sharks are making huge profits off the back of lending to people at excessive rates of interest – some of up to and over 16,000%. Fines alone will do little to change the way they operate – one firm this year made £45m in pure profit and its main director took home a salary of £1.6m.

 

Giving the new regulator explicit powers to cap the charges that these companies can set would send a strong message to this industry about the costs for loans that should be considered acceptable. British consumers deserve the same protection from these companies that others around the world enjoy. Research shows 60% of those using payday loans were using the money to pay for household bills and buying essentials like food, nappies and petrol. By restricting what firms can charge, we could make a real difference to millions of families across the country right now who are struggling financially and are borrowing from these companies just to make ends meet. Just recently it was revealed 1 in 10 payday loan customers are going without food in order to be able to pay back their debts- with 5 million Brits now turning to payday loans it is vital to act quickly to prevent a personal debt crisis in our country.

 

A poll by ComRes for R3, the insolvency practitioners, shows overwhelming public support for action on this issue with 93% agreeing there is a problem with payday lending and 65% supporting a cap on the total cost of credit. Ministers claim they support the spirit of the amendment but refuse to back it – legal advisors are clear that without explicit powers to act, these companies will be able to challenge any regulatory action in the courts.

 

Please don’t let the fight against legal loan sharking become a fee generating opportunity for lawyers – please vote for this amendment and help end legal loan sharking in Britain.

 

Yours Sincerely,”

 

 

Another ten later.

I do not want their computers to overheat.

Edited November 17, 2012 by tawnyowl

[Tawnyowl]

A few more to Lobby.

Let them know how strongly you feel.

And if you get any replies let us know.

Ten minutes emailing them could make all the difference.

 

Lord Ahmad of Wimbledon Conservative Party [email protected]

The Earl of Arran Conservative Party [email protected]

The Lord Glenarthur DL Conservative Party [email protected]

The Lord Ashcroft Conservative Party [email protected]

The Viscount Astor Conservative Party [email protected]

The Rt Hon the Lord Baker of Dorking CH Conservative Party [email protected]

The Lord Ballyedmond Conservative Party [email protected]

The Lord Northbrook Conservative Party [email protected]

The Rt Hon the Baroness Trumpington Conservative Party [email protected]

Lord Barker Conservative Party [email protected]

 

Text to use to write to members of the House of Lords

 

Dear Lord/ Baronness XXXX,

 

I’m writing to ask you to vote for the pay day loan amendment tabled by Lord Mitchell to Clause 98 of the Financial Services Bill designed to help tackle legal loan sharking when it comes before you at the end of November 2012.

 

Whilst every other industry has suffered from the recession, legal loan sharks are making huge profits off the back of lending to people at excessive rates of interest – some of up to and over 16,000%. Fines alone will do little to change the way they operate – one firm this year made £45m in pure profit and its main director took home a salary of £1.6m.

 

Giving the new regulator explicit powers to cap the charges that these companies can set would send a strong message to this industry about the costs for loans that should be considered acceptable. British consumers deserve the same protection from these companies that others around the world enjoy. Research shows 60% of those using payday loans were using the money to pay for household bills and buying essentials like food, nappies and petrol. By restricting what firms can charge, we could make a real difference to millions of families across the country right now who are struggling financially and are borrowing from these companies just to make ends meet. Just recently it was revealed 1 in 10 payday loan customers are going without food in order to be able to pay back their debts- with 5 million Brits now turning to payday loans it is vital to act quickly to prevent a personal debt crisis in our country.

 

A poll by ComRes for R3, the insolvency practitioners, shows overwhelming public support for action on this issue with 93% agreeing there is a problem with payday lending and 65% supporting a cap on the total cost of credit. Ministers claim they support the spirit of the amendment but refuse to back it – legal advisors are clear that without explicit powers to act, these companies will be able to challenge any regulatory action in the courts.

 

Please don’t let the fight against legal loan sharking become a fee generating opportunity for lawyers – please vote for this amendment and help end legal loan sharking in Britain.

 

Yours Sincerely,”

 

 

INTERESTING ANNOUNCEMENT FROM BANKFODDER

Late payment charges from Pay Day Lenders

http://www.consumeractiongroup.co.uk/forum/announcement.php?f=228&a=253

Edited November 20, 2012 by tawnyowl

[Michael Browne]

When the other side can only counter with insults, you know you're winning the arguement:

MP demands apology from Wonga employee for abuse

 

Stella Creasy, an MP for Walthamstow and an outspoken critic of payday loans, has demanded an apology from Wonga, after a newspaper claimed that abusive tweets about Creasy had come from inside the Wonga office.

 

It had launched an investigation after Creasy faced tweets questioning her sanity.

 

Her Twitter account has recently revealed that she is regularly the target of internet 'trolls' launching personal attacks against her.

 

Now The Guardian has said that its investigations seemed to indicate that Wonga company computers had been used to post some of the anonymous and offensive tweets about Creasy.

 

http://money.aol.co.uk/2012/11/21/mp-demands-apology-from-wonga-employee-for-abuse/?icid=maing-grid7|uk|dl4|sec1_lnk1&pLid=137991&a_dgi=aolshare_twitter

[Michael Browne]

Wonga apologises to MP for abusive tweets

 

Short-term lender Wonga has issued an apology to Labour MP Stella Creasy after one of its employees posted abusive comments on social networking site Twitter.

 

The anti-payday lender campaigner was attacked by an anonymous Twitter account that was later traced to Wonga, which called her a “self-serving egomaniac” and accused her of being “mental”.

 

Luke Manning, editor of the OpenWonga website, offered the MP an “unreserved apology” for the incident in a blog post.

 

http://www.credittoday.co.uk/article/14593/online-news/wonga-apologises-to-mp-for-abusive-tweets

[Tawnyowl]

http://blogs.mirror.co.uk/investigations/

As the rest of the world curbs legal loan sharks, why not us?

 

 

INTERESTING MAP OF THE TAMING OF THE LEGALOANSHARKS

http://videos.icnetwork.co.uk/m4/loanmap1.jpg

 

 

When the other side can only counter with insults, you know you're winning the arguement:

 

True it is getting to them.The pressure is building.

Hopefully they will be making plans to retreat to the depths.

SOONER OR LATER THEIR BACKERS WILL GET THE MESSAGE AS WELL.

Or they may be ousted from their lofty perches.

The tide may be turning.

Edited November 22, 2012 by tawnyowl

[Tawnyowl]

Don't let nasty Trolls win the day - help us send nice messages to Lords asking them end loan sharking!

 

 

 

Wonga has admitted a member of their staff was sending abusive messages to those campaigning to stop legal loan sharking.

http://www.guardian.co.uk/business/2012/nov/21/wonga-apologises-stella-creasy-abusive-twitter-messages

 

With less than a week to go to the crucial vote in the House of Lords on this issue I'm asking for your help to beat the twitter trolls. We want to send respectful messages to all the Lords asking them to support our campaign to cap the costs of credit.

 

This short film by Channel 4 exposes the truth about this industry and the way in which it operates.

http://www.channel4.com/news/oft-clamps-down-on-payday-lenders

 

Whilst the Government claims the Office of Fair Trading will take action next year, we know this is in fact the third time the same voluntary code has been announced and that it is not working.

http://www.workingforwalthamstow.org.uk/legal-loansharks-dont-follow-their-own-rules-response-to-oft-report/

 

The time for self regulation of these companies is over- and waiting another year to act could leave millions more Britons saddled with these toxic debts.

 

You can help us with making our case in two ways.

1-

Email [email protected] and ask for 10 Lords to email before Wednesday 28 November (suggested text to use below)

I have put twenty contacts a few posts ago,but you can soon get others from Stella Creasys contact address.

 

2-Tweet them directly to ask for their help - you can find their contact details here! please use the #sharkstoppers hashtag when you send your message.

 

Please remember whether you email or your tweet, be polite in your messages and ensure you ask them to vote for Amendment 114d to Clause 98 of the Financial Services Bill tabled by Lord Mitchell on Wednesday 28 November. If you get a positive response either on email or on twitter please do let us know!

With only six days to go before this crucial vote it's clear the industry is worried about the impact of our campaign and resorting to any means necessary to try to stop us making our case for change- let us show these tactics will not succeed because our argument is based in details, not deception!

Contact details here again.Just in case you want to choose your own

We want to now target those who have yet to declare their intentions. These are the Conservative, Liberal Democrat, 'Crossbenchers' Lords (who do not represent any political party) Law Lords and Bishops who can also all take part in the vote on the Mitchell amendment to the Financial Services Bill.

 

http://www.parliament.uk/mps-lords-and-offices/lords/

 

p.s. Don't forget to keep watching out for further discussion in the media of the problems payday loans are causing millions of people in our country in the coming days as well as updates on #sharkstoppers and please sharel to a friend to encourage them to join our campaign.

----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Text to use to write to members of the House of Lords

“Lord/Baroness XXXX,

House of Lords,

London,

SW1A 0PW

 

Dear Lord/ Baronness XXXX,

 

I’m writing to ask you to vote for the pay day loan amendment 114d tabled by Lord Mitchell to Clause 98 of the Financial Services Bill designed to help tackle legal loan sharking when it comes before you at the end of November 2012.

 

You may have been told that recent announcements by the Office of Fair Trading about action on payday loans will tackle the problems these companies cause- we don't agree. We know this is the third time the same code of conduct for these companies has been suggested, and that the OFT's own evidence shows they are clearly not adhering to these rules. Waiting until next year for our current regulatory regime to fail to protect British consumers could leave millions taking on a toxic debt. On Wednesday you can change this and send a clear message legal loan sharking will not be tolerated in modern Britain.

 

Giving the new regulator explicit powers to cap the charges that these companies can set would send a strong message to this industry about the costs for loans that should be considered acceptable. British consumers deserve the same protection from these companies that others around the world enjoy. Research shows 60% of those using payday loans were using the money to pay for household bills and buying essentials like food, nappies and petrol. By restricting what firms can charge, we could make a real difference to millions of families across the country right now who are struggling financially and are borrowing from these companies just to make ends meet. Just recently it was revealed 1 in 10 payday loan customers are going without food in order to be able to pay back their debts- with 5 million Brits now turning to payday loans it is vital to act quickly to prevent a personal debt crisis in our country.

 

A poll by ComRes for R3, the insolvency practitioners, shows overwhelming public support for action on this issue with 93% agreeing there is a problem with payday lending and 65% supporting a cap on the total cost of credit. Ministers claim they support the spirit of the amendment but refuse to back it – legal advisors are clear that without explicit powers to act, these companies will be able to challenge any regulatory action in the courts.

 

Please don’t let the fight against legal loan sharking become a fee generating opportunity for lawyers – please vote for this amendment and help end legal loan sharking in Britain.

 

 

Yours Sincerely,”

 

 

We have 6 days left to win the argument with the rest of the Lords so if you can spare 10 minutes to email 10 of them you could be part of helping to end legal loan sharking!

Labour are voting for the amendment.

 

We want to now target those who have yet to declare their intentions. These are the Conservative, Liberal Democrat, 'Crossbenchers' Lords (who do not represent any political party) Law Lords and Bishops who can also all take part in the vote on the Mitchell amendment to the Financial Services Bill.

6 days left.

Contact details again.

Take your pick.

http://www.parliament.uk/mps-lords-and-offices/lords/

Edited November 23, 2012 by tawnyowl

[Tawnyowl]

#Sharkstoppers Update 3: First Bishops, now Mums- will you join them in the next 36 hours making the case to end legal loan sharking in Britain?

 

 

 

As both the Rt Rev Justin Welby and Mumsnet add their backing to this campaign, in the final 36 hours before the vote in the House of Lords I'm asking for your help to get our message across to Peers that Britain wants an end to legal loan sharking in our country.

 

I'm delighted to reveal the future Archbishop of Canterbury has put his name to amendment 114d to Clause 98 of the Financial Services Bill to give regulators the power to cap the charges these high cost credit companies can levy on hard pressed consumers along with Crossbench Peer Baroness Howe of Idlicote. So too Mumsnet, the UKs biggest online network for parents, has now become the first legal loan shark free zone in Britain by banning these companies from their website which has 6.5 million visitors per month.

 

These developments in the last week show just how widespread concern is about the failure of the Government to properly regulate these companies and the consequences of this for many people in our country. With the vote in the House of Lords on this amendment due this Wednesday 28 November in the late afternoon we only have a few hours left to make sure Peers know how important this vote could be in winning the case for changes to Britain's consumer credit laws. Please help us by either

Reply to this at stella@workingforwalthams tow.org.uk and we will send you contact details for 10 Lords to email before Wednesday 28 November (suggested updated text to use below)

Tweet them directly to ask for their help - you can find their contact details here! please use the #sharkstoppers hashtag when you send your message.

 

Please remember whether you email or your tweet, be polite in your messages and ensure you ask them to vote for Amendment 114d to Clause 98 of the Financial Services Bill tabled by Lord Mitchell on Wednesday 28 November. If you get a positive response either on email or on twitter please do let us know!

 

This campaign has backing across society for change- please help us ensure the Lords hear our concerns and act to protect British consumers from legal loan sharks!

 

 

 

Stella Creasy

Labour and Co-operative MP for Walthamstow on behalf of #sharkstoppers

p.s.please share to a friend to encourage them to join our campaign and do follow @sharkstoppers on twitter for further updates!

----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Text to use to write to members of the House of Lords

“Lord/Baroness XXXX,

House of Lords,

London,

SW1A 0PW

 

Dear Lord/ Baroness XXXX,

 

I’m writing to ask you to vote for the pay day loan amendment 114d tabled by Lord Mitchell to Clause 98 of the Financial Services Bill designed to help tackle legal loan sharking when it comes before you this Wednesday 28 November 2012. Please note, this amendment now has the backing of influential groups such as Mumsnet and has been cosigned by Rt Rev Justin Welby and Baroness Howe of Idlicote, a crossbench peer, showing the widespread support for these proposals.

 

You may have been told that recent announcements by the Office of Fair Trading about action on payday loans will tackle the problems these companies cause- we don't agree. We know this is the third time the same code of conduct for these companies has been suggested, and that the OFT's own evidence shows they are clearly not adhering to these rules. Waiting until next year for our current regulatory regime to fail to protect British consumers could leave millions taking on a toxic debt. On Wednesday you can change this and send a clear message legal loan sharking will not be tolerated in modern Britain.

 

Giving the new regulator explicit powers to cap the charges that these companies can set would send a strong message to this industry about the costs for loans that should be considered acceptable. British consumers deserve the same protection from these companies that others around the world enjoy. Research shows 60% of those using payday loans were using the money to pay for household bills and buying essentials like food, nappies and petrol. By restricting what firms can charge, we could make a real difference to millions of families across the country right now who are struggling financially and are borrowing from these companies just to make ends meet. Just recently it was revealed 1 in 10 payday loan customers are going without food in order to be able to pay back their debts- with 5 million Brits now turning to payday loans it is vital to act quickly to prevent a personal debt crisis in our country.

 

A poll by ComRes for R3, the insolvency practitioners, shows overwhelming public support for action on this issue with 93% agreeing there is a problem with payday lending and 65% supporting a cap on the total cost of credit. Ministers claim they support the spirit of the amendment but refuse to back it – legal advisors are clear that without explicit powers to act, these companies will be able to challenge any regulatory action in the courts.

 

Please don’t let the fight against legal loan sharking become a fee generating opportunity for lawyers – please vote for this amendment on Wednesday 28 November and help end legal loan sharking in Britain.

 

Yours Sincerely,”

 

http://www.workingforwalthamstow.org.uk

Stella Creasy: Labour and Co-operative MP for Walthamstow

Edited November 26, 2012 by tawnyowl

[Tawnyowl]

Bankfodders announcement.

 

Pay Day Loan Interest Rates to be Capped!!

 

http://www.consumeractiongroup.co.uk/forum/content.php?931-Payday-loan-rates-to-be-capped

 

 

 

A great leap forward Govt accept principle of regulating credit costs…

Amendment withdrawn so that we can see govt amendment

To be clearl Lord parry will veto any amendment that doesn’t meet capping objectives -and table his again

Lord Kennedy1 gets govt to commit their amendment will include capping the actual cost of credit which is our demand!

The lords were talking about all the lobbying they have had on Mitchell amendment

 

Strange how some,no names mentioned voted against same amendment in May and have now so warmly welcomed it.

Seen the light perhaps.Or do not want to be seen on a losing side.

Perhaps to paraphrase, HE voted against it before he was in favour of it ?

Well done to Stella Creasy and other legal loan shark hunters everywhere.

More news below .Hot of the press.

 

 

SHARKSTOPPERS CAMPAIGN WINS VITAL GOVERNMENT U-TURN ON COSTS OF CREDIT

http://www.workingforwalthamstow.org.uk/sharkstoppers-campaign-wins-vital-government-u-turn-on-costs-of-credit/

Edited November 28, 2012 by tawnyowl

[Tawnyowl]

#Sharkstoppers Update 4: Government U-Turn on Capping Cost of Credit- Now Help Hold them to Their Word Next Week to End Legal Loan Sharking!

 

 

 

Yesterday we achieved a crucial victory in the campaign to end legal loan sharking in Britain. In the face of overwhelming support for change, the Government performed a u-turn and agreed to bring forward proposals to cap the costs of credit next week.

http://www.telegraph.co.uk/finance/personalfinance/9709853/Payday-loan-interest-rates-to-be-capped.html

This email is to thank you all for working so hard to put the case for change, update you on what happens next and how you can now help ensure the Government keeps its word.

 

Yesterday the Government committed in the House of Lords to support proposals that would match those set out in Lord Mitchell's amendment to the Financial Services Bill.

http://www.theyworkforyou.com/lords/?id=2012-11-28a.197.0&s=lord+sassoon#g247.0

The Government has also offered a veto on their proposal to Lord Mitchell, Rt Reverend Justin Welby, Baroness Howe and Baroness Grey-Thompson who co-signed the amendment should it not meet the #sharkstoppers campaign test.

 

The Government has yet to publish their plans which are due to be voted on next Wednesday 5 December. If these are to make a difference the Government must introduce capping of charges made for credit, and so reduce the costs to consumers of borrowing. Proposals for sanctions or fines, rather than caps on cost, could leave consumers having to pursue these companies for redress after they have found themselves in debt through the courts. In contrast caps brought into effect as quickly as possible could help prevent these problems in the first place.

 

Help us keep the pressure up for change by asking the Lords to ensure that these new Government proposals give consumers the protection they need - if you have already been in touch with 10 Lords please go back to those you have written to with the sample text below. If you require the contact details for 10 Lords please do get in touch!

 

Yesterday this campaign showed we can make a difference when we work together- our work is not done yet so please help us ensure that in the next week the Government stays true to its commitment and brings in regulation to help end legal loan sharking in Britain!

 

 

 

Stella Creasy

Labour and Co-operative MP for Walthamstow on behalf of #sharkstoppers

p.s.please share this email to a friend to encourage them to join our campaign and do follow @sharkstoppers on twitter for further updates!

----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Text to use to write to members of the House of Lords

“Lord/Baroness XXXX,

House of Lords,

London,

SW1A 0PW

 

Dear Lord/ Baroness XXXX,

 

I’m writing to thank you as a member of the House of Lords for listening to the campaign to end legal loan sharking and to ask you to help ensure the Government give British consumers the appropriate protection from these companies as soon as possible. You can do this by ensuring when they bring forward their new propsoals next Wednesday 5 December that these include explicit powers that cap the charges that can be levied for credit.

 

On Wednesday 28 November in the face of widespred support for Lord Mitchell's amendment to the Financial Services bill to tackle the costs of payday lending, Lord Sassoon committed the Government to bringing back proposals to the House at the Third Reading of the Bill to cap the costs of credit. The #sharkstoppers campaign welcomes this commitment and is now concerned to ensure these proposals truly offer appropriate protection to consumers as quickly as possible given levels of personal debt which consumers may experience in 2013.

 

It is vital any new regulation introduces price caps on the total costs of credit as only such a measure will prevent consumers getting into debt with these companies in the first place. Leaving consumers to seek redress in the courts after they are in debt, rather than reducing the costs of credit, will only have a limited impact on changing the behaviour of these companies. Fines will also only have a limited impact on an industry where one company made £45m profit last year alone and another £178m. Furthermore, the price of the total cost of any loan- including interest fees, late repayment charges and administrative costs- must be included in the costs that are capped to prevent lenders circumventing any legislation through additional charges.

 

Lord Mitchell's amendment gave the new regulator explicit powers to cap the charges that these companies can set, sending a strong message to this industry about the costs for loans that should be considered acceptable. The Government must meet the same standard of protection for consumers and commit to a timetable of when action on the price of credit will be affected by these changes- please help ensure this is the case and make sure next Wednesday's vote is truly the beginning of the end of legal loan sharking in Britain,

 

Yours Sincerely,”

 

 

 

Here are twenty to use.

Lord Ahmad of Wimbledon Conservative Party [email protected]

The Earl of Arran Conservative Party contactholmember@parliame nt.uk

The Lord Glenarthur DL Conservative Party [email protected].u k

The Lord Ashcroft Conservative Party [email protected]

The Viscount Astor Conservative Party [email protected]

The Rt Hon the Lord Baker of Dorking CH Conservative Party [email protected]

The Lord Ballyedmond Conservative Party [email protected]

The Lord Northbrook Conservative Party contactholmember@parliame nt.uk

The Rt Hon the Baroness Trumpington Conservative Party contactholmember@parliame nt.uk

Lord Barker Conservative Party contactholmember@parliame nt.uk

The Baroness Brinton Liberal Democrats [email protected]

The Lord Burnett of Whitchurch Liberal Democrats contactholmember@parliame nt.uk

The Lord Carlile of Berriew QC Liberal Democrats [email protected]

The Lord Chidgey Liberal Democrats [email protected]

The Lord Clement-Jones CBE Liberal Democrats clementjonest@parliament. uk

The Lord Cotter of Congresbury Liberal Democrats [email protected]

The Lord Dholakia OBE DL Liberal Democrats [email protected]

Baroness doocey Liberal Democrats [email protected]

The Lord Dykes Liberal Democrats [email protected]

The Earl of Mar and Kellie DL Liberal Democrats contactholmember@parliame nt.uk

 

And contacts for many more.

Take your pick.

Contact details again.

http://www.parliament.uk/mps-lords-and-offices/lords/

Edited November 30, 2012 by tawnyowl

[Tawnyowl]

Plenty of news today.More soon.

 

An amendment returned with interest

 

 

 

Parry Mitchell on a historic day in the long campaign to control payday loans companies

http://www.labourlords.org.uk/an-amendment-returned-with-interest

 

 

Financial Services Bill

MARSHALLED

LIST OF AMENDMENTS

TO BE MOVED

ON THIRD READING

 

http://www.publications.parliament.uk/pa/bills/lbill/2012-2013/0060/amend/ml060-i.htm

 

 

 

Lordparry- Payday lending amdt approved at 3rd reading. Off to Commons on Monday. Great result. House of Lords does matter.

[Tawnyowl]

News from Last night.

 

 

Close the window of opportunity for legal loan sharks- tell the OFT don't delay, cap the costs of credit today!*

 

 

 

 

#Sharkstoppers Update 5: Close the window of opportunity for legal loan sharks- tell the OFT don't delay, cap the costs of credit today!

 

 

 

Tonight Parliament has approved laws to give the new Financial Conduct Authority the ability to cap the costs of credit when it takes over regulation of this market in 2014. This email is to thank you for your help in acheiving this victory and to ask for your assistance in making sure these changes come into force as quickly as possible to help those struggling financially in Britain now.

 

In the New Year the Office of Fair Trading- who will remain responsible for this matter until the FCA take over - has said it will publish proposals for further action on poor behaviour in this industry.http://www.oft.gov.uk/news-and-updates/press/2012/110-12#.UMcjQ-RdDnF

 

Help us make the case that this should include the revision of the 'irresponsible lending guidance' to cover:

 

--what price of credit to consumers should be considered irresponsible and so unacceptable by maximum duration and total cost

--requirements for all lenders to report all loans made upon their provision to a real time credit register

--reform of the use of continuous payment authorities to prevent further fraud and debt

 

These changes could then form the basis of the FCA's new regulation of this industry and for companies that break these rules to lose their license to operate in the UK. As energy bills and travel costs continue to rise,http://www.ibtimes.co.uk/articles/411247/20121204/energy-bills-household-spending-uk-ons-2011.htm it is vital we close the window of opportunity that will exist until the FCA takes over regulation for legal loan sharks. Tough measures from the OFT could help ensure they do not have a further year to prey on British consumers who will struggle to make ends meet in 2013. In the debate today in parliament Ministers http://www.oft.gov.uk/shared_oft/credit-newsletters/newsletter0712.pdf avoided this question. Please help change this by writing to your MP and asking them to raise these matters with the OFT and to call for action from ministers ahead of the FCA taking over these matters in 2014. You can find contact details for your MP here http://www.parliament.uk/mps-lords-and-offices/mps/ and below is a suggested text to use. If you receive a positive response from your MP please do let us know.

 

This campaign showed we can make a difference when we work together- as reports show these companies continue to target vulnerable consumers in Britain http://www.independent.co.uk/money/spend-save/payday-lenders-targeting-students-warns-nus-8393639.html we must be vigilant in keeping up the fight to end legal loan sharking in 2013!

 

 

 

Stella Creasy

Labour and Co-operative MP for Walthamstow on behalf of #sharkstoppers

p.s.please share this email to a friend to encourage them to help our campaign and do follow @sharkstoppers on twitter for further updates!

----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Text to use to write to your MP

 

I’m writing to you as your consituent to ask you to ensure that the Office of Fair Trading acts to support the plans approved by parliament for caps on the costs of credit by introducing guidelines on the acceptable costs of credit and use of credit registers in 2013.

 

I am delighted that Parliament has approved in principle powers for the new Financial Conduct Authority to cap the costs of credit- and concerned that this may not come into effect until 2014 at the earliest. With millions in our country already struggling financially due to the rising cost of living and unemployment or wage freezes and further increases in the costs of energy, travel and food on the way, with out action in 2013 this could provide a window of opportunity for legal loan sharks to further prey on British consumers.

 

The Office of Fair Trading has pledged to bring in proposals for further action on high cost credit in the New Year- I would like to ask you as my MP to write to them and urge them to redraft the guidance on irresponsible lending to reflect the new laws passed by Parliament. Specifically I would like you to ask them to require this code to include the following details

what price of credit to consumers should be considered irresponsible and so unacceptable by maximum duration and total cost

requirements for all lenders to report all loans made upon their provision to a real time credit register

reform of the use of continuous payment authorities to prevent further fraud and debt

 

Please also ask them to commit to a robust and active monitoring of whether these companies abide by these proposals ahead of the introduction of the new FCA and to commit to reporting back on the outcomes of this to parliament by the end of the current session. Please also copy your correspondence to the Government ministers responsible for this matter at both the Treasury and the Department for Business, Innovation and Skills so they know of your concerns. I would welcome confirmation from you that you support these measures, have taken these actions and a copy of any correspondence you receive from the OFT or Ministers on this matter that I may share with the ''sharkstoppers campaign".

 

Thank you for your assistance with ensuring that 2013 is the year Britain ends legal loan sharking in our communities.

 

Yours Sincerely,”

Edited December 11, 2012 by tawnyowl