Epetition-End the legal loan sharks. Let the govt know how you feel.Biteback time.

[Tawnyowl]

Daily Mirror Launches E-Petition to End Legal Loan Sharking In Time For Christmas:

Please Sign and Share!

 

Hello!

The Daily Mirror has posted a new e-petition on the Government's site in support of our campaign to tackle the problems caused to consumers across the country by legal loan sharking. If 100,000 people sign it, the Government will be forced to take action at last on the growing problem of high-cost credit. You can find the petition here:

http://epetitions.direct.gov.uk/petitions/20219

With Christmas around the corner, Britain's high-cost credit industry is gearing up for another bumper festive season. New research shows that since 2009 there has been a fourfold increase in the numbers of people getting into debt problems as a result of taking out loans with payday lenders, home credit providers and hire purchase agreements.

Yet despite this evidence the Government is delaying taking action to regulate these firms, appearing not to notice the speed at which this problem is growing and avoiding discussing the matter in parliament. Now with Christmas on the way and the rising cost of living, families are facing even more pressure on their incomes. Whilst other countries offer protection to their citizens through caps on the costs of credit, the UK Government has ruled out any action on these firms before the end of 2012.

This petition is the only way we can make the Government confront this issue in time to protect British consumers this Christmas. Please circulate this link as widely as possible so we can bring an end to legal loan sharking.

http://epetitions.direct.gov.uk/petitions/20219

 

 

Stella Creasy

Labour and Co-operative MP for Walthamstow

 

Let all your friends,community centres social networking sites,credit unions whatever you can think of know about this worthwhile epetition.Time to let the government and the legal loan sharks we have had enough of been preyed on BY ???? .I will let you think of a word to use.Tawnyowl.

[caro]

I've added a link to the petition in my signature and if anyone wants more info there's a link to Tawny's thread on the End Legal Loan Sharking campaign in the PDL forum here.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?311559-End-Legalised-Loan-Sharks.

 

Thanks for highlighting this campaign Tawny. Great work.

[determindator]

Great news Tawnyowl. Thank goodness for media attention and support on this:-)

[determindator]

Bumping up this thread as we have a few thousand registered caggers and we should be able to get the sigs especially if people pass on the information as well to others on social websites.

[Tawnyowl]

Government breaks promise to end rip off bank charges- Stop them feeding the Legal Loan Sharks!

 

 

http://epetitions.direct.gov.uk/petitions/20219

Hello!

 

The Government has today finally published the first stage of its long overdue Consumer Credit Review - and its not good news for millions of vulnerable people in Britain now struggling with debt as the cost of living rises.

 

They have backtracked on commitments they made in the coalition agreement to tackle unfair bank charges and to cap excessive interest rates on credit cards and store cards. By refusing to act on these charges the Government is doing nothing to cut off the financial food chain that is feeding illegal and legal loan sharking.

 

In the last month alone, Britons have increased their debts by £629 million. The Office of Budget Responsibility predicts that by 2015 UK households will have amassed over two trillion pounds worth of debt. These figures sound frightening – but it is worth noting the OBR recently revised its estimate for personal debt levels in 2014 upwards by £245bn. There is no guarantee these numbers are not a low prediction of the debt mountain Britain now faces.

 

You can read my article on the consequences of the Government's u-turn here. I'm calling for caps on the costs and better regulation of all forms of credit - even one Government minister agrees with me - but without a show of support from the public the Government will continue to avoid taking action to protect British consumers.

 

Please sign this e-petition and share this email with friends and family across the country - send a message that you want your Government to stop feeding the legal loan sharks.

 

 

 

 

Stella Creasy

Labour and Co-operative MP for Walthamstow

[determindator]

Thank you Stella for your commitment. I see the industry as a predatory business and needs to be addressed. 3285 sigs and rising like this thread going up the page!

[determindator]

3400!

[determindator]

Well done Stella The Politics Show !

[caro]

Ooh missed that.

[determindator]

http://www.bbc.co.uk/iplayer/episode/b017p93v/The_Politics_Show_London_ 04_12_2011/

 

[Tawnyowl]

Re: End Legalised Loan Sharks.

4444444444444444444444444 4444444444444444444444444 44 4444444444444444444444444 444444444444444444444 Exclusive: New Research shows 3.5 Million at Risk from Legal Loan Sharks in Next 6 Months- Act Now !

 

 

 

 

http://epetitions.direct.gov.uk/petitions/20219

 

New figures released today by

R3, the insolvency body

, will show 3.5 million Britons expect to need a payday loan

to make ends meet in the next six months.

This is nearly equivalent to the entire adult population of Scotland

. The data also shows 32% of those taking out payday loans are doing so to pay for other payday loans- highlighting the spiral of misery this unregulated market is causing across our country. Capping the costs of credit as they have in many other countries would offer protection to milions of Britons from these extortionate rates in these difficult economic times.

 

 

That's why I'm asking for your help to tackle legal loan sharking by doing three things.

 

 

• Please sign the petition calling for a cap on the total costs of credit - if 100,000 people do this Government will be held to account for delaying action on these problems. You can find the link here:
  http://epetitions.direct.gov.uk/petitions/20219
  
  
• Please take a moment to tell your MP you think enough is enough and we have to stop personal debt spiraling in the UK. There is a suggested text below to use and you can find out who your MP is here:
  http://findyourmp.parliament.uk/
  
  
• Share this email with everyone you know
  and ask them to do the same three actions - in the face of a well funded legal loan shark industry campaign against these proposals only through the help of people like you can we get the message out about what would tackle these problems.
  
  

The

Debt Advice Foundation

charity research shows one in four people who take out a payday loan need the money to buy food or essentials for their household, with 44% using them to pay off other debts. In addition, Citizens Advice have recorded a fourfold increase in the numbers of people getting into debt problems as a result of borrowing from payday lenders in the space of just two years. Today's evidence is further proof that without regulation millions of Britain's will suffer financial hardship

as the Government delays taking action.

 

Tell the Government enough is enough - join this campaign by taking on these three tasks and s

end a message that you want your Government to stop feeding the legal loan sharks.

 

 

 

 

Stella Creasy

Labour and Co-operative MP for Walthamstow

 

 

P.s. You can use this quick link to help

forward this email to friends and family around the country

so that we can share this petition as widely as possible-

http://epetitions.direct.gov.uk/petitions/20219

 

 

Suggested text for your local MP

 

 

Dear XXXX

 

 

In the light of new evidence of the problems facing families across the country, I'm writing to you as my MP to urge you to support the call for caps on the costs of credit. This new data shows just how desperate millions of British families now are thanks to the mounting cost of living, cuts to wages and rising unemployment- and how legal loan sharks are taking advantage of these difficulties.

 

 

Independent research by R3, the insolvency body, shows one in six of us are now what they call ‘zombie’ debtors, able only to service the

interest

on our debts, but not reduce them. 45% of us are now in financial difficulties- a figure that rises to 62% amongst younger people. This isn’t broken Britain, but broke Britain – and it is being bled dry by the legal loan shark industry and their interest rates of 1,700% or more. R3 highlight how in the next six months alone, a whopping three and a half million of us expect to take out a payday loan. In an unregulated credit market, the research shows just how financially dangerous this is, revealing 32% of those who took out a payday loan couldn’t pay it off, so had to get another one. This is not just bad for these families, but bad for Britain. As more and more household income is sucked into paying interest on these loans so the public are left with less money to spend, hurting an already anaemic economy.

 

 

The evidence is clear about the problems this kind of lending is causing to our country and what could be done about it. In other countries caps on tehe costs of credit have helped tackle these extortionate rates and protected consumers but so far the Government has opposed these measures. Please ask them to change their mind and support a cap. As my MP I ask you to write to Ed Davey, the Minister responsible for Consumer Credit to tell him to act now and cap these costs before things get any worse. Please let me know what response you get.

 

thank you

[elsinore]

Letter sent to Rosie Cooper MP this afternoon.

[determindator]

95177 to go!

[MARTIN3030]

MPs from my town are also supporting the epetition.

Hopefully by Oct 2012 there will be enough sigs.

Although the OFT have pledged to investigate these in the new year,we know that their actions usually fall below what is needed.

But it is good to see that they will be looking at all the new CC pending apps with a view to some control over it.

 

http://www.sthelensstar.co.uk/news/9399035.Don___t_get_bitten_by_loan_sharks/

[caro]

Is there confirmation that the OFT are investigating Martin? I know it was on the Credit Today website, but the OFT don't seem to have a press release about it on their own site.

[Michael Browne]

While it did not formally announce the plans, it said in a response to a Department for Business (BIS) Select Committee call for evidence on Dec 13th that it will probe the payday loan sector and other types of high cost credit.

 

http://www.parliamentlive.tv/Main/Player.aspx?meetingId=9686

[caro]

Thanks for the info Michael.

[MARTIN3030]

Yes it looks to have been reported in some of the mainstream press before the credit today announcement.

[elsinore]

Received a reply from my MP, Rosie Cooper.

It seems I was pushing at an open door, because she is very much in favour of action to protect consumers from legal loan sharks. Here’s an extract from her letter:

It’s essential that the Government gets a grip on this industry before the pressures of Christmas force thousands more consumers in West Lancashire and around the country into the hands of these legal loan sharks. That’s why I’m urging West Lancashire residents to sign the petition calling on the Government to introduce caps on the cost of credit. If enough people sign it, we can end legal loan sharking once and for all.

Ms Cooper has also produced a press release dated 14th December 2011, to back up the above statement. I was hoping to add a link to the press release on her website but it has not yet been uploaded! She has also enclosed copies of replies received from Ed Davey at BIS and John Fingleton at OFT.

I think the reference above to Christmas (and in the petition) should now mean Christmas 2012, because nothing will happen until the petition closes on 26th October 2012 and then only if it has the required number of signatures (5308 as at today).

http://epetitions.direct.gov.uk/petitions/20219

[caro]

Excellent news. Thanks Els.

[Tawnyowl]

Make 2012 the year you take a stand against debt in our communities - and here's how to help in E17

 

 

 

http://epetitions.direct.gov.uk/petitions/20219

 

For families across Britain, this will not be a happy new year. The cost of living continues to rise along with unemployment, and combined with the bills from Christmas, January is looking financially painful for many. David Cameron calls for British spirit to see us through 2012, but stands by whilst half of all British families fall into debt and are then targeted by the legal loan shark industry. As our high street shops go into administration, it seems only the payday lenders and pawnbrokers are thriving under such leadership. Those families struggling now deserve better in 2012. So too does Britain.

 

 

That's why this month I'm asking for your help not only to campaign for caps on the cost of credit, but also to share ideas on how to protect communities from the consequences of these pressures. In Walthamstow we're trying to do this in the following ways:

• On
  Friday 20 January
  leafleting outside our local legal loan sharks to highlight the affordable alternative in our credit union. Can you join us at 1pm in Walthamstow High Street - just reply to this email to sign up to help.
  
  
• On the morning of
  Tuesday 24 January
  running a training session on debt advice to spread knowledge about what services are available to support local people in financial trouble. If you would like to attend this free workshop so you can help others it will be in the morning in central Walthamstow. Just reply to this email to sign up.
  
  
• On
  Saturday 28 January
  joining forces with the 'heat or eat' scheme to collect donations of non-perishable foodstuffs for local families faced with either feeding their children or paying their heating bills. Organised by a local Surestart Centre, this event will be between 11.30am and 2pm in Walthamstow High Street - if you can join us on the day to help encourage donations or would like to make a donation yourself just reply to this email.
  
  
• On
  Friday 3 February
  running a financial education session at a sixth form college, to equip young people with budgeting skills. If you are from a local school or college in Walthamstow and would like to hold a similar session for your students please get in touch.
  
  

With nearly four million Briton's predicted to take out a payday loan to help make ends meet in the next six months alone, the lack of Government action to tackle these firms is pushing families across Britain into debt. Here in Walthamstow with your help we can try to limit the damage- and if you would like examples of the materials we are using or details of the events we are running here to copy in your own area this January please do let me know.

 

 

 

 

Stella Creasy

Labour and Co-operative MP for Walthamstow

 

 

P.s.

Don't forget to s

end a message that you want this Government to stop feeding the legal loan sharks by signing this petition calling for caps on the costs of credit and sharing it with others

-

http://epetitions.direct.gov.uk/petitions/20219

[determindator]

http://www.telegraph.co.uk/news/politics/ed-miliband/9021464/Ed-Miliband-goes-to-war-on-rip-off-Britain.html

 

I note the silly comments at the bottom of the article in an attempt to undermine the genuine attempt to tackle the finance industry. The opposition will adopt the same cause to get votes but in reality.................

Edited January 18, 2012 by determindator

[determindator]

http://www.which.co.uk/campaigns/personal-finance/watchdog-not-lapdog/

[caro]

Also info on credit unions http://conversation.which.co.uk/money/credit-union-expand-ditch-bank-savings-loan/

[determindator]

http://www.telegraph.co.uk/news/politics/ed-miliband/9021464/Ed-Miliband-goes-to-war-on-rip-off-Britain.html

 

I note the silly comments at the bottom of the article in an attempt to undermine the genuine attempt to tackle the finance industry. The opposition will adopt the same cause to get votes but in reality.................

 

When I said opposition, I mean those who oppose Ed Miliband in power now. They will talk the talk but the people have to make sure they walk the walk. We need Vince Cable to stay in his Government position because he echos our voice, this is now worrying Mr Cameron's Government who IMO would love to put the topic of Bankers, to bed.