End legal loan sharking and support credit unions
I’ve recently written to our MP, asking him to support work being done by Compass (and others) around ending legal loan sharking and supporting credit unions.
The main ask was to attend a debate in parliament that has being organised by Stella Creasy MP, along with signing an early day motion on the issue (no 660).
The text of my letter is as below :
Dear Andrew,
Some loan and credit companies are charging annual interest rates equivalent to over 2500% (despite the Bank of England base rate being just 0.5%), whilst some door to door lenders charge up to £82 for every £100 borrowed. This is legal loan sharking, a national scandal which must be stopped.
Borrowing at these rates repeatedly tips customers into inescapable cycles of debt and poverty. High debt repayments are linked to rent, council tax and utility arrears, constraints on job seeking behaviour, poor diets, cold homes, and mental and physical health problems.
Stella Creasy MP has secured an adjournment debate on the topic of Consumer credit regulation on Tuesday 9th November at 11am in Westminster Hall.
Locally HPCH and HPBC are working with others organisations to extend credit union facilities into the area to give an alternative, but action is needed now to end legal loan sharking and I urge you to attend this debate and ask the government what steps it is taking to end legal loan sharking.
If you haven’t already I also urge you to sign EDM 660 – Loan Sharks.
Kind Regards
Anthony Mckeown
The reply back received so far from our MP’s staff thanked me from bringing the debate to our MP’s notice and advised if his diary allows he will look in on the debate and pass on my concerns. I’ll follow up on if he arrived later.
There’s also an additional early day motion that’s worth signing that I forgot to mention which is no 872
If you would like to support the campaign or even just find out more information, you can go to their website at : http://www.endlegalloansharks.org.uk/