Loan Sharks Pocketing £1million A Week
THE working classes rarely seem to be at the forefront of New Labour’s thinking, except of course when it comes to ASBO’s and childhood obesity. And once again, according to the National Housing Federation, the Government is ignoring poor families, this time by failing to properly regulate money-lenders.
According to the NHF, doorstep lenders are raking in a £1million a week by charging ridiculously high interest rates to desperate borrowers turned away by banks.
Says NHF boss David Orr: “It is absolutely disgraceful that home credit companies can name their price when lending to the most desperate people. The Competition Commission was supposed to change all this.”
Indeed, the Competition Commission had promised to crack down on loan sharks almost seven months ago, but as yet, nothing has been done. A spokesman for the Commission, Rory Taylor, said, “I understand why people are frustrated but the plan will come on board in a couple of weeks. We’re slightly behind schedule but these changes are going to be for the long term, so it’s important we get them right.”
One imagines things would’ve moved a lot faster if those loan sharks were door-stepping the residents of Kensington or Hampstead.
Posted: 25th, June 2007 | In: Money Comments (3) | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink
Comments
June 26th, 2007 at 8:50 am
another solution…give all poor people credit cards and a cyanide pill. They will get themselves into so much debt that they will all committ suicide.
June 26th, 2007 at 8:45 am
another solution….send all poor people to university where they can learn to live on loans for the rest of their sorry, sordid lives.
June 26th, 2007 at 8:30 am
why cant we send all the poor to Poland? They could claim Polish citizenship and then re-enter this country…get jobs. get housing and be treated with a little respect. The government and industry would rush to say how hard working they are and what a benefit to the economy they bring. If the economy ever crashed they could all run back to Poland where it is’nt a crime to be poor.
Another solution…send all poor people to prison where it is a crime to be poor…but at least you get a little respect, work ,an education, free medical treatment, three good meals a day, free gym membership, and you also meet lots of new friends.