Anorak News | Loan Sharks Pocketing £1million A Week

Loan Sharks Pocketing £1million A Week

by | 25th, June 2007

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) | TrackBack | Permalink