Thank you for the support you have shown the campaign to end legal loan sharking. Now we need your help again to secure action on this issue.
Currently the Government is consulting on acting to cap the cost of borrowing for credit cards and store cards. For the millions of Britain’s poorest consumers who cannot access these sources of borrowing and instead rely on payday loans, home credit companies and hire purchase agreements this will do nothing to protect them from the exploitative practises of these legal loan sharks. Many of these consumers are paying interest rates of anything upto 2,500%!
Other countries have capped the interest these firms can charge on their loans or the repayment and admin fees they apply. We think they could bring in variable caps on the kinds of loans people can purchase and that the Government could intervene to stop the worst excesses of these companies. Now thanks to the work of MPs, Compass, the Better Banking Coalition, the Co-operative Party and Citizens UK, they have agreed to listen to the case for action - but only if they receive a large number of representations from the public. We need your help to make them listen.
Please add your voice to the thousands of others calling for action on legal loan sharking and write to the Consumer Credit Review to ask the Government not to ignore Britain’s poorest consumers. You can do so by emailing peter.lovitt@bis.gsi.gov.uk or by writing to Peter Lovitt, in the Consumer and Competition Policy Department at the Department for Business, Innovation and Skills, 1 Victoria Street, London SW1H 0ET. The consultation closes on Friday 10 December 2010 and you can get a sample consultation response to send to them by emailing Stella@workingforwalthamstow.org.uk.
We will also be holding a rally in support of this campaign on Tuesday 7 December 2010 in Committee Room 5 in the House of Commons at 7pm with several guest speakers. This event is open to all supporters of this campaign - please RSVP on Facebook if you would like to attend.
Please share this information with other friends and family so that they can add their voices to the call to act as well – together we can protect the poorest consumers in Britain from the legal loan sharks.
Hope you can make the 7th - and please submit a response to the consultation!
Currently the Government is consulting on acting to cap the cost of borrowing for credit cards and store cards. For the millions of Britain’s poorest consumers who cannot access these sources of borrowing and instead rely on payday loans, home credit companies and hire purchase agreements this will do nothing to protect them from the exploitative practises of these legal loan sharks. Many of these consumers are paying interest rates of anything upto 2,500%!
Other countries have capped the interest these firms can charge on their loans or the repayment and admin fees they apply. We think they could bring in variable caps on the kinds of loans people can purchase and that the Government could intervene to stop the worst excesses of these companies. Now thanks to the work of MPs, Compass, the Better Banking Coalition, the Co-operative Party and Citizens UK, they have agreed to listen to the case for action - but only if they receive a large number of representations from the public. We need your help to make them listen.
Please add your voice to the thousands of others calling for action on legal loan sharking and write to the Consumer Credit Review to ask the Government not to ignore Britain’s poorest consumers. You can do so by emailing peter.lovitt@bis.gsi.gov.uk or by writing to Peter Lovitt, in the Consumer and Competition Policy Department at the Department for Business, Innovation and Skills, 1 Victoria Street, London SW1H 0ET. The consultation closes on Friday 10 December 2010 and you can get a sample consultation response to send to them by emailing Stella@workingforwalthamstow.org.uk.
We will also be holding a rally in support of this campaign on Tuesday 7 December 2010 in Committee Room 5 in the House of Commons at 7pm with several guest speakers. This event is open to all supporters of this campaign - please RSVP on Facebook if you would like to attend.
Please share this information with other friends and family so that they can add their voices to the call to act as well – together we can protect the poorest consumers in Britain from the legal loan sharks.
Hope you can make the 7th - and please submit a response to the consultation!
