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End Legal Loan Sharking Rally to Protect Poorest Borrowers

Politics / UK Politics Dec 08, 2010 - 12:18 AM GMT

By: Submissions


Stella Creasy, Labour and Co-Operative MP for Walthamstow is to hold a rally in the House of Commons as part of the ongoing End Legal Loan Sharking campaign to end exploitation of the poorest consumers in Britain by payday and doorstep credit agencies. The meeting will take place from 7pm to 9pm in House of Commons Committee Room 5 on Tuesday 7th December 2010. Speakers will include Martin Lewis of, Gavin Hayes, General Secretary of Compass, Maurice Glasman of Citizens UK, Justin Tomlinson MP and Stella Creasy MP.

Gavin Hayes said "It's important that all over the country people make their voices heard on the urgent need to end legal loan sharking, it is a national scandal that credit and loan companies are legally allowed to charge whatever they like for credit, as a result Britain's poorest borrowers pay the highest price for borrowing in all of Europe, we urgently need the government to cap the cost of credit and provide affordable alternatives - the government has a simple choice in this credit review: will it back the rich legal loan sharks and further line the pockets of financiers or will it back the people?"

Stella Creasy MP said: "This rally is an opportunity to demonstrate the strength and depth of feeling around this issue. I have been pressing the government to recognise that many doorstep and payday lenders are exploiting the most vulnerable people in society. Many other MPs, as well as debt experts, campaign groups and members of the public, share my desire to see the government intervene in this uncompetitive and exploitative market, and that's why this event is so important.

"We are asking people who support this campaign to register their concern by writing to the government's Credit Review, which closes on 10th December. If everyone who cares about this issue takes action, then we can make sure that legal loan sharks are prevented from trapping people in cycles of debt.

The rally, part of a campaign led by Compass, Citizens UK, the Co-Op and the Better Banking coalition, follows the successful first reading of Stella's Consumer Credit (Regulation and Advice) Bill last month. The Bill seeks to give government the power to intervene in order to limit the total cost of credit; to increase funding for debt advice through a levy on credit and store cards; to give local authorities powers to limit the number of payday lenders setting up shop in their area; and to widen access to credit unions by linking them to the Post Office. 

Members of the public are free to attend the rally, which will take place from 7pm to 9pm in House of Commons Committee Room 5 on Tuesday 7th December 2010. They can also support the campaign by joining the facebook group or visiting

Compass is the UK's most influential political pressure group with over 40,000 members and supporters across the UK. Together we campaign for a more democratic, equal and sustainable society.

© 2010 Copyright  Compass - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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