Darwen Labour Party's loan shark protest

1:55pm Monday 20th August 2012 in News

DARWEN Labour Party collected a petition against legal loan sharks on the gala field.

Councillors and party members gathered signatures urging the Government to introduce caps on the total lending rates that can be charged for providing credit.

The petition also calls on the Government to give local authorities the power to veto licences for high street credit agencies with negative economic, or social, impacts on communities.

Coun Trevor Maxfield said: “It is worrying how many people fall foul of these sharks in our area. People need to be aware of their options and, instead of turning to high-interest loans, take advantage of things like Jubilee Tower Credit Union , in Bolton Road, which is there to help.”

Comments (7)

8:58pm Mon 20 Aug 12

BuckoTheMoose says...

People know what they are doing when they use these services. We don't need yet more regulation and intervention
People know what they are doing when they use these services. We don't need yet more regulation and intervention BuckoTheMoose

6:20am Tue 21 Aug 12

Excluded again says...

Unfortunately many people don't understand interest rates. People are desperate for money and fall into the trap of paying huge interest rates which drive them further into debt.

The financial services industry does not need more regulation? It's a view I suppose. Light tough regulation worked so well in the run up to 2008 that our economy nearly collapsed as a result and we are still paying for it now. So why not try that way again?
Unfortunately many people don't understand interest rates. People are desperate for money and fall into the trap of paying huge interest rates which drive them further into debt. The financial services industry does not need more regulation? It's a view I suppose. Light tough regulation worked so well in the run up to 2008 that our economy nearly collapsed as a result and we are still paying for it now. So why not try that way again? Excluded again

9:39am Tue 21 Aug 12

Private I says...

They prey on vulnerable people who are desperate for money to pay a bill or to buy their children something. They should be regulated as to where they can locate & advertise and they should have restrictions on how much interest they are allowed to charge
They prey on vulnerable people who are desperate for money to pay a bill or to buy their children something. They should be regulated as to where they can locate & advertise and they should have restrictions on how much interest they are allowed to charge Private I

10:59am Tue 21 Aug 12

Sad Darwener says...

Maybe regulation sshould be changed on TV advertising.The adverts on day time television are all about loans, claims, cash for gold and money lending firms!
Maybe regulation sshould be changed on TV advertising.The adverts on day time television are all about loans, claims, cash for gold and money lending firms! Sad Darwener

4:32pm Tue 21 Aug 12

english rose 1 says...

BuckoTheMoose wrote:
People know what they are doing when they use these services. We don't need yet more regulation and intervention
Unfortunately many folk don't know what they are doing......these firms often prey on folk with mental disabilities / folk who can't read or write / people with poor grasp of figures or the financially desperate.

There should definitely be more regulation.
[quote][p][bold]BuckoTheMoose[/bold] wrote: People know what they are doing when they use these services. We don't need yet more regulation and intervention[/p][/quote]Unfortunately many folk don't know what they are doing......these firms often prey on folk with mental disabilities / folk who can't read or write / people with poor grasp of figures or the financially desperate. There should definitely be more regulation. english rose 1

11:23am Wed 22 Aug 12

lwg76 says...

And only you do I suppose!
Nanny and english rose know best,
And only you do I suppose! Nanny and english rose know best, lwg76

2:23pm Wed 22 Aug 12

district01 says...

english rose 1 wrote:
BuckoTheMoose wrote:
People know what they are doing when they use these services. We don't need yet more regulation and intervention
Unfortunately many folk don't know what they are doing......these firms often prey on folk with mental disabilities / folk who can't read or write / people with poor grasp of figures or the financially desperate.

There should definitely be more regulation.
It’s akin to political party electioneering. Promises, promises!
[quote][p][bold]english rose 1[/bold] wrote: [quote][p][bold]BuckoTheMoose[/bold] wrote: People know what they are doing when they use these services. We don't need yet more regulation and intervention[/p][/quote]Unfortunately many folk don't know what they are doing......these firms often prey on folk with mental disabilities / folk who can't read or write / people with poor grasp of figures or the financially desperate. There should definitely be more regulation.[/p][/quote]It’s akin to political party electioneering. Promises, promises! district01

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