Search

Calls for ‘legal loan sharks’ to be targeted following Wembley meeting

13:42 20 September 2012

Stella Casey MP surrounded by loan sharks at the event in Wembley last night

Stella Casey MP surrounded by loan sharks at the event in Wembley last night

Jonathan Goldberg

High interest loan companies ‘can cause vulnerable residents to spiral into debt’

Profiteering loan companies targeting vulnerable residents in the borough have been attacked as part of a new crusade launched in Wembley last night.

The scheme, which is calling for greater regulation on various high interest loan companies, will lobby central government to impose tighter restrictions on them.

Politicians, including the leaders of both Brent and Camden council, were joined by community members at Chalkhill Community Centre, in Chalkhill Road last night to launch the campaign.

Cllr Michael Pavey, a Barnhill ward councillor, who helped organise the meeting, described ‘legal loan sharking’, as a huge problem in the borough.

He said: “From just door knocking or talking to residents there are many people who have highlighted it as a concern either for them or people they know.”

The loan companies, which have seen an increase in the borough, including in Kilburn High Road have been criticised for their extortionate interest rates.

Some credit companies are known to charge at an annual interest rates equivalent to more than 400%.

This is despite the Bank of England base rate being just 0.5%.

“The UK is unique in that there is no regulation on these types of organisations and vulnerable residents can spiral into debt with huge interest rates.” – said Cllr Pavey, who moved a motion condemning loan companies at this months full council meeting.

The scheme will now call for central government to impose tighter regulations on the practise and cap the amount a borrower will have to give back.

Stella Creasy, MP for Walthamstow and shadow minister for crime prevention was also at the event to launch a campaign calling on the Football Association (FA) to tighter regulate advertising of the loan companies.

0 comments

Latest Kilburn & Brent News Stories

Business enthusiasts will be spoilt for choice, with a range of events delivered by industry experts on a range of subjects. Pic: South Kilburn Trust.

South Kilburn Trust will host a series of free events as part of their Love Business Month aimed at business beginners and veterans alike.

Forensics officers at the scene of the stabbing (Pic: Sam Corbishley)

A teenager stabbed to death near student halls in Wembley has been named as a 19-year-old from south London.

Friday, January 20, 2017
Police at the scene in Wembley (Pic: Sam Corbishley)

A teenager who died after being attacked in a street in Wembley today was stabbed to death and a second man was left injured.

Friday, January 20, 2017
Police at the scene in Wembley (Pic: Sam Corbishley)

A murder hunt has been launched following the death of a teenager who was attacked near Wembley Stadium.

Friday, January 20, 2017
Megan Butcher and daughter Joyce Thompson are joined by other residents.

“Golden oldie” Megan Butcher was joined by 40 friends from the Bush Grove Residents’ Association and was also congratulated by The Queen.

Friday, January 20, 2017
The Conservative Councillor for Brondesbury Park hopes to encourage more people from the Polish community to get involved in politics.

Conservative councillor Joel Davidson is aiming to boost Polish representation at local council level.

Thursday, January 19, 2017
Yahya Rashid was jailed for five years in November 2015

A Willesden man who spent his student loan on travelling to Syria to join ISIS has lost his appeal to clear his name.

Thursday, January 19, 2017
The report slammed Brent Council's planning department

Brent Council’s planning department is open to fraud and bribery, it has been claimed.

Education and Training

cover

Read the
Education and Training
e-edition today

Read Now

Newsletter Sign Up

Most Read Kilburn News

HOT JOBS

Show Job Lists

Digital Edition

cover

Enjoy the
Brent & Kilburn Times
e-edition today

Subscribe

Education and Training

cover

Read the
Education and Training
e-edition today

Read Now