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

Fri, 17:09
Kings Edge Medical Centre is in Kingsbury (Pic: Google)

A GP surgery in Kingsbury has been placed in special measures after a health watchdog uncovered a shocking catalogue of failures including a lack of infection control.

Fri, 15:56
NCA officers arriving at Markuta's home to arrest him (Pic: NCA)

A Willesden man has been jailed for hacking into a business computer network and stealing more than 450,000 email accounts and passwords.

Fri, 13:31
May Redley, from Harlesden, was wrongly billed by British Gas and panicked by threatening letters set up a direct debit to pay it. Picture credit: Adam Tiernan Thomas

A bungling energy company frightened an elderly pensioner from Harlesden into paying £30 towards a bill sent to her despite her not being a customer.

Fri, 12:41
The fire in Harlesden was started by a crystal knob (Pic: Twitter@LondonFire)

Fire chiefs are urging people to keep items such as crystal furnishings and shaving mirrors out of the way of direct sunlight after a glass doorknob sparked a blaze in a housie in Harlesden.

Fri, 12:13
Heather Jones at the junction where she was fined (Photo by Adam Tiernan Thomas)

A motorist refused compensation by the council after she paid the penalty for a wrong right hand turn in Kensal Rise has had the ruling overturned by an adjudicator.

Thu, 18:12
The victim was not given enough support by Brent Council PICTURE POSED BY MODEL

Brent Council has been ordered to pay £750 compensation to a domestic violence victim for failing to provide adequate support when she needed to be rehoused for her own safety.

Thu, 15:45
The woman was hit by a car on Ealing Road at the junction of Wembley High Road (Pic: Google)

An elderly woman has been seriously injured after she was hit by a car while crossing a road in Wembley this morning.

Thu, 15:15
Members of the Terence Higgins Trust under the rainbow at Brent's first Mini Pride Festival

The first mini ‘Pride’ event has taken place in Brent to celebrate the lesbian, gay, bisexual and transgender (LGBT) community, promote HIV prevention and tackle homophobia in the borough.

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

Competitions

Kit yourself out and go Apple mad!

If you’re obsessed with Apple or just love a good gadget, this is a prize that will blow you away! An incredible £3,333 to spend on Apple goodies! How would you like to be the proud new owner of the Apple Watch?

VW Golf Estate

As we grow older it becomes more and more important to have means to travel about safely and quickly. Our friendship groups and families grow and the need to have a car that is not only safe but also fast and big enough for all our needs is ever more important. There are many cars on the market for such needs but none deals with them as efficiently or as neatly as a VW Golf Estate. These cars are build strong, long lasting and spacious for a reason. They cater to the needs of many and are some of the most popular cars currently on the market.

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