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Tuesday, 15 November 2011

Loan sharks: e-petition signatures please

Soldiers from the Alpha Grenadier Company attend a Remembrance Day (pic: PA)

Close on the heels of Remembrance Day the Mirror yesterday ran a story,  'Legal loan sharks target soldiers battling to survive on low military wages'. Today, better news: 'Legal loan shark QuickQuid stops targeting soldiers after Mirror story'. But the battle is not over. Nick Sommerlad illustrates the wider problem here. Britain is one of the few countries left with no restriction on the interest rates and fees that lenders can apply - 300% to 400% a year is typical - which is more than ten times the cost of mainstream credit.

The Government's advice for dealing with loan sharks is 'Don't'. Good advice but likely to miss the target aimed at by loan sharks.  More information on the problem is available here

Please sign the e-petition calling on the Government to take action and encourage others to do the same. Thank you.

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