Friday, December 2, 2022

“Crack down on legal loan sharks as well” says Polly

AT the beginning of Thurrock’s Loan Shark Awareness week, Labour’s Parliamentary Candidate for Thurrock Polly Billington called on the government to let councils ban legal loan sharks from our high streets.

“It’s great to warn people in Thurrock against using loan sharks – they cause misery for many families in our community. But the reality is not all loan sharks are illegal. Some set up shop right on our high streets.

“Payday lenders exploit people’s need for cash as prices rise and wages stand still. These legal loan sharks are exploiting the situation and many families are pushed further into debt. But the government has so far refused to crack down on them and limit the extortionate interest rates they charge – Wonga’s representative APR is 4,214%.

Research by Which? shows 60% of payday loans are taken out to pay for basics like food, money and petrol. The homelessness charity Shelter suggests as many as a million people use payday loans to meet their housing costs. The very least we can do is take payday lenders out of our high streets. The government should give local authorities like Thurrock council the power to veto licences for high street credit agencies. Such a move could reduce the threat of legal loan sharks exploiting our community.”

If you have an example of extortionate interest rates or unfair practices by high street or online money lenders, get in touch. polly@thurrocklabour.co.uk

8 COMMENTS

  1. you diminish the term “Loan Shark” by trying to distinguish between illegal and legal. Although I don’t necessarily agree with Pay Day Lenders (or their practices) I’m not quite ready to dub them “Loan Sharks”

    Perhaps Polly & Co would like to step in and offer more reasonable rates of interest?

    I love the quotes from Which and Shelter. What did you think people were spending the money on…..Caviar and Champagne? For Christ’s sake!

  2. Pretty Polly. She is a bit of a good looker though you’ve got to admit it. 🙂

    problem is governments both Lab and Condem gave all the peoples money to the banks and the banks don’t lend it out to small businesses and governments both Lab and ConDem dont push the banksters into action. So people go to Pay day loans. its simple.

    So is the answer.
    Make the banks lend to viable businesses. instead of banksters buying equity in the markets with it.
    (I see the Dow and S&P is making new highs).

    Will Labour ban APR’s over a certain percent? is this a labour election pledge? you know I wish it was. I am sure if the Turdies were in opposition they would be doing the same moaning about it but not doing sod all.

    take on the banksters
    and ban loans over a certain percent. its simple.

    Or tow the party political line and worship the banksters.

    Please put the above to Polly for reply.

  3. I make no comment as to the relative atractiveness of Labour’s PPC.

    I don’t believe that the government has given all of our money to the banks. As we run a deficit, they’ve borrowed money (on our behalf) and given it to the banks. I know it might seem like a petty distinction to make, but it’s worth making. The same holds true for any form of spending – be it overseas aid, welfare, whatever.

    Those that are using payday loans I would say (typically, but by no means exclusively) probably don’t fit the standard lending profile for banks – and probably didn’t well before the current economic crisis.

    I’m not convinced that banning loas over a certain % would be effective. BY all means regulate the way in which these firms operate, but putting a cieling on loans will probably just have the effect of excluding people from getting loans.

    Do we really want the government to be in control of every aspect of our lives? Sure, protect the vulnerable, but people have to take responsibiity for themselves.

  4. Pay Day lenders are leeches, living off the gullibility and desperation of people who are finding it hard to survive in today’s world of the upwardly spiraling cost of living and the stagnation of household income. They are probably worse than loan sharks because they hide behind the illusion of helping people whilst building a mountain of personal indebtedness amongst their clients. At least loan sharks are up front about what using their ‘services’ will cost you if you fail to keep up payments.

    And yes, catchingthebus, Polly is a handsome lady. 🙂

  5. Completely agree with Myles’ comment about payday lenders. I think they should not be allowed to charge such extreme interest on such small loans. All they do is keep people in debt and dependant on such companies.

    Polly looks like every other Champagne Socialist pretending to care about ‘the poor’. A quick scoot around Islington, Hackney or Stoke Newington and you’ll see lots of Pollys all cast in the same mould. I suppose to be fair a walk along Kings Road will show you the other (Tory) extreme.

  6. Bernard87 – Thanks for your support on that.

    As for Ms Billington’s attractiveness, only you could make a political point about it rather than just commenting on her appearance. That’s not a criticism, by the way, just an amusing observation.

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