The us government therefore the pay day loans industry say actions are now being taken up to protect borrowers, but Consumer Focus states it’s all not enough, too late. Channel 4 Information looks at what exactly is occurring.
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The matter of short-term, high interest loans is raised in a written report from MPs from the company, innovation and abilities choose committee.
Aided by the economy in the doldrums, the committee claims action is required to stamp out of the punishment of clients who’re вЂњover-indebted, vulnerable and in need of helpвЂќ вЂ“ and danger losing their houses when they cannot manage to repay their loans.
Customer Affairs Minister Norman Lamb told Channel 4 Information the federal government had been undertaking an evaluation, that was due to report into the summer time, but he warned businesses вЂњbreaching requirements of appropriate behaviourвЂќ which they could lose their licences. (more…)