Home of wanted loan shark raided (From Warrington Guardian)

Scum of the earth , praying on the most vulnerable of society ... Throw the book at him and take everything off him under the proceeds of crime act ,

The only way to stop this is by making money available through credit unions that both save money for people and lend money from their savers out to another party who wants to borrow with an amount of interest paid by the borrowers to the savers. Unfortunately until this does happen loan sharks will get more than enough business, some of them even charge less interest than the Provident who's business plan is to keep borrowers in debt by once a borrower only has £100 or so to pay back the agent will come to their house for the usual collection plus another £500-£1000 if they want to extend their loan at nearly 1000%apr because they know if they're borrowing to a household with low wages or just benefits coming it the majority can't refuse the temptation of £1000 cash no matter if they payments will continue to force the parents to go without food. The new payday loans that are banned in the USA because the maximum apr any company can charge an individual on an unsecured loan is around 15%apr with fixing fees of around 5% of the loan. What this new law in the USA caused was all the companies to come to the UK as we're 1 of the few countries worldwide who don't protect borrowers mainly on really low incomes from extortionate rates of interest from fast cash companies like the Provy who've been ripping the poorest communitys off for decades and are not that much different from loan sharks. With the new pay day loan companies their interest rates are typically 2500%apr which is criminal in most peoples eyes and i've not heard of any loan shark charging those rates but like usual the Government doesn't give a toss about us by allowing companies to charge these rates and add on fees after fees where if somebody did want to pay them and get sorted they wouldn't be able to eat for a very long time cause these leaches don't care about ability to pay because they can sell the debt on with their ridiculous charges added on so when i debt collection company collects on the debt they usually get around 20% of the amount recovered which still leaves the Legal loan sharks with a healthy profit. Also previous loan sharks often with violent past's are being awarded consumer credit licences to legalize their operations. The only people who can stop this are the MPs who've been sweeping this under the carpet for far to long and even now with the interest rates leaping by 1000% as a time to push and see if the Government will put an end to it like in America but they're not. If this is allowed to go on even for another 5 years apr rates will be around 10,000% with the Government still not doing anything to protect low income households who just wanted a little bit extra to buy their kids the latest computer/toy and end up paying for it 100x over before the debt actually starts getting paid and all the interest has been paid.

notatcreamfields wrote:
The only way to stop this is by making money available through credit unions that both save money for people and lend money from their savers out to another party who wants to borrow with an amount of interest paid by the borrowers to the savers. Unfortunately until this does happen loan sharks will get more than enough business, some of them even charge less interest than the Provident who's business plan is to keep borrowers in debt by once a borrower only has £100 or so to pay back the agent will come to their house for the usual collection plus another £500-£1000 if they want to extend their loan at nearly 1000%apr because they know if they're borrowing to a household with low wages or just benefits coming it the majority can't refuse the temptation of £1000 cash no matter if they payments will continue to force the parents to go without food. The new payday loans that are banned in the USA because the maximum apr any company can charge an individual on an unsecured loan is around 15%apr with fixing fees of around 5% of the loan. What this new law in the USA caused was all the companies to come to the UK as we're 1 of the few countries worldwide who don't protect borrowers mainly on really low incomes from extortionate rates of interest from fast cash companies like the Provy who've been ripping the poorest communitys off for decades and are not that much different from loan sharks. With the new pay day loan companies their interest rates are typically 2500%apr which is criminal in most peoples eyes and i've not heard of any loan shark charging those rates but like usual the Government doesn't give a toss about us by allowing companies to charge these rates and add on fees after fees where if somebody did want to pay them and get sorted they wouldn't be able to eat for a very long time cause these leaches don't care about ability to pay because they can sell the debt on with their ridiculous charges added on so when i debt collection company collects on the debt they usually get around 20% of the amount recovered which still leaves the Legal loan sharks with a healthy profit. Also previous loan sharks often with violent past's are being awarded consumer credit licences to legalize their operations. The only people who can stop this are the MPs who've been sweeping this under the carpet for far to long and even now with the interest rates leaping by 1000% as a time to push and see if the Government will put an end to it like in America but they're not. If this is allowed to go on even for another 5 years apr rates will be around 10,000% with the Government still not doing anything to protect low income households who just wanted a little bit extra to buy their kids the latest computer/toy and end up paying for it 100x over before the debt actually starts getting paid and all the interest has been paid.

Couldn't have said this any better

Hear Hear, Well said...