High Cost Debt

loan sharks image- liam gavin quote.jpg
 
 

high cost credit and debt campaigns

I have a long history of campaigning on high cost credit and continue to campaign for regulation of loan sharks - firms are diversifying into other types of product to get around rules and rip people off. New lenders are exploiting the gap in the market left by the decline of Wonga and I am very concerned about the lack of regulation on high cost credit on the community in Walthamstow and across the UK.

Because of this, I have campaigned against the predatory lending of Wonga which has since shut down.

Stella is now working hard to push for caps all all forms of high cost credit to respond to the fact that the market is evolving.

I have written Economic Secretary to the Treasury to request that the Government implement regulation which protects consumers - we need to respond to the fact that high cost lenders in order to evade regulation.

More Information

https://www.theguardian.com/money/2018/aug/28/high-cost-credit-firms-exploiting-wongas-woes-says-stella-creasy

https://www.theguardian.com/commentisfree/2018/sep/01/wonga-has-gone-but-the-money-sharks-still-circle