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Andrea Leadsom Among MPs Urging Government To Tackle Legal Loan Sharking
| Author: Selina Short | Published: 22nd February 2011 17:02 |
Andrea Leadsom MP
Andrea joins cross-party coalition calling on Government not to delay in fight to tackle legal loan sharking
Andrea Leadsom MP for South Northamptonshire has joined a coalition of MPs from all three major parties calling on the Government to set out a timetable for action to prevent exploitation in the high-cost lending market, in response to new evidence showing the speed of growth in the sector.
Andrea is one of 15 MPs to sign a joint letter to Ed Davey, minister for consumer affairs,
Andrea Leadsom MP says;
“With high-cost lenders expanding aggressively and no adequate protection in place for vulnerable consumers, the case for action is becoming clearer every day. There is a wide range of support for the introduction of a range of caps on the costs of credit, not only among MPs from all parties but also among consumer groups and debt advice agencies, and I’m pleased to be a part of this campaign. We need to act in order to ensure that consumers in South Northamptonshire and around the country are no longer locked in cycles of debt thanks to the unscrupulous practices of payday, home credit and hire purchase lenders.”
Meanwhile it has emerged that Wonga.com, an online payday lender, has borrowed £73mn in order to expand its operations. The news comes after Dollar Financial, an American payday company that owns MoneyShop, was revealed to be planning to expand its presence in Britain from 350 stores to 1,200.
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