Newham Council says its time to act on payday loans
Newham Council is backing a campaign by university students to get Government ministers to tighten the regulations on payday lending.
It joined students from the University of East London (UEL) and members of Citizens UK who are raising awareness of the problems caused by debt to vulnerable people.
As the Government called in members of the payday lending industry for a summit, councillor Ian Corbett joined students to protest outside a loan shop in East Ham.
The council is supporting their call to end the practice of rolling over loans; stopping the sale of multiple loans to individual customers, and starting to display separate information on free debt counselling services in all branches.
The protest took place on Canada Day, July 1, to highlight how the UK’s laws are trailing behind those in Canada in terms of consumer protection.
Cllr Ian Corbett, Executive Member for Infrastructure and Environment, said: “Our community needs employers who create jobs that pay people. Filling our high streets with pay day loan firms is not the answer. These companies are not the same as banks and building societies.
“As with betting shops, the solution lies with giving local councils the powers to create balanced, vibrant high streets. Ministers know there is a problem and it’s time for ministers to act