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|Labour plans to target payday loan firms to boost credit unions but is this a viable strategy|
|Thursday, 07 May 2015|
The Debt Advisor recently put this question to Kate Green, parliamentary
candidate for the Labour party in Stretford and Urmston. Kate confirmed
that Labour would take action to help prevent people falling into
unmanageable debt by clamping down on irresponsible lending. She said:
“Our manifesto commits to capping the cost of credit, stopping the
spread of payday lenders on our high streets and raising millions of
pounds through a levy on payday lenders' profits.”
Bev Budsworth, managing director of The Debt Advisor commented: “Restrictions outlined by the Financial Conduct Authority (FCA) are welcome as we try to ensure that the payday loan market is regulated correctly. The caps introduced by the FCA which limit the number of times loans can be rolled over and also how often firms can attempt to collect repayments from bank accounts, will undoubtedly help to control this sector. However, statistics from the Consumer Finance Association, which represents 12 payday lenders, estimate that the new rules and a cap on costs could encourage up to half of firms to leave the market.”
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