Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


High Profile Loan Shark Stories Tip of the Iceberg


Carol BEAUMONT
Consumer Rights and Standards Spokesperson

5 May 2013 MEDIA STATEMENT

High Profile Loan Shark Stories Tip of the Iceberg

Fresh revelations about the damage done by loan sharks charging extremely high interest without even properly documenting the loan reinforces the urgent need for legislation, says Labour’s Consumer Rights and Standards spokesperson Carol Beaumont.
 
The New Zealand Herald yesterday reported the story of a woman targeted by a loan shark operating in a casino. He was charging her incredibly high interest rates for a loan that may not even be lawful.
 
“This case is shocking. But it’s just the tip of the iceberg. Many more New Zealanders are suffering after taking on a small debt lawfully from a loan shark that later balloons out of control because of the high interest rates they’re being charged.
 
“Pay day lenders, loan sharks and truck shops are thriving in our communities, targeting people who are struggling to pay their bills.
 
“This isn’t a new problem. In fact, Deputy Prime Minister Bill English acknowledged two years ago that vulnerable Kiwis were being targeted by credit providers whose behaviour was largely unregulated.
 
“Despite that, this Government hasn’t prioritised the issue. Its failure to do so has caused terrible stress and financial pain for thousands of Kiwi families.
 
“Budget advisors say the problem is growing with families are forced to take on high interest loans just to cover everyday costs, including rising power bills.
 
“But National has just sat on its hands for five years watching while families face financial ruin. It has failed to create jobs that pay decent wages, to tackle the rising cost of living and it has left vulnerable families at the mercy of predatory loan sharks.
 
“A week ago, a Bill was finally introduced to Parliament beginning the process of controlling loan sharks. But it’s a little too late for many Kiwis whose lives have already been damaged forever,” said Carol Beaumont.

 ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Parliament Today:

Werewolf: The Defence Pretence

Last year, the world began spending more money on weapons again, for the first time since 2011... New Zealand belongs to a region – Asia and Oceania – where military spending rose sharply in 2015, by 5.4 per cent. More>>

ALSO:

Gordon Campbell: On Not Crying Foul, Argentina

So a couple of guys found to be criminally liable of environmental pollution in Argentina lodge an application with the Overseas Investment Office… in order to buy some prime New Zealand rural land. Seems that their factory back home had carelessly and/or intentionally discharged toxic waste into the Lujan river. Bummer... More>>

ALSO:

Urban & Rural: $303m To Merge And Modernise New Zealand’s Fire Services

Internal Affairs Minister Peter Dunne today announced funding of $303 million over five years to combine urban and rural fire services into one organisation from mid-2017. More>>

ALSO:

High Trust Regime: What Did The PM Tell His Lawyer About Foreign Trusts?

The Government stopped the IRD from reviewing New Zealand foreign trusts shortly after the Prime Minister’s lawyer wrote to the Revenue Minister claiming John Key had promised him the regime would not be changed. More>>

ALSO:

Road Crime: Wicked Campers Vans Classified As Objectionable

The definition of publication includes any "thing that has printed or impressed upon it, or otherwise shown upon it, 1 or more (or a combination of 1 or more) images, representations, signs, statements, or words", The Classification Office has previously classified such 'things' as billboards, t-shirts, and even a drink can. This is the first time the Classification Office has classified a vehicle. More>>

ALSO:

'When New' Repairs: Landmark EQC Settlement

The Earthquake Commission has cut a deal with 98 Canterbury homeowners that affirms the government entity's responsibility to repair earthquake-damaged property to a 'when new' state, as well as covering repairs for undamaged parts of a property and clarifying its position on cash settlement calculations. More>>

ALSO:

Gordon Campbell: On Kiwirail’s Latest Stint In The Dogbox

The denigration of Kiwirail continues. The latest review (based on a 2014 assessment) of the options facing the company have enabled Kiwirail to be hung out to dry once again as a liability and burden on the taxpayer. More>>

ALSO:

Royal Society Report: Good Opportunities To Act Now On Climate Change

There are many actions New Zealand can and should take now to reduce the threat of climate change and transition to a low-carbon economy, a report released today by the Royal Society of New Zealand finds... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news