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

Patience: Drive Safe

Be patient before passing is the AA's message for drivers this Labour weekend.

"People taking crazy risks to get past other vehicles is one of the most dangerous things on the road,” says AA spokesperson Dylan Thomsen.

“The weather is looking good for the long weekend so the roads will be busy. Unfortunately, that also increases the chances of people getting frustrated and trying a risky passing manoeuvre. When they get past, there will probably be more traffic up ahead anyway so it won’t get people there faster.” More>>

 
 

Parliament Today:

Employment Relations Bill: Govt Strains To Get Tea Break Law Through

The Government has been left with egg on its face - failing to get its much-vaunted, but hugely unpopular, meal break law passed in the first week of its new term, Labour spokesperson on Labour Issues Andrew Little says. More>>

ALSO:

Guns: Police Association Call To Arm Police Full Time

"The new minister gave his view, that Police do not need to be armed, while standing on the forecourt of parliament. The dark irony was that the interview followed immediately after breaking news of a gunman running amok in the Canadian parliament in Ottawa..." More>>

ALSO:

Gordon Campbell: On The Tokenism Of New Zealand's Role Against Islamic State

Our contribution against IS will be to send SAS forces to train the Iraqis? That’s like offering trainers to General Custer just as the 7th cavalry reached the Little Big Horn. More>>

ALSO:

Scoop Business: Shell And Todd Caught Drilling Without Approval

Multi-national oil company Shell’s New Zealand arm and local energy giant Todd Energy have breached the new law governing New Zealand’s Exclusive Economic Zone, the Environmental Protection Authority says in an Oct. 10 document released by the Green Party. More>>

ALSO:

Gordon Campbell: On Pharmac, Gough Whitlam And Sleater-Kinney

We’re not at the outset of these negotiations. The outset was six years ago, and negotiators were hoping to have some sort of ‘framework’ deal finished in time for the APEC meeting in a few weeks’ time. These ‘extreme’ positions are what we’ve reached near the intended end of the negotiations… More>>

ALSO:

PM Of Many Hats: Questions, No Answers On Whale Oil

Dr RUSSEL NORMAN (Co-Leader – Green) to the Prime Minister: How many times since November 2008 has he spoken with blogger Cameron Slater on the phone and how many times, if any, has he texted him?
Rt Hon JOHN KEY (Prime Minister): None in my capacity as Prime Minister. More>>

ALSO:

Aussie Investigation Dropped: Call On Minister McCully To Pursue The Case Of Balibo Five

West Papua Action is deeply concerned at the lack of any clear outcome from the Australian Federal Police inquiry into the 1975 deaths of the ‘Balibo Five’ including NZ journalist Gary Cunningham. More>>

ALSO:

'Feed The Kids' Bill: Metiria Turei To Lead Fight On Feeding Hungry Children

Green Party Co-leader Metiria Turei is urging all political parties to support the Feed the Kids Bill which she inherited today from Mana leader Hone Harawira. More>>

ALSO:

Parliament Today: State Opening Of Parliament

The House sat at 10.30am on Tuesday before MPs were summoned to hear the Speech from the Throne in the Legislative Council Chamber. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news