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

'Tea Break Bill' Passes: Gordon Campbell On Bad Labour Laws And Poor Safety

By co-incidence, one of the prime dangers of the government’s new employment relations law has been underlined by the release of the death and injury statistics among workers at New Zealand ports. These are highly profitable enterprises for the port owners.

The Port of Tauranga for instance, is expecting its current full-year profit to be between $78 million and $83 million and other ports are enjoying similar boom times – but they are also highly dangerous places for the people who work on or around the port premises. At the Port of Tauranga, there have been 26 serious accidents since 2011, and two deaths. More>>

 

Parliament Today:

No Charges: Outcome Of Operation Clover Investigation

Police have completed a multi-agency investigation, Operation Clover, into the activities of a group calling themselves “The Roast Busters”. The 12 month enquiry focused on incidents involving allegations of sexual offending against a number of girls in the Waitemata Police district and wider Auckland area... More>>

ALSO:

UNICEF Report: NZ Cautioned On "Stagnating" Child Poverty

An international report by UNICEF has found that child poverty rates in New Zealand have barely changed since 2008, despite similar sized countries significantly reducing child poverty during the recent recession. More>>

ALSO:

Funding Report: Two Pathways For Transport In Auckland

Commissioned by Auckland Council, the group was asked to investigate two possible pathways for raising $300 million per year ($12 billion over 30 years) to pay for the improvements needed to help fix Auckland’s transport system. More>>

ALSO:

Pay Equity: Equal Pay Win In Court Of Appeal

CTU: The Court of Appeal has made a historic decision paving the way for a substantial equal pay claim for aged care workers. More>>

ALSO:

Gordon Campbell: On The TPP Finishing Line, And Amazon’s Woes

If the Trans Pacific Partnership trade deal wasn’t such a serious matter, this would be pretty funny… More>>

ALSO:

TV3 Video: Three Die On Roads Over Labour Weekend

The official holiday period ended at 6am Tuesday, with three deaths on the roads during the Labour Day weekend. More>>

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:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news