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

 


Missed opportunity to crackdown on loan sharks

Carol
BEAUMONT

Consumer Rights and Standards Spokesperson
17 March 2014 MEDIA STATEMENT

Missed opportunity to crackdown on loan sharks

The Government has squandered an opportunity to crackdown on exorbitant rates being charged by loan sharks that are financially crippling some our most vulnerable families, Labour’s Consumer Rights and Standards spokesperson Carol Beaumont says.

“The Government is claiming its Credit Contacts and Financial Services Law Reform Bill will stop unscrupulous lenders.

“However this Bill – which has just been reported back from select committee – fails to address the most important issue of excessive interest rates.

“Interest rate caps are increasingly commonplace throughout the world but have been disregarded by the Government.

“National’s inaction has caused immeasurable grief and hardship to thousands of families who have got caught up in spiralling debt with loans from predatory lenders.

“Communities find compounding interest rates of over 100 per cent charged by some third tier lenders to be abhorrent. These exorbitant rates are unjustifiable and take money from needy families.

“Labour will not sit back and leave this unchallenged. We will be putting forward amendments to the Bill to include interest rate caps to other new measures to protect the interests of consumers.

“I expect there will be strong support from communities and in Parliament for such amendments,” Carol Beaumont says.

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Wellington: Predator Free Capital Plan

Wellington City Council (WCC), the Greater Wellington Regional Council (GWRC) and NEXT Foundation, today announced a joint collaboration to make Wellington the first Predator Free capital city in the world. More>>

ALSO:

Gordon Campbell: On Judith Collins’ Efforts At Self Correction

Thousands of prisoners currently in prison may be entitled to an earlier release than expected – and compensation – because Corrections has incorrectly calculated their term of imprisonment. Unless of course, the government buries its mistakes by changing the law and retro-actively getting itself off the hook… More>>

ALSO:

More Justice & Corrections

Sector Opposes Bill: Local Government Bill Timeframe Extended

The Minister of Local Government Peseta Sam Lotu-Iiga has asked the Select Committee to extend the report back date for the Local Government Act 2002 Amendment Bill (No 2). More>>

ALSO:

Breed Laws Don’t Work: Vets On New National Dog Control Plan

It is pleasing therefore to see Louise Upston Associate Minister for Local Government calling for a comprehensive solution... However, relying on breed specific laws to manage dog aggression will not work. More>>

ALSO:

Not Waiting On Select Committee: Green Party Releases Medically-Assisted Dying Policy

“Adults with a terminal illness should have the right to choose a medically assisted death,” Green Party health spokesperson Kevin Hague said. “The Green Party does not support extending assisted dying to people who aren't terminally ill because we can’t be confident that this won't further marginalise the lives of people with disabilities." More>>

ALSO:

General Election Review: Changes To Electoral Act Introduced

More effective systems in polling places and earlier counting of advanced votes are on their way through proposed changes to our electoral laws, Justice Minister Amy Adams says. More>>

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news