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

 


Dunne breaks his word on loan sharks

Dunne breaks his word on loan sharks

United Future Leader Peter Dunne has done the dirty on the victims of loan sharks and backflipped on his previous willingness to support moves to cap excessive interest rates, Labour’s Consumer Rights spokesperson Carol Beaumont says.

“When Peter Dunne previously voted for my Member’s Bill proposing interest caps, he specifically said he was sorry it failed and hoped further progress would be made in the future.

“In spite of those comments he has ruled out supporting Labour’s proposed amendments to the Credit Contracts and Financial Services Reform Bill which will reduce the exorbitant rates loan sharks charge. The Bill is likely to be back in the House for a second reading on Tuesday.

“The Government’s long delayed Bill does not address the issue of capping interest rates of sometimes several hundred per cent.

“The legislation seeks to regulate consumer credit including loans provided by predatory third tier lenders. But National has failed to address out of control interest rates, leaving the Bill out of step with many jurisdictions around the world including the US, the UK, Canada, Japan, Australia and most of Europe.

“National opposes interest rate caps because it claims they could have undesired effects but I challenge the Government to find one country that has repealed such restrictions.

“Initial indications show there would be strong support for Labour’s amendments from other political parties and Peter Dunne’s vote could be crucial.

“These changes would strengthen protections for consumers and rein in the worst excesses of the third tier credit market which has thrived in times of high unemployment and low wages.

“Excessive interest rates lead to a spiral of debt and despair for many families. Labour urges those who want to stop the devastation that extortionate interest rates cause, to tell Peter Dunne he should do the right thing,” Carol Beaumont says.

Ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell:
On The National Leadership “Contest”

Key’s endorsement of English has turned this “contest” into a race for second place.

This succession was well planned. Lets not forget that English was told by Key in September of his intention to resign, and English was the only member of Cabinet entrusted with that information before it was sprung on everyone else on Monday morning. More>>

Latest: Judith Collins and Jonathan Coleman have withdrawn from the leadership race, leaving Bill English the only candidate to replace John Key as Prime Minister.

 

Education: Charter Schools Misleading Pass Rates

Labour: NCEA results for charter schools have been massively overstated... In one case a school reported a 93.3 per cent pass rate when the facts show only 6.7 per cent of leavers achieved NCEA level two. More>>

ALSO:

Rebstock Report Resolution: SSC Apologises To Derek Leask And Nigel Fyfe

Following a complaint by Mr Leask, the Ombudsman found that the State Services Commission acted unreasonably in relation to Mr Leask and identified numerous deficiencies in the investigation process and in the publication of the final report and in the criticisms it contained of Mr Leask... More>>

ALSO:

International Rankings: Student Results 'Show More Resourcing Needed'

NZEI: New Zealand had only held relatively steady in international rankings in some areas because the average achievement for several other OECD countries had lowered the OECD average -- not because our student achievement has improved. More>>

ALSO:

Earlier:

Salvation Army Report: Beyond The Prison Gate Report

A new Salvation Army report says changes must be made to how prisoners re-enter society for New Zealanders to feel safe and secure in their homes and communities. More>>

ALSO:

Surprise Exit: Gordon Campbell On The Key Resignation

The resignation of John Key is one thing. The way that Key and his deputy Bill English have screwed the scrum on the leadership succession vote (due on December 12) is something else again. It remains to be seen whether the party caucus – ie, the ambitious likes of Steven Joyce, Judith Collins, Paula Bennett, and Amy Adams – will simply roll over... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news