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

 


Weak Response to Loan Shark Rip Offs

Andrew Williams MP
Spokesperson for
Commerce
28 May 2014
Weak Response to Loan Shark Rip Offs
Thousands of Kiwis are being left to the mercy of loan sharks and will continue to face exorbitant interest rates, says New Zealand First.

“The National Government has blatantly ignored the simplest and most effective measure that would have protected many families from crippling payments – a cap on interest rates,” says New Zealand First Commerce Spokesperson Andrew Williams.

“The government has made a song and dance about the Credit Contracts and Consumer Finance Amendment Bill. However, all they have done is write pages of fine print that no-one will read, and certainly not people who have limited or no English skills.

“Instead, the one practical step of placing a limit on interest rates would have brought relief for countless families who need to borrow money in their hour of need.

“New Zealand First was the only party to vote against this bill because it fails to fully protect vulnerable people.

“Many countries already have interest rate caps, such as Australia, UK, USA, Canada, South Africa and much of Europe. Other countries are in the process of introducing similar legislation, including India, Hong Kong, Thailand, Vietnam. Philippines and Turkey.

"But this National Government thinks it knows better. National just does not care for the most vulnerable in our country. They live in a different world to the people who are affected by loan sharks. While this government was elected to work for all the people of New Zealand, they have shown no desire to carry out their duty.

“New Zealand First will continue to work towards getting an interest rate cap in place to stop money lenders ripping off families and hardworking New Zealanders," says Mr Williams.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Overseas Investment: Auditor-General To Examine OIO

The Auditor-General is to examine how the Overseas Investment Office collects and manages information following a request from the parliament's finance and expenditure committee. More>>

ALSO:

Gordon Campbell: On Bill English Living In Denial

The working poor have been a direct byproduct of the economic policies in vogue for the past 30 years or more, all over the Western world... That anger was evident in the Brexit vote, and it underlies the support for Donald Trump in the United States. More>>

ALSO:

Final Reading Of Parental Leave Bill: Families With New Babies Victims Of Veto

“For the first time ever, a Bill will have a third reading debate and no vote will be taken at the end because the National Government has used its veto – an extreme measure against families,” says the Bill’s sponsor, Labour MP Sue Moroney. More>>

ALSO:

Water, Pests, Erosion...: Commissioner Releases Mixed Report Card On Environment

The Parliamentary Commissioner for the Environment has released a mixed report card in her assessment of the state of New Zealand’s environment. “We are lucky to live in an exceptionally beautiful country, but we have some big issues to face up to” said Dr Jan Wright. More>>

ALSO:

Education: Private Schools Beneficiaries Of Extra Cash

“Not only did this year’s Budget freeze operational funding for state schools, but 86 per cent of secondary school principals say they don’t get enough funding, and the demand for school donations from parents is rising at 10 times the rate of inflation... Now we’ve got Hekia Parata proposing more cash for private schools." More>>

ALSO:

Shop Hours Bill Second Reading: Government Blocks Easter Trading Petition

The union representing retail workers is warning that the Government is out of touch with working people after passing the second reading of the Shop Trading Hours Amendment Bill, a law handing local authorities the power to permit trading on Easter Sunday. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news