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Maori Party Seeks an End to Loan Shark Exploitation


Te Ururoa Flavell
MP for Waiariki
Thursday 23rd August 2012


Maori Party Seeks an End to Loan Shark Exploitation

The Maori Party are calling for an end to the exploitation of New Zealand’s most vulnerable communities at the hands of loan sharks. Te Ururoa Flavell today announced that the Māori party would be looking to further its policy for a crack-down on the operation of loan sharks.

“For years loan sharks have targeted the very communities in New Zealand that have a genuine need for proper social and financial support. They market their services to normal people who are on hard times – offering superficial solutions to problems that are systematic and cannot be solved by a quick fix.”

“Impractical borrowing of money can lead to financial dependency in low-income households. Loan sharks know this and charge incredible interest rates to maintain the financial entrapment. These communities need proper support and that is not what they get through dealing with unfair schemes provided by loan sharks – it is exploitation and it is unacceptable.”

“Our policy is that loan sharks must be shut out of business – they are a social hazard. The Māori Party will be supporting legislative changes that cut out their activities by mandating responsible lending requirements. We propose new regulations that hold lenders to account when repayments are not met – balancing the responsibility of debt with lenders and borrowers alike.”

“Most important is the need for informed self-determination. We support initiatives that help families find their feet and make sensible financial decisions for themselves. We want to see whanau becoming financially secure – breaking the cycle of debt is part of our vision for healthy families and healthy communities.”

ENDS


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