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Carl Packman on tackling legal loan sharks

Written by Ashwin Rattan Wednesday, 28 November 2012 15:16
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Carl Packman writes for New Statesman

 

Today, Lord Mitchell, an opposition spokesperson for Business, Innovation and Skills, will debate an amendment he has introduced to the Financial Services Bill (now in the report stage in the House of Lords) to potentially cap the total cost of credit which lenders can charge (this is different to capping interest rates in so far as interest rate caps can be sidestepped by upping other costs such as administrative fees. Total cost caps seek to address this potential loophole).

 

To readmore, goto:

 

http://www.newstatesman.com/economics/2012/11/cap-cost-credit-make-life-easier-those-forced-turn-payday-loans

 

Carl is the author of Loan Sharks

Ashwin Rattan

Ashwin Rattan

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