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Tougher rules welcomed for payday lenders

loan-shark

Tougher rules welcomed for payday lenders

Additional rules governing payday lenders and other firms offering high-cost short-term credit have been welcomed by Ron Hogg, Durham's Police and Crime Commissioner.

The rules, which came into force on Tuesday 1 July, are designed to deter lenders from offering loans to borrowers who cannot afford to repay them over the original term, and to protect those who struggle with repayments from incurring spiralling costs.

Mr Hogg has previously given his support to local campaigns aimed at encouraging people to turn away from loan sharks and to report the crime if they have been a victim.

Mr Hogg said: "The new rules which took effect this week provide stricter controls for larger organisations, giving additional support to individuals who use their services.

"That being said, I am continuing to work with partners to tackle illegal money lending, particularly loan sharks who often appear friendly at first but quickly trap their borrowers into spiralling debt.

"We want our communities to feel safe and confident, therefore talking to a credit union is a much better and safer alternative to loan sharks and payday lenders".

For support and advise from local credit unions, please contact the Durham County Credit Union on 0191 375 1677 or online at www.durhamcountycu.co.uk or Darlington Credit Union on 01325 520005 or http://www.darlingtoncreditunion.co.uk/.

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Follow PCC Ron Hogg on Twitter: @RonaldHogg1, or for organisation updates: @DurhamPCC.

Posted on Wednesday 2nd July 2014
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