Have any youth workers experience of relating to young people, who have bitten the promises of the loan sharks?
Research by Durham University’s Centre for Social Justice and Community Action and community partner, Thrive Teesside, has highlighted the predatory lending practices of high cost lenders and the profound impact on low income families caught in spiralling debt. Their research recommended much tougher regulation of high cost credit (including payday loans).
There is a small window of opportunity now to influence the Financial Conduct Authority (FCA), which will take over responsibility for this sector from April 2014. FCA is currently consulting on how it should regulate payday lenders.
A cross party group of MPs, along with major debt advice and consumer charities, is backing a charter, which will be sent to the Chief Executive of the FCA asking for much tougher regulation to stop these companies ripping people off.
If you haven’t done so already, please sign and pass on to friends and colleagues.
School of Applied Social Sciences
29 Old Elvet