End Legal Loansharking – Night of Action

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Please find below some information from Movement for Change about their night of action on legal loansharking. We’re doing our bit to help spread the message

Movement for Change activists from across the UK are taking action to call for a cap on the cost of credit and promote fairer financial alternatives to legal loan sharking. To launch the next phase of this work, join us for a Night of Action in Wembley:

Wednesday, 19 September 2012 from 19:15 to 21:00.

Chalkhill Community Centre

113 Chalkhill Road

Wembley, HA9 9FX

Reserve your place here: www.sharkstoppers.eventbrite.co.uk

In nearly every High Street in the country payday loan companies taking over, often charging high rates of interest to people who cannot afford the repayments. The result can be misery, leaving people in our communities in a spiral of debt and increasing desperation. Activists across London have been working with Labour councillors to take action to curb the spread of these companies. Join us to ask the Leaders of Brent and Camden Councils to implement new measures which will bolster fairer alternatives to the sharks.

Now these companies are moving into football, advertising their high-interest loans at our football stadiums and even on children’s clothing. The Football Association is responsible for the regulation of football and currently bans alcohol and gambling advertisements on club merchandise for children. According to the FA, this ban is designed to protect the ‘welfare, health or general wellbeing’ of young people.  Yet companies such as Wonga are able to advertise without question. In our poorly regulated UK consumer credit market, encouraging young children to endorse payday lending cannot be to the benefit of their wellbeing. Despite this, the FA’s Chairman David Bernstein has so far rejected calls to show leadership on this issue and extend the ban on inappropriate adverts for underage fans to include such high cost credit companies.

 

That’s why residents from across Brent and Camden are going straight to the home of the FA – Wembley. If the FA took this step it could help encourage the Government to act on this industry and cap the costs of credit. This measure would give British consumers the same protection others around the world enjoy from the debts these loans can generate.

All Movement for Change activists and other supporters are welcome. Please do share this invitation with anyone else you think may wish to come too www.movementforchange.org.uk

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