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While the Bank of England has faced the dilemma of how much funding assistance to give to the UK markets without allowing backs to benefit directly, this situation is now being replicated in Europe...
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Saturday 24th May 2008
While the so called doorstep loan companies may have their uses for some people, the vast majority of those in the UK who use their services find it difficult to escape. We are talking about the companies that will charge upwards of 30% interest on loans to those who are often not in a position to cover the payments. Even though the authorities have vowed to clean up this area of the market there are still terrible stories of small loans multiplying into thousands of pounds because of payment problems.
A recent report has shown that the doorstep loan companies are now hitting the most deprived areas of the UK in force. They have been known to target people in desperate situations and lock them down to agreements which many lenders know they will never be able to afford. This if nothing else is going to see UK bankruptcies increase over the next few months.
While it would be unfair to categorise all of the doorstep lenders as preying on the most vulnerable of society (those who cannot obtain traditional finance) the sector does not really have a great reputation. The authorities recently stepped in to try and force change but they may need to revisit the situation again. |
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