Medway Council Has Talked Of Ban Of Money Lending Shops

By Author: Jack Paul
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The councilor of Medway, Vince Maple is of the view that the shops that is the firms or the companies that are which offer loans are a trap and attract vulnerable people who are really in need of some money to make use of it. A new plan has been put forward by the councilor. In it there is a suggestion or rather a plan because of which no new money lending shops would be opened in any part of Medway. There is going to be a ban on them. From past quite sometimes now there have been complains of these shops either charging a rate of interest that is quite high or duping their customer in some other way.


Councilor Maple has called up for a meeting with the government officials. In this meeting there would be discussions that more powers should be given to the authorities who are working on the local levels who have the duty of offer licenses to such loan shops so that they easily control there monopoly. He is of the view that these shops that offer loans are only used by people who become vulnerable due to shortage of cash in hands. .


The Consumer Finances Association has something else to ...
... say as they stand in support of some of the shops offering loans. They say that the people going to these shops are always advised that they should not go to such loan shops to get hold of money to make the payment of their debts. In case the motion is agreed upon and is passed then the Council of Medway is going to take this very argument up to the government.


Many are of the view that the people are not literate as far as financial education is concerned that is they have less knowledge as far as the management of their funds is concerned. Councilor Vince Maple had to say that the Council of Medway was of the view that there should be restriction on the total lending rate of interest. Some actions should be introduced. Apply now with quick payday loans and get quick funds through financers in very less time .


The Consumer Financial Association is the representative of not less but eight payday loan companies which are the largest in the market. After a careful look it was found out that the debts that were long-term were because of the bank overdrafts as well as on the credit cards. Those people with such long-term debts were asked to take help from Citizens Advice.


John Lamidey, chief executive of the Consumer Financial Association which represents the eight largest payday loan lenders, said most long-term debt was on credit cards and bank overdrafts and he advised anyone with long-term debt to go to Citizens Advice (CAB).

Jack Paul is financial advisor and work with us. He provides best knowledge to get finance in trouble. He writes articles on quick payday loans @ http://www.quickcashpaydayloansuk.co.uk/ no fax payday loans and guaranteed payday loans.
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