Thursday, 11 January 2007

BBC Inside Out To Feature Dood in East Mids

The BBC's regional affairs programme, Inside Out (to be broadcast at 7.30pm in the East Midlands, Fri 12th January) will focus on door to door lending companies and feature an interview with Debt on our Doorstep.

The recent Competition Commission investigation into a lack of competition in the door to door lending market highlighted that lenders in this market were making at least £75 million of excess profits each year. However, the Commission did not approve the introduction of a price cap, and its proposed remedies will take at least 18 months to have an impact.

The BBC programme looks at the devastating consequences of borrowing from door to door lenders at extortionate interest rates and reveals how high cost credit can never benefit people on low incomes.

In the programme Debt on our Doorstep reiterate the call for an interest rate cap - recently taken up in Parliament by Alan Whitehead M.P - as the most effective means to reduce the cost of borrowing to low income households, and call for the industry to repay the £75 million in excess profits made in the last 12 months as a levy to fund credit union and other affordable credit alternatives.

No comments: