Sunday, 22 November 2009

BBC Inside Out reports on the misery caused by Home Credit

Low income borrowers using Home Credit are being charged amongst the highest costs to be found in the whole of Europe and the US. That's the shocking finding reported tonight on BBC's Inside Out programme to be broadcast in the West Midlands. The report, which was undertaken in Coventry also found that a huge amount of the local Citizen Advice Bureau's work was taken up in dealing with problems caused by just one company - Provident Financial.

Our own review of prices charged by Provident has found that these have increased by 26% in just three years. This is despite the Competition Commission introducing measures in 2007/08 which were supposed to bring prices down!

Debt on our Doorstep has therefore today written to Business Secretary, Lord Mandelson, and called for immediate action to cap Provident's prices.

A copy of the letter can be downloaded from to Mandelson.pdf

No comments: