Million people resort to payday loans to pay rent or mortgage
Thursday 5th January 2012
Almost one million people have had to take out a payday loan at 4,000% within the last year to pay their rent or mortgage.
In total, seven million borrowers and tenants are relying on some form of credit to pay their housing costs.
Martin Lewis, of moneySavingExpert.com, said:
“The UK is the crock of gold at the end of the rainbow for the world’s payday lenders, They’ve been regulated out of other countries and jump for joy at our lax supervision”.
“That’s why these 4,000% APR lenders are exploding across British high streets. Yet these astronomical APRs aren’t the real danger – that comes from the rollover. This is where people can’t repay at the end of the month and compound interest kicks in.”
David Cameron wanted to wave through donor’s policy to destroy rights of workers
Controversial report by venture capitalist who gave Tories £600,000 was blocked by Lib Dems
Andrew Grice Wednesday 28 March 2012
A major donor to the Conservative Party proposed the dilution of workplace rights in a report which won the backing of David Cameron but was blocked by the Liberal Democrats.
Adrian Beecroft, a venture capitalist who has given £593,000 to the Conservatives since Mr Cameron became leader in2005, recommended companies be allowed to sack unproductive workers at will.
The businessman, whose interests include payday loans company Wonga.com,…