Haringey Council finance chief vows to fight ‘legal loan sharks’

13:00 26 March 2012

Councillor Joe Goldberg

Councillor Joe Goldberg

© D Tothill 2009 All rights reserved

Haringey’s finance chief has declared war on “legal loan sharks” who offer short-term payday loans to hard-up customers in the borough - but hit them in the wallet with sky-high interest charges.

Cllr Joe Goldberg, cabinet member for finance, wants residents in financial difficulty to seek help from the Haringey and Islington Credit Union rather than try high street alternatives or those online who might exploit those who can least afford it.

Interest rates with some firms can be above 1,000 per cent if repayments are missed, he said.

As an alternative, the credit union can help those who are financially excluded, and Cllr Goldberg said he would encourage the union to bid for grants from the council’s new One Borough, One Future Fund.

He said: “Tackling inequality is about housing, jobs and skills but also about ensuring everyone can get fair financial support when they need it and are not exploited by money lenders who charge interest rates far higher than ordinary banks, and that make paying off debt nearly impossible.

“Being a member of a credit union - a great co-operative tradition - is a great way for people to save a little and at the same time access credit when they need it on a more sustainable footing.”


Latest News Stories

Tuesday, September 22, 2015
One Direction fans queue in the rain to see their idols later this evening. Picture: Twitter/@sweetlarryhugs

One Direction fans proved they will do almost anything to be first in line to see their popstar idols – even wait for hours in the rain on a gloomy day in Camden.

Sunday, September 20, 2015
This message was posted outside of Tottenham Hale station (Photo: Shulem Stern)

The Victoria Line was closed this evening between Walthamstow Central and Seven Sisters after a woman was hit by a train at Tottenham Hale.

Friday, August 28, 2015
The fancy dress dodgeball competition is set to come to Finsbury Park next weekend.

The UK’s biggest fancy dress dodgeball festival will arrive in Finsbury Park for the first time next weekend.

Monday, August 24, 2015
Two full days of Tube strikes were planned for this week (Photo by Matthew Lloyd/Getty Images)

The Tube strikes due to take place this week have been called off by all three unions but more action has been announced for September 8 and 10. Unite and RMT unions, with the TSSA expected to follow suit imminently.

Most read news


You'll be stocked up on toiletries  for a while!

Cosmetics, toiletries, vitamins and more.

You could be splashing the cash at Topshop!

Just imagine what you could do with £1,000 to spend at Topshop.

Digital Edition

Read the Tottenham Journal e-edition today E-edition
Family Notices 24

Local business directory

Our trusted business finder