Search

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.”

0 comments

Latest News Stories

Yesterday, 18:00
Pupils at Hyland House school, which is relocating to the former John Loughborough school site in Tottenham in 2015.

A successful independent primary school is set to relocate to Tottenham next year on the site of the former John Loughborough school.

Yesterday, 11:10
This section of Tottenham High Road will be closed over Christmas so this bridge can be replaced. Picture: Google StreetView

A section of Tottenham High Road will be closed to traffic for six days over the Christmas period while a railway bridge is replaced.

Yesterday, 15:00
Tristia Clarke, vice president of Ambitious about Autism and commercial director of TalkTalk Group, Jolanta Lasota, chief executive of Ambitious about Autism, Edward Rising, auctioneer, Dido Harding, chief executive of TalkTalk Group.

VIP tickets to the X Factor final, a corporate box at Old Trafford and pupils’ artwork all helped raise almost £290,000 for Muswell Hill’s autism charity.

Yesterday, 13:46
Seema Chandwani

The project manager for Positive Youth News Haringey on why we can’t rely on councils to safeguard funding for youth services in an era of budget cuts - the government must act.

Most read news

From Nigel Farage to George Galloway, it’s been a year of people trying to make a change in politics.

If you’ve taken time off to escape from your boss, you’re not alone.

The judge reckons the PC did not have enough wit to invent the story.

There’s been a rise in the number of fresh shop-bought chickens contaminated with the bug since August.