High Interest Rates Are Receiving More And More Attention

The National Consumer Council (NCC) are to submit a "super-complaint" to the Office of Fair Trading (OFT) following its research into doorstep lending.

They confirm that door to door lenders charge higher rates of interest than mainstream banks, sometimes up to 900%.

The OFT is duty-bound to investigate a super complaint from a large consumer body under current legislation.

The complaint will also ask the OFT to investigate how doorstep lenders offer "step up" and "roll over" loans where borrowers are enticed into borrowing even more.

The "Debt On Our Doorstep" campaigning group continue to lobby for change - see their website for more details.

Ask your MP to support Adam Price's "10 Minute Rule Bill" Interest Rates (Limits on Charges) Bill - to receive its second reading on Friday 18th June 2004.

North East Derbyshire MP - Harry Barnes
Bolsover MP - Dennis Skinner
Other MP contact details can be found at the Houses of Parliament website

Also see our Annual Report for an article on Doorstep Lenders

Last updated: February 21, 2007