Brady welcomes new scheme to tackle ‘extortionate’ moneylenders  

March 30, 2010

Sinn Féin MLA and spokesperson on Welfare Rights, Mickey Brady, has welcomed new moves towards creating alternatives to doorstep moneylenders.  

Mr Brady revealed that the Consumer Council plans to run a pilot scheme offering practical and affordable credit to people in need.

“The issue of money-lenders who charge extortionate rates of interest is a major problem in our communities,” Mr Brady commented.

“In many case, these firms travel from door-to-door offering credit to vulnerable households.  It is no co-incidence that they target deprived areas because they know that is where they will find people who have the greatest difficulty accessing affordable credit and are therefore vulnerable to their advances.

“And while there may be nothing strictly illegal, it is immoral and I welcome the Consumer Council pilot which has the potential to create new alternatives for those in need of affordable credit.

“The scheme will work through the Credit Unions and the hope is that it will provide a realistic option, enabling people to move away from high interest money lenders and towards a lower-cost solution.”