Mumsnet bans adverts from payday lenders
Personal Finance Editor
Monday 26 November 2012
Mumsnet last night became the first major website to publicly ban payday lenders.
Co-founder Justine Roberts said the move was in recognition that the high-cost credit companies can cause misery for families.
“There are clear problems with this industry, and until it is cleaned up, we don't want anything to do with it,” she said.
Mumsnet has become a powerful voice for Britain’s parents, with 200 local sites, as well as a network of around 2,000 bloggers.
The move was welcomed by MP Stella Creasy who has been campaigning to crack down on what she terms "legal loan sharks".
Her campaign has led to a crucial House of Lords vote tomorrow (Wednesday) calling for a cap on the charges made by payday lenders. Some of which charge more than 4,000 per cent APR.
“Mumsnet's stance will be very welcome to many of those struggling with payday loan debts this Christmas and I hope they are not the last organisation to take a stand on the need to sort out this industry,” Ms Creasey said.
“Every week now we see evidence that legal loan sharks are out of control and causing problems for millions of families in Britain who are now getting into debt by using this toxic type of credit.
“There is no excuse for the Government not to act to protect British consumers, but despite evidence from other countries of what works they still refuse to do anything to help.”
Last week the Office of Fair Trading warned payday lenders that they would be shut down if they didn’t curb some of their unscrupulous business practices, such as snatching money from vulnerable people's bank accounts leaving them no cash to pay for essentials.
- 1 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 2 Kim Kardashian on Bruce Jenner's 'story': 'We support him no matter what, and I think when the time is right, he'll talk'
- 3 Russian girl takes her own life after parents find pornography on her computer
- 4 Ball pool for adults opens in London
- 5 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Kim Kardashian on Bruce Jenner's 'story': 'We support him no matter what, and I think when the time is right, he'll talk'
Michelle Obama highlights harsh restrictions faced by Saudi women after meeting King Salman without wearing a headscarf
Russian girl takes her own life after parents find pornography on her computer
Ball pool for adults opens in London
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
iJobs Money & Business
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...
Competitive salary & benefits!: MBDA UK Ltd: MBDA UK LTD Indirect Procurement...