The Football League has announced it is ending its sponsorship deal with high cost credit provider Wonga, ahead of an attempt by football supporters to campaign against legal loan shark advertising in the game. The campaign is called “A Red Card for Wonga“.
You can let the Football Association know you support Stella Creasey MP’s call for them to extend their current ban on alcohol and gambling adverts on merchandise for those aged under 18 to include high cost credit companies. Click here to take action with us now.
Dartford Labour meanwhile is in discussion with Kent Savers Credit Union, about how to offer a meaningful alternative to payday loans. Credit Unions offer finance for people who may have difficulty getting access to bank loans, while still paying reasonable interest rate; and as mutual organisations, are owned by members.
Dartford has seen a real increase in payday loan companies, offering loans at rates which push increasing numbers of hard-pressed people into bankruptcy. Exhorbitant interest rates trap borrowers into a cycle where each pay day brings increased worries, as wages immediately have to be reserved to pay the lender. Four payday loan companies have been reported to the Office of Fair Trading for unfair practices.
Steve Doran has made a video about her experience about being trapped by payday loans:
If you’re in a similar position, help is available: from Kent Savers as above; from Debt management charities like Payplan, or from Dartford Citizens Advice Bureau on 01322 224686