North Douglas MHK Bill Henderson says more action is needed to regulate or even ban payday loan companies on the Island.
In Tynwald next week, he’ll ask Chairman of the Office of Fair Trading David Quirk MHK what he’s doing in response to extra regulations in the UK.
Mr Henderson says the companies make money from the misery of others and he’d like to see more done to protect consumers.
He says the enormous interest rates means many people are trapped by their repayments:
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Isle of Man inflation eases slightly to 2.8% in October
Rising restaurant, food and tobacco prices continue to drive inflation, while energy costs help offset increases
Progress on autism strategy welcomed
Strategy team's first annual report and Phase 2 Action Plan published
Paper car tax discs cost DOI £7,500 each month
Minister admits infrastructure is not in place to digitise process within this administration
Just over half the vehicles examined were defective
Notices were issued for faulty lights, worn tyres, and a missing wheel nut
Milan Vets extends farm services following feedback from clients
Services to continue beyond 1 November with update 'early in the New Year'
