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:
Clip 1
Consultation open on plans to formally recognise the heritage of Douglas Head
Move would 'formally recognise the area’s unique heritage, architectural character and natural environment'
Drop-in session to support Isle of Man charities
Meeting to provide information on planned updates to Island’s Countering the Financing of Terrorism framework
Fundraiser to keep St John Ambulance emergency fleet on the road
Adopt an ambulance scheme launched
Ayre and Michael MHKs request meeting with commissioners over rates
Areas see the biggest jump in rates Island-wide
Data breach impact rises sharply as cyber incidents affect thousands on Isle of Man
Information Commissioner says fewer breaches were reported in the third quarter, but large-scale cyber incidents meant far more people were affected
