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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Person suffers 'significant injuries' in 'serious assault' near Peel
Police are appealing for witnesses
Business case for horse trams to be put before Tynwald in July
But not every member was on board with the plans
Plans to turn 'underused space' in central Douglas into wellness retreat
Application lodged for 'The Steam Yard' on Lord Street site
Employment grievance 'upheld' against board of Peel Commissioners
Local authority says independent HR consultant was hired to investigate
2026 Parish Walk takes place today
Participants to set off from NSC at 8am
