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
No scheme for cross pavement EV charging facilities, says DOI minister
Footways need to be safe and accessible
Yellow weather warning for snow
Hills across the Island are likely to be affected
Mobility Scooter's over 2,000 day wait for a bus comes to an end
Eric Corkish called the Mannin Line while on a bus
Examination phase of offshore windfarm plans to get underway
Ørsted prepares as Mooir Vannin project to be scrutinised by independent panel
