MHK worried over pay day loans

The government is currently working with the Office of Fair Trading to determine if there is a problem with pay day loan companies on the Island.

That’s according to Chief Minister Allan Bell who says if it transpires there is the Council of Ministers will look at whether legislative change is required.

The issue was brought up in Tynwald by Onchan MHK Peter Karran who says the current economic situation could lead to loan sharks and loan companies flourishing.

He’s concerned the Island could go back 30 years when it was a serious problem:

(PLAY AUDIO ABOVE)