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)
Northern bus services to be raised in Keys
Ben out of service for maintenance work this week
Richmond Hill closed again tonight for work
October warmer and sunnier than usual, says Met Office
MHK queries cost of Liverpool awards trip
DOI says it has 20 empty public sector homes
Marquee plan submitted by Milntown Estate
Fire crews called to free driver from crashed car
Comments
Add a comment