Mike is interviewed on Pay Day Loans in Chatham

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I, with the support of colleagues, have been concerned about the number of Pay Day Loan Shops in Chatham. In particular the apparent lack of customer checking, resulting in multiple loans, and the exorbitant rates of penal interest charge on those loans that are not redeemed at the end of the initial period.

Such was our concern that a Medway Council Cross Party Task Group investigated the issue of legal and illegal money lenders and their report :

Fair Access to Credit can be found here.

Medway Council have made representations to Government following this report and I am pleased, and welcome, the tough stance that  the Government, through the Office of Fair Trading, has taken in controlling this scourge on our High Streets.

Basically, these companies have been given 12 weeks to get their act in order or they will lose their licences to operate.

Full details of the Office of Fair Trading ultimatum can be found here.

Photograph shows me with investigative journalist Lindsey Mace from Special Edition Films

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