Politicians back bid to stop the sharks

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JIM Murphy MP and Ken Macintosh MSP have lent their support to the Stop Loan Sharks campaign launched last week by COSLA.

Ken Macintosh said: “The big winners from the credit crunch have been the pay day loan companies and loan sharks shamelessly exploiting those who need immediate access to cash .

“Families across East Renfrewshire are feeling the pinch with the average household income falling by £1,200 but we need to make sure people are not ripped off with short term borrowing turning into a long term nightmare of frighteningly high interest payments.”

Jim Murphy said: “This campaign can make people aware of the alternatives such as visiting the local Citizen’s Advice Bureau or their local Credit Union. The repayment schemes of high value loans quoted in last week’s Extra astounded me. We can make people more aware of the risks attached to short term loans.”