Moves against loan sharks

UK Barbados Nation - - NEWS -

HAMIL­TON – The Ber­muda gov­ern­ment is to crack down on loan sharks in the is­land.

The House of Assem­bly heard that loan sharks have wors­ened the prob­lems of peo­ple in fi­nan­cial dif­fi­culty.

Ju­nior Fi­nance Min­is­ter Wayne Furbert said he knew of cases where US$10 000 loans be­come US$66 000 debts in just a year, adding that ac­tion was needed.

“This has been go­ing on from year to year to year. Our peo­ple have been ripped off. Some­times you just hap­pen to run into prob­lems. Lose your job and can­not pay. You are strug­gling. What can you do?”

“We are in an un­for­giv­ing so­ci­ety in many as­pects and it’s time to recog­nise that if it wasn’t for the grace of God, some of us would still be in that same po­si­tion,” Furbert said.

He was speak­ing as the House de­bated and passed the Debt Col­lec­tion Act 2018, de­signed to cre­ate a frame­work to reg­u­late debt col­lec­tion.

Home Af­fairs Min­is­ter Wal­ter Roban said the new law would help pro­tect con­sumers from preda­tory debt col­lec­tion prac­tices.

“This bill seeks to in­tro­duce fair busi­ness prac­tices that will pro­vide a level play­ing field for cred­i­tors and debtors. (CMC)

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