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SVP wants tobacco style warning on moneylender advertising

Style and Fashion Inside Ireland


'The Society of St Vincent de Paul wants to have all licensed moneylenders ‘carry a tobacco style high cost loans warning on their advertising and literature’. In a submission to the Department of Finance, the charity has said that it is ‘astonishing’ that no such warning is currently required in advertisements related to licensed moneylending.The Central Bank of Ireland regulates the activities of moneylenders and is responsible for issuing moneylending licences in Ireland.Under the Central Bank’s Consumer Code for Licensed Moneylenders, the moneylender must tell the borrower that the loan has a high cost (Pic: InsideIreland.ie) What is the law on Moneylending?Moneylending is the practice of providing credit to consumers based on a “moneylending agreement” as defined in the Consumer Credit Act, 1995 (as amended). Moneylenders that are authorised by the Central Bank are issued a moneylender’s licence.A moneylender’s licence is valid for a 12 month period and must be renewed annually prior to expiry.SVP believe that there are an estimated 330,000 customers of moneylenders in Ireland.According to the Central Bank, while moneylenders are required to provide information about the high cost nature of the loan to their customers, this is typically provided in the moneylending agreement which must be signed by the customer, and is not a requirement for the advertisement of licensed moneylending loans.Moneylenders Moneylenders argue they ‘take the hassle out of getting a loan or credit card’ as just few ‘quick taps’ and you can apply for your loan or a credit card ‘in a matter of minutes’. Warning However, SVP says that “Warning: This is a high cost loan” should be on all moneylending advertisements and literature.It believes the warning should also’ point out that alternatives to high cost loan offerings may be available’ and that people should check their options before borrowing.Euros (Pic: InsideIreland.ie) SVP adds that there should be a ‘statutory maximum cost of credit’ which can be charged by a moneylender and that consumers should have better access to sources of low-cost credit.Access to credit Caroline Fahey, SVP Head of Social Justice said some of the considerations for SVP and the people is assists are the total cost of credit, including charges, how manageable the repayments are, the alternatives available, and the need for clear information.Kieran Stafford, SVP National President said moneylenders are meeting a need for access to credit but ‘often at a cost’. “Repaying a high cost loan is a very heavy burden for households that are struggling and can lock them into a cycle of debt and poverty”, he added. “Access to affordable credit is essential for individuals on a low income, whether in or out of work.Moneylenders tend to engage in heavy advertising at times when low income households are under financial pressure, for example back to school and Christmas, and it is important that customers know at first glance that the adverts they are seeing are for high cost credit.” -Kieran Stafford, SVP National President . The post SVP wants tobacco style warning on moneylender advertising appeared first on Inside Ireland .'

ROG: Larkham a ‘signature signing’ that can help ‘reignite’ Munster’s talented backline

Style and Fashion Irish Examiner Sport

Stephen Larkham has been labelled a “signature signing” for Munster and one that can help the province’s talented backline to click and the team to reconnect with a style that delivered a pair of Heineken Cups.
'Stephen Larkham has been labelled a “signature signing” for Munster and one that can help the province’s talented backline to click and the team to reconnect with a style that delivered a pair of Heineken Cups.'