{"id":7691,"date":"2019-07-30T00:00:00","date_gmt":"2019-07-29T23:00:00","guid":{"rendered":"https:\/\/svp.matrix-test.com\/article\/svp-wants-tobacco-style-warning-on-moneylender-advertising\/"},"modified":"2024-05-23T15:31:36","modified_gmt":"2024-05-23T14:31:36","slug":"svp-wants-tobacco-style-warning-on-moneylender-advertising","status":"publish","type":"post","link":"https:\/\/www.svp.ie\/news\/svp-wants-tobacco-style-warning-on-moneylender-advertising\/","title":{"rendered":"SVP wants tobacco style warning on moneylender advertising"},"content":{"rendered":"<p><img decoding=\"async\" style=\"border: 3px solid #ffffff;float: right\" src=\"https:\/\/www.svp.ie\/wp-content\/uploads\/2022\/09\/money-lender-web.jpg\" alt=\"handing over money\" \/>The Society of St Vincent de Paul (SVP) is seeking to have all\u00a0licensed moneylenders carry a tobacco style high cost loans warning on their\u00a0advertising and literature.<\/p>\n<p>In a <a href=\"\/news-media\/submissions\/adequate-incomes\/svp-submission-on-money-lenders-2019.aspx\">submission<\/a> to the Department of Finance SVP has said\u00a0that it is astonishing that no such warning is currently required in advertisements\u00a0related to licensed moneylending.<\/p>\n<p>According to the Central Bank, while\u00a0moneylenders are required to provide information about the high cost nature of\u00a0the loan to their customers, this is typically provided in the moneylending\u00a0agreement which must be signed by the customer, and is not a requirement for\u00a0the advertisement of licensed moneylending loans.<\/p>\n<p>The Society says that \u201c<em><strong>Warning: This is a high cost loan<\/strong><\/em>\u201d\u00a0should be on all moneylending advertisements and literature and the warning\u00a0should also point out that alternatives to\u00a0high cost loan offerings may be\u00a0available and that people should check their options before borrowing.\u00a0\u00a0There are an estimated 330,000\u00a0customers of moneylenders in Ireland.<\/p>\n<p>SVP also believes that there should be a statutory maximum\u00a0cost of credit which can be charged by a moneylender and that consumers should\u00a0have better access to sources\u00a0of low-cost credit.\u00a0\u00a0This could be achieved through the introduction of a\u00a0statutory interest rate cap.<\/p>\n<p>\u201c<em>This should be done at the same time and in conjunction\u00a0with the introduction and strengthening of other measures to protect vulnerable\u00a0customers of moneylenders<\/em>,\u201d says\u00a0Caroline Fahey, SVP Head of Social Justice.<\/p>\n<p>\u201c<em>These other measures should include\u00a0better access to sources of low cost\u00a0credit for low income households, enforcement of the Consumer Protection Code\u00a0for Moneylenders and better protection of customers of\u00a0moneylenders, including\u00a0better information, financial education and more inclusive mainstream banking\u00a0services\u201d<\/em><\/p>\n<p><em>\u201cThe main considerations for SVP and the people we assist\u00a0are the total cost of credit, including charges; how manageable the repayments\u00a0are; the alternatives available;\u00a0the provision of clear information\u00a0which will\u00a0allow customers to make informed decisions about taking out moneylender loans\u00a0and the introduction, strengthening and monitoring\u00a0 of measures to protect\u00a0customers of moneylenders.\u201d<\/em> she said.<\/p>\n<p>Kieran Stafford, SVP National President added, <em>\u201cSVP members\u00a0regularly report inappropriate lending to very vulnerable households who do not\u00a0have the capacity to repay the loan.\u00a0\u00a0<\/em><\/p>\n<p>It is our experience that people tend to use moneylenders when they have\u00a0limited access to other sources of credit and they may be worried about cutting\u00a0themselves off from this\u00a0 source of credit by\u00a0reporting abuses within the\u00a0sector.<\/p>\n<p>\u201cLiving on a\u00a0low income and having a poor credit rating limits the options for people who\u00a0are trying to access credit. \u00a0Moneylenders are meeting a need for\u00a0access to credit but often\u00a0 at a cost which people\u00a0who are better off and who\u00a0have other options would baulk at. Repaying a high cost loan\u00a0is a very heavy burden for households that are struggling and can\u00a0 lock them\u00a0into a cycle of debt and poverty.\u201d<\/p>\n<p><em>\u201cAccess to affordable credit is essential for individuals on\u00a0a low income, whether in or out of work.\u00a0\u00a0Moneylenders\u00a0tend to engage in heavy advertising at times when low income households\u00a0 are\u00a0under financial\u00a0pressure, for example back to school and Christmas, and it is\u00a0important that customers know at first glance that the adverts they are seeing\u00a0are for high cost credit.\u201d<\/em><\/p>\n<p><a class=\"btn\" href=\"\/news-media\/submissions\/adequate-incomes\/svp-submission-on-money-lenders-2019.aspx\">Read full submission<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Society of St Vincent de Paul (SVP) is seeking to have all&nbsp;licensed moneylenders carry a tobacco style high cost loans warning on their&nbsp;advertising and literature.&nbsp;<\/p>\n","protected":false},"author":3,"featured_media":7692,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"Tribe__Tickets_Plus__Commerce__WooCommerce__Main","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"footnotes":""},"categories":[93],"tags":[],"class_list":["post-7691","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","cat-region-national","publication-category-social-justice","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.0 - 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