Belmont Thornton Logo
PPI Claims - About PPI

PPI Claim News

 
Bank charges: Government invests £38m in credit unions

In an environment where incurring credit card charges is increasingly unaffordable and payday loan claims are becoming commonplace, ministers have recognised the need for people to be able to access finance at lower rates than they presently can.

Therefore, the Department for Work and Pensions has approved an additional £38 million of investment for the expansion and modernisation of credit unions.

It is hoped this money will enable lenders in the sector to purchase the infrastructure and computer systems required to support a rising number of borrowers.

Parliament is also considering enabling these unions to heighten the two per cent monthly interest rates cap they currently comply with.

"Our investment will help credit unions reach up to one million new customers, providing a real alternative to rip-off interest rates from payday loans, doorstep lenders and illegal loan sharks," minister for welfare reform Lord Freud said.

Chief executive of Consumer Focus Mike O'Connor recently said it is good to see the coalition recognising the substantial need to a larger number of credit unions in the UK.

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801394955-ADNFCR



Bookmark and Share
Tell a Friend
blog comments powered by Disqus

Enquiry Form

First Name 
Last Name 
Mobile Phone
Home Phone
Address Line 1 
Town
County
Post Code 
Email 
Circumstances
Claim Back Mis-Sold PPI Button

Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website www.gov.uk/moj/cmr number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B11, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023.

Please note that calls may be monitored for the purposes of staff training.

* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.

By using our web-site, you agree that we can place the types of cookies described in our privacy policy on your device.Hide