DRIVEN INTO DEBT
HSCB hosts North East London Fabian Society - DRIVEN INTO DEBT
This is the first in a series of events organised by the North East London Fabian Society focusing on personal finances. Discussing ways to protect vulnerable borrowers and provide affordable, accessible alternatives to high-cost credit.
Leading on from this think-piece published by the North East London Fabians on the call for a total cost cap on consumer credit, this event aims to explore how lenders are able to extort customers and the ways in which we can stop them.
In the UK 9.3 million people are estimated to be struggling and resorting to credit as a means to cover their everyday living costs. Others find themselves caught in a debt trap due to unexpected events in their lives such as losing their job or becoming ill. Often people have no access to mainstream borrowing options, instead using products like high-interest credit cards, unarranged overdrafts or payday and doorstep loans. Over 4 million are in persistent credit card debt, paying back on average £2.50 for every £1 borrowed. A third of customers do not fully understand the interest rates they are paying - and the Financial Conduct Authority (FCA) says customers using high-cost credit are among the most likely to have a physical or mental health condition.
By using innovation and legislation how can we reform the credit market and prevent people from being targeted and exploited by predatory lenders?
To Chair this panel discussion we have invited Bilal Mahmood, Parliamentary candidate for Chingford & Woodford Green 2015/17
We are fortunate to have the following speakers:
Stella Creasy - Member of Parliament for Walthamstow
Damon Gibbons - Director at Centre for Responsible Credit
Hilary Powell - Optimistic Foundation
Dan Edelstyn - Optimistic Foundation
Registration will be from 18:30. The event will start promptly at 19:00.