Penning appointed to scrutinise loan shark Bill
14th July 2005
Mike Penning has been appointed to a parliamentary committee which will scrutinise a Bill designed to crack down on loan sharks.
Mike Penning, the newly-elected MP for Hemel Hempstead, has been appointed to a parliamentary committee which will scrutinise a Bill designed to crack down on loan sharks. The Consumer Credit Bill will up-date Britain's thirty year old credit laws, which were designed for a time when there was only one credit card on the market. The need for new legislation was also highlighted by the case of a Merseyside couple who took out a loan for £5,000 for a new kitchen and ended up with debts of almost £400,000 because of the high rate of interest.
Commenting on his appointment, Mike Penning said "I was delighted to get the chance to scrutinise this important legislation. As I learned on my recent visit to Dacorum Citizen’s Advice Bureau, debt is a huge problem for many families, and I am often contacted by people with debt problems. Any legislation which makes it easier to drive out loan sharks, and helps people get a fairer deal, has to be good news".
