Irresponsible lenders ‘are hindering financial inclusion’

Several unnamed lenders have come under attack for failing to ensure everyone has access to “decent and normal rates” when obtaining credit.

UK Insolvency Helpline spokesperson Ian Boden-Smyth said his organisation believes “irresponsible” lending practices have gone on in the credit sector for more than a decade, adding that it is only now that groups are bonding together to fight for financial inclusion.

“Certain adverse credit, high-risk lenders have really had the cake and eaten it over the last ten to fifteen years,” he remarked.

His comments were made in response to the launch of a new campaign by charity Barnardo’s, which last month called for an investigation into the practices of high-interest credit companies.

According to Mr Boden-Smyth, the lobbying by groups such as this must deal with why people living in different areas and with different financial circumstances should be subjected to varying rates of interest on their loans.

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