Debt on our Doorstep
Encyclopedia
Debt on our Doorstep is a UK-based campaign against extortionate credit lending and for fair financial services. The campaign, founded in 1999, comprises not-for-profit and non-governmental organisations including Oxfam
and the National Housing Federation
. It scored a success in 2003 when it successfully pressed for a Competition Commission
investigation into the UK 'Home Credit' or door-to-door lending market. The subsequent inquiry, which completed in late 2006, found against the industry and estimated that around £75 million per year was being made by lenders as a result of a lack of price competition in the market. Remedies, including compulsory data sharing to allow borrowers to build up credit scores and access cheaper alternatives, are due to be introduced in 2007.
More recently, the campaign has broadened out to include activity against a variety of 'predatory lenders
' in the UK including payday loan lenders
and rent-to-own shops, whilst also promoting local action to increase access to affordable credit following its 2005 report, Scaling Up for Financial Inclusion.
Founder member and Chair of Debt on our Doorstep, Damon Gibbons, also sits on the Organising Committee of the European Coalition for Responsible Credit, which has organised a series of conferences to promote debate and dialogue between consumer agencies and the financial services industry on issues including usury, responsibility, and fair access to financial services.
Oxfam
Oxfam is an international confederation of 15 organizations working in 98 countries worldwide to find lasting solutions to poverty and related injustice around the world. In all Oxfam’s actions, the ultimate goal is to enable people to exercise their rights and manage their own lives...
and the National Housing Federation
National Housing Federation
The National Housing Federation is the umbrella organisation for social housing providers in the UK.-Function:The National Housing Federation is the voice of affordable housing in England....
. It scored a success in 2003 when it successfully pressed for a Competition Commission
Competition Commission
The Competition Commission is a non-departmental public body responsible for investigating mergers, markets and other enquiries related to regulated industries under competition law in the United Kingdom...
investigation into the UK 'Home Credit' or door-to-door lending market. The subsequent inquiry, which completed in late 2006, found against the industry and estimated that around £75 million per year was being made by lenders as a result of a lack of price competition in the market. Remedies, including compulsory data sharing to allow borrowers to build up credit scores and access cheaper alternatives, are due to be introduced in 2007.
More recently, the campaign has broadened out to include activity against a variety of 'predatory lenders
Predatory lending
Predatory lending describes unfair, deceptive, or fraudulent practices of some lenders during the loan origination process. While there are no legal definitions in the United States for predatory lending, an audit report on predatory lending from the office of inspector general of the FDIC broadly...
' in the UK including payday loan lenders
Payday loans in the United Kingdom
Payday loans in the United Kingdom are a rapidly growing industry, with four times as many people using such loans in 2009 compared to 2006 - in 2009 1.2 million people took out 4.1 million loans, with total lending amounting to £1.2 billion. The average loan size is around £300, and two-thirds of...
and rent-to-own shops, whilst also promoting local action to increase access to affordable credit following its 2005 report, Scaling Up for Financial Inclusion.
Founder member and Chair of Debt on our Doorstep, Damon Gibbons, also sits on the Organising Committee of the European Coalition for Responsible Credit, which has organised a series of conferences to promote debate and dialogue between consumer agencies and the financial services industry on issues including usury, responsibility, and fair access to financial services.