Bermuda cracks down on loan sharks
HAMILTON, Bermuda, CMC – The Bermuda government is to crack down on loan sharks.
The House of Assembly heard that loan sharks have worsened the problems of people in financial difficulty.
Junior Finance Minister Wayne Furbert said he knew of cases where US$10,000 loans became $66,000 debts in just a year, and that action was needed.
“This has been going on from year to year to year. Our people have been ripped off. Sometimes you just happen to run into problems. Lose your job and cannot pay. You are struggling. What can you do?”
“We are in an unforgiving society in many aspects and it’s time to recognise that if it wasn’t for the grace of God, some of us would still be in that same position,” Furbert said.
He was speaking as the House debated and passed the Debt Collection Act 2018, designed to create a framework to regulate debt collection.
Home Affairs Walter Roban said the new law would help protect consumers from predatory debt collection practises.