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Reader feedback: Avoid the debt spiral

Re: UK banks on success, Volume 10, Number 44, November 15 - 21

Is the investment of Provident Financial reported in the interview with Judith Ann MacGregor really something that Slovaks should be keen on? The company "investment" is based on charging more than 177 percent of APR on loans to low-income borrowers, and has recently been referred to the Office of Fair Trading by the UK National Consumer Council for anti-competitive practices and consumer detriment caused by the systematic "rolling over" of loans that effectively keeps borrowers caught in a spiral of debt.

Through the pages of The Slovak Spectator, we invite Slovak borrowers to contact Debt on our Doorstep (www.debt-on-our-doorstep.com), a campaign against extortionate lending, to share experience of Provident and to inform the forthcoming review of the European Consumer Credit Directive.

Damon Gibbons, Chair, Debt on our Doorstep
United Kingdom

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