Final Demand - Personal problem debt in London
The Economy Committee has published its report into personal problem debt, ‘Final Demand’, which looks anew at the latest available data on problem debt in London and sets out the case for the Mayor to re-engage with the issue. ‘Final Demand - Personal problem debt in London’ looks into the extent of personal problem debt in London, the debt recovery procedures of London boroughs, illegal money lending and accessing debt advice and affordable credit. The report makes a number of recommendations, including:
The Mayor should play an active role in monitoring and tackling problem debt in the capital. He should support a ‘Money Advice Week’ to promote debt advice and affordable credit to Londoners.
The Mayor should promote debt education amongst young people, including lessons on loan sharks.
London boroughs and London Councils should implement genuinely fair approaches to debt recovery.
The report is available to download, along with the written submissions received during the investigation.