§ 24. Mrs. Mannasked the President of the Board of Trade if he is aware that his credit restriction policy, whereby deposits on hire-purchase specified items have been increased, is being defeated by moneylenders who are prepared to advance these deposits on instalments; and if he will take steps to end this practice.
§ Mr. ErrollWe have no evidence that moneylending as a means to facilitate the payment of hire-purchase deposits is taking place on any significant scale, but investigations are being made into certain transactions where loans are tied to the payment of deposits or advance rentals.
§ Mrs. MannIs the Parliamentary Secretary aware that a £59 5s. television set becomes a £115 5s. set by a purchaser moving along a few doors and borrowing the deposit from a moneylender? Will the hon. Gentleman use some vigorous action to end this scandal?
§ Mr. ErrollIf it is what is called a free loan from a moneylender, there is no objection, of course, to such a loan being used. [HON. MEMBERS: "Free?"] If, however, it is tied to a hire-purchase transaction, it would require investigation. If the hon. Lady will give me details, I shall be glad to look into them.