ALLIANCE AGAINST USURY: FOR MORE SOCIAL JUSTICE
Many people find it hard to identify usury and are unaware of their consumer rights. The Alliance Against Usurers will regularly draw attention to cases where bank customers have had to pay overpriced fees or have ended up in an unaffordable cost trap. At present, this is particularly common with consumer loans, which are often sold together with residual debt insurance or are becoming increasingly expensive as never-ending chain loans for consumers. These cases are now being documented and analysed legally and mathematically.
AIMS AND DEMANDS
- Amendment to the Price Indication Directive
- Over-priced loans, absurd residual debt insurance, as well as excessive fees and their effects on people are to be discussed by policymakers as well as the public under the key word usury.
- Barriers to legal prosecution must be removed and usury jurisdiction must be resumed and further developed. Companies must not prevent this jurisdiction by offering settlements and withdrawing lawsuits.
- Businesses should offer new flexible credit and insurance products that secure consumer liquidity and avoid loan terminations.
- The Federal Financial Supervisory Authority should draw conclusions from its current study on residual debt insurance with regard to businesses
- nationwide media interest gained
- consumers are increasingly turning to the alliance with their experiences
- “Diagnosis Usury” events
- state and federal ministries, authorities and politicians interested
CURRENT MEMBERS (1 May 2019)
- Consumer centres of the federal states of Hamburg, Saxony, Bremen, Baden-Württemberg, Hessen
- Attorney Prof. U. Reifner
- Institute for Responsible Finance
- Schutzgemeinschaft der Bankkunden e.V. (Büchenbach /Nürnberg)
- Thießen, TU Chemnitz
- Strube Attorney (Köln)
- Law Firm Juest und Oprecht (Hamburg)
- German Trade Union Confederation Saxony
- State Working Group Debt Counselling Hamburg
- State Working Group Debt Counselling Saxony
- State Working Group Debt Counselling Brandenburg