Vulnerable must be protected

The Government must urgently address a report that states cash-strapped lone parents are being forced into the clutches of moneylenders because they are having trouble opening bank accounts.

For too long, predatory and unscrupulous moneylenders have preyed on vulnerable people, but it must come as a shock for people to discover that the financial institutions are not above engaging in practices which most reasonable people would consider objectionable.

A report compiled by One Parent Exchange Network (OPEN) found that because one-parent families encounter difficulties in opening bank accounts, they pay more for credit because they have to resort to moneylenders and hire purchase companies. The report also found these households were in arrears on ESB, telephone and gas bills.