Stop Usury

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

ACHIEVEMENTS

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