Community frustrates taking loans

There are number of  finance institutions which provide micro credit loans for the poor people in the country. They especially approach the women in the family and offer loans for them under different conditions. The finance companies offer loans for various purposes. The poor community takes loans from  the companies with different bonds. According to the bond  conditions, the installment of the loan should be paid daily, weekly or monthly. Paying of the installment depends of the condition which is signed between the finance company and creditor. The micro credit loan has become a kind of pandemic in the country. There are many social and economic issues created due to spreading the micro credit finance companies. The people who have taken micro credit from the privet financial companies have faced huge problem in paying installment due to the corona. The creditors were unable to invest the loan and earn any income within the pandemic season. Corona pandemic created a crisis not only to the Sri Lankan economy but also every country badly. Economic of the many sectors have been collapsed by the corona pandemic. People who applied the micro credit have faced difficulties due to the existing situation. Assessing this economic situation, government decided to give six months extra period to the creditors  to pay installment but most of finance companies have approached the creditors to collect installments without following the decision and  rules of the government. According to the experience  of the people, finance companies some time use thugs to pressure the creditors to pay installments. The finance company has come to collect the installment related to the loans in Killinochchi. The finance companies have influenced to the creditors in many ways without following  the government rules. The youth attached to the Killinochchi District Fisheries Solidarity have stopped the attempt of the finance companies to collect installments. This incident has been happened by the “Waleipadu” youth group in 10^th of June 2020.