Early day motion 1194

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2,356 PER CENT. PAYDAY LOANS CAMPAIGN

That this House notes that, despite irresponsible sub-prime lending and inappropriate borrowing precipitating the liquidity crisis and subsequent recession, sub-prime lenders are currently advertising money within the hour that is described as fast and flexible, with excessive typical annual percentage rates of 2,356 per cent. in the case of QuickQuid and 2,689 per cent. in the case of Wonga; believes that television advertising of such extremely expensive credit represents the migration of loan-shark style lending from the doorstep to the computer desktop; further believes that lending of this kind can prove both socially and financially irresponsible and that the Government and appropriate regulatory authorities should insist on the application of the regulatory principle of fair treatment of consumers which currently applies to savings and investments in the UK to sub-prime lending products to protect vulnerable consumers; and further believes that in the interim the Government should cap interest rates on sub-prime personal lending products and encourage the conditions for and promote the benefits of the establishment of social enterprises, such as credit unions, to create an alternative for consumers in need to turn to.

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Total number of signatures: 31

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Showing 31 out of 31

Name Party Constituency Date Signed
Bottomley, Peter Conservative Party Worthing West 29.03.2010
Campbell, Gregory Democratic Unionist Party Londonderry East 30.03.2010
Corbyn, Jeremy Labour Party Islington North 06.04.2010
Crausby, David Labour Party Bolton North East 30.03.2010
Cryer, Ann Labour Party Keighley 06.04.2010
Drew, David Labour Party Stroud 30.03.2010
Durkan, Mark Social Democratic and Labour Party Foyle 07.04.2010
Hancock, Mike Liberal Democrats Portsmouth South 30.03.2010
Hemming, John Liberal Democrats Birmingham Yardley 07.04.2010
Holmes, Paul Liberal Democrats Chesterfield 30.03.2010
Hoyle, Lindsay Labour Party Chorley 30.03.2010
Hunter, Mark Liberal Democrats Cheadle 07.04.2010
Iddon, Brian Labour Party Bolton South East 30.03.2010
Illsley, Eric Labour Party Barnsley Central 30.03.2010
Jackson, Glenda Labour Party Hampstead and Highgate 06.04.2010
Jones, Lynne Labour Party Birmingham Selly Oak 29.03.2010
Leech, John Liberal Democrats Manchester Withington 30.03.2010
Mason, John Scottish National Party Glasgow East 06.04.2010
McCrea, Dr William Democratic Unionist Party South Antrim 06.04.2010
Meale, Alan Labour Party Mansfield 30.03.2010
Mulholland, Greg Liberal Democrats Leeds North West 29.03.2010
Owen, Albert Labour Party Ynys Môn 07.04.2010
Pelling, Andrew INDEPENDENT Croydon Central 06.04.2010
Simpson, Alan Labour Party Nottingham South 30.03.2010
Simpson, David Democratic Unionist Party Upper Bann 06.04.2010
Spink, Bob INDEPENDENT Castle Point 30.03.2010
Stringer, Graham Labour Party Manchester Blackley 07.04.2010
Vis, Rudi Labour Party Finchley and Golders Green 30.03.2010
Williams, Betty Labour Party Conwy 30.03.2010
Williams, Roger Liberal Democrats Brecon and Radnorshire 30.03.2010
Wyatt, Derek Labour Party Sittingbourne and Sheppey 07.04.2010