Early day motion tabled by primary sponsor Lord McFall of Alcluith (Labour), on Wednesday, 31 January 2001, in the House of Commons. It is signed by 95 members in total.

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INDEBTEDNESS AMONG THE POOR AND VULNERABLE

That this House congratulates the BBC Panorama programme for highlighting the extent of indebtedness, particularly among poor and vulnerable people, and the alarming trends in the UK credit industry; notes that over eight million people cannot get loans from the traditional high street banks and building societies because they have a bad credit rating; is aware of the creation of a new, sub-prime lending market, where loans are easy to get at extortionate interest rates; is dismayed to note that this results in over three million individuals and families struggling to survive under a barrage of high-interest loans and hard-sell techniques from door-to-door lenders; expresses deep concern that this practice still exists today; and urges the Government to introduce legislation to replace the outdated, and in cases, ineffective Consumer Credit Act 1974, in order to better regulate the credit industry and provide protection to the poor and vulnerable in British society.

Amendments

The Early day motion has received 2 amendments.

277A1

after 'today', insert 'believes that significant government investment in the support and development of credit unions would help alleviate these problems.'.

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Secondary information

Type

Early day motion

Reference

277 

277A1 

Session

2000-01

Subjects

Disadvantaged Debts Credit Protection Loans

Link

View this Early day motion on www.parliament.uk