Early day motion tabled by primary sponsor Fiona O'Donnell (Labour), on Monday, 10 February 2014, in the House of Commons. It is signed by 63 members in total.

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WHICH? CLEAN UP CREDIT CAMPAIGN AND EXCESSIVE DEFAULT FEES CHARGED BY PAYDAY LENDERS

That this House notes the recent research published by the Competition Commission that found more than a third of payday loan customers repay their debt late and incur default fees; further notes previous research estimating that a million UK households a month are using payday loans; welcomes the Which? Clean Up Credit campaign on excessive default fees charged by payday lenders; supports the campaign's call for the Financial Conduct Authority (FCA) to clamp down on excessive charges and irresponsible lending, and to make sure borrowers are being treated fairly whatever form of credit they are using; and calls on the FCA to take urgent action in response to this growing problem.

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Secondary information

Type

Early day motion

Reference

1070 

Session

2013-14

Other sponsors

Elfyn Llwyd

Alan Meale

Mark Durkan

Sheila Gilmore

Jim Shannon

Subjects

Financial services Loans

Link

View this Early day motion on www.parliament.uk