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Lending (Regulation) Bill

My hon. Friend is absolutely right. We are here today to try to lessen what has been happening in the consumer marketplace. Some would say that this small Bill is trying to lock the stable door after the horse has bolted, and yes, to a certain extent that could be claimed. However, that does not mean, given that many individuals, households and families find themselves in financial difficulty, that we should not make an attempt to stop, as soon as possible, some of the practices covered in the Bill. I want to be brief, because the ultimate aim of this process is to get the Bill into Committee. Having discussed the matter with my hon. Friend the Minister, I know that it has a fair degree of support. As he knows, I am happy for amendments to be tabled in Committee to change or take out anything that people are not happy with. Clause 1 deals with unsolicited offers of credit. Several credit card companies are still sending out unsolicited credit card cheques. I myself have been the recipient of several of those over the past five or six years—thankfully, I would add, never taking up the offer. A survey in October by Which? showed that 46 per cent. of respondents had been sent unsolicited credit card cheques in the past. These cheques tend to have higher APRs and handling fees and offer less favourable repayment conditions, and they are often targeted at the most vulnerable consumers.