Indebtedness Among The Poor And Vulnerable

EDM number 277 in 2000-01, proposed by John McFall on 31/01/2001.

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deep concern that this practice still exists today; and urges the Government to introduce legislation to replace the outdated, and in cases, ineffective Consumer Credit Act 1974, in order to better regulate the credit industry and provide protection to the poor and vulnerable in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.

This motion has been signed by a total of 97 MPs, 2 of these signatures have been withdrawn.