London North Securities Consumer Credit Licence

EDM number 1886 in 2003-04, proposed by Gordon Marsden on 08/11/2004.

That this House notes that London North Securities have applied to the Office of Fair Trading for a consumer credit licence; recalls that the company recently lost a legal challenge over attempts to collect ú384,000 in settlement of a ú5,750 loan; further recalls the case of Frank and Jeanette Sharratt of Blackpool, who borrowed ú2,240 from London North Securities in 1987, have since repaid almost ú10,000 and owe a further ú39,444; notes that there are many similar cases; regrets that the OFT did not respond to concerns voiced by honourable Members about the activities of London North Securities in 2002 by acting to protect vulnerable borrowers from such predatory lending practices; urges the Office of Fair Trading now to be robust in defence of consumers and decline London North Securities' application for a consumer credit licence; and further urges the Government to bring into law as soon as possible its welcome proposals to tackle the activities of such lenders.

This motion has been signed by a total of 33 MPs.