Parliament Website

2,356 Per Cent. Payday Loans Campaign

EDM number 1194 in 2009-10, proposed by Greg Mulholland on 29/03/2010.
Categorised under the topic of Loans.

That this House notes that, despite irresponsible sub-prime lending and inappropriate borrowing precipitating the liquidity crisis and subsequent recession, sub-prime lenders are currently advertising money within the hour that is described as fast and flexible, with excessive typical annual percentage rates of 2,356 per cent. in the case of QuickQuid and 2,689 per cent. in the case of Wonga; believes that television advertising of such extremely expensive credit represents the migration of loan-shark style lending from the doorstep to the computer desktop; further believes that lending of this kind can prove both socially and financially irresponsible and that the Government and appropriate regulatory authorities should insist on the application of the regulatory principle of fair treatment of consumers which currently applies to savings and investments in the UK to sub-prime lending products to protect vulnerable consumers; and further believes that in the interim the Government should cap interest rates on sub-prime personal lending products and encourage the conditions for and promote the benefits of the establishment of social enterprises, such as credit unions, to create an alternative for consumers in need to turn to.

This motion has been signed by a total of 31 MPs.

Greg Mulholland29/03/2010Leeds North WestLiberal DemocratProposed
Peter Bottomley29/03/2010Worthing WestConservativeSeconded
Lynne Jones29/03/2010Birmingham, Selly OakLabourSeconded
Gregory Campbell30/03/2010East LondonderryDUPSeconded
Bob Spink30/03/2010Castle PointIndependentSeconded
Paul Holmes30/03/2010ChesterfieldLiberal DemocratSeconded
Betty Williams30/03/2010ConwyLabourSigned
John Leech30/03/2010Manchester, WithingtonLiberal DemocratSigned
Roger Williams30/03/2010Brecon and RadnorshireLiberal DemocratSigned
Rudi Vis30/03/2010Finchley and Golders GreenLabourSigned
Mike Hancock30/03/2010Portsmouth SouthLiberal DemocratSigned
David Drew30/03/2010StroudLabourSigned
Alan Meale30/03/2010MansfieldLabourSigned
Eric Illsley30/03/2010Barnsley CentralLabourSigned
Brian Iddon30/03/2010Bolton South EastLabourSigned
Lindsay Hoyle30/03/2010ChorleyLabourSigned
Alan Simpson30/03/2010Nottingham SouthLabourSigned
David Crausby30/03/2010Bolton North EastLabourSigned
Jeremy Corbyn06/04/2010Islington NorthLabourSigned
John Mason06/04/2010Glasgow EastScottish National PartySigned
Andrew Pelling06/04/2010Croydon CentralIndependentSigned
Ann Cryer06/04/2010KeighleyLabourSigned
William McCrea06/04/2010South AntrimDUPSigned
Glenda Jackson06/04/2010Hampstead and HighgateLabourSigned
David Simpson06/04/2010Upper BannDUPSigned
Albert Owen07/04/2010Ynys MLabourSigned
Mark Durkan07/04/2010FoyleSocial Democratic and Labour PartySigned
Graham Stringer07/04/2010Manchester, BlackleyLabourSigned
Derek Wyatt07/04/2010Sittingbourne and SheppeyLabourSigned
John Hemming07/04/2010Birmingham, YardleyLiberal DemocratSigned
Mark Hunter07/04/2010CheadleLiberal DemocratSigned

Download raw data as csv or xml.