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Payday Loans

EDM number 152 in 2009-10, proposed by Bob Spink on 23/11/2009.
Categorised under the topic of Loans.

That this House notes with concern the alarming increase in the use of payday loans; further notes that interest rates are extremely high and that these loans are designed in such a way that borrowers often have difficulty paying them off when they are due, with no option to pay in instalments; further notes that a large part of the industry's profit comes from repeat borrowers who find themselves unable, because of the way the loans are designed, to repay their loans on the due date and instead must continually renew them, incurring massive charges; further notes that the industry has failed to properly regulate itself; and therefore calls on the Government to bring forward legislative proposals to limit interest rates and charges and to publicise the better ways to borrow small amounts of money over a relatively short period of time.

This motion has been signed by a total of 35 MPs, 1 of these signatures have been withdrawn.

MPDateConstituencyPartyType
Bob Spink23/11/2009Castle PointIndependentProposed
Lynne Jones23/11/2009Birmingham, Selly OakLabourSeconded
David Taylor24/11/2009North West LeicestershireLabourWithdrawn
Andrew George24/11/2009St IvesLiberal DemocratSeconded
Paul Holmes24/11/2009ChesterfieldLiberal DemocratSeconded
John McDonnell24/11/2009Hayes and HarlingtonLabourSeconded
Jeremy Corbyn24/11/2009Islington NorthLabourSeconded
Gregory Campbell24/11/2009East LondonderryDUPSigned
Mark Durkan24/11/2009FoyleSocial Democratic and Labour PartySigned
Hywel Williams24/11/2009CaernarfonPlaid CymruSigned
Mike Hancock25/11/2009Portsmouth SouthLiberal DemocratSigned
John Leech25/11/2009Manchester, WithingtonLiberal DemocratSigned
David Drew25/11/2009StroudLabourSigned
Nigel Dodds25/11/2009Belfast NorthDUPSigned
Ian Davidson25/11/2009Glasgow South WestLabourSigned
William McCrea25/11/2009South AntrimDUPSigned
David Simpson25/11/2009Upper BannDUPSigned
Alan Simpson25/11/2009Nottingham SouthLabourSigned
Janet Dean25/11/2009BurtonLabourSigned
Brian Jenkins26/11/2009TamworthLabourSigned
Elfyn Llwyd26/11/2009Meirionnydd Nant ConwyPlaid CymruSigned
Martin Caton26/11/2009GowerLabourSigned
Ann Cryer26/11/2009KeighleyLabourSigned
Peter Bottomley26/11/2009Worthing WestConservativeSigned
Bill Etherington30/11/2009Sunderland NorthLabourSigned
David Heyes01/12/2009Ashton-under-LyneLabourSigned
John Austin01/12/2009Erith and ThamesmeadLabourSigned
Paul Truswell01/12/2009PudseyLabourSigned
Andrew Pelling02/12/2009Croydon CentralIndependentSigned
Eric Illsley07/12/2009Barnsley CentralLabourSigned
David Anderson07/12/2009BlaydonLabourSigned
Dan Rogerson10/12/2009North CornwallLiberal DemocratSigned
John Mason15/12/2009Glasgow EastScottish National PartySigned
Kelvin Hopkins05/01/2010Luton NorthLabourSigned
Andy Reed07/01/2010LoughboroughLabourSigned

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