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EDM (Early Day Motion) 277A1: tabled on 06 February 2001

Tabled in the 2000-01 session.

This motion has been signed by 10 Members. It is an amendment to an existing motion.

As this motion is using historical data, we may not have the record of the original ordering, in which case signatories are listed alphabetically.

This is an amendment to an existing motion

This motion was originally tabled by Mr John McFall on 31 January 2001. This is amendment number 1.

View details of the original motion

Suggested amendment

after 'today', insert 'believes that significant government investment in the support and development of credit unions would help alleviate these problems.'.

Original motion text

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deep concern that this practice still exists today; and urges the Government to introduce legislation to replace the outdated, and in cases, ineffective Consumer Credit Act 1974, in order to better regulate the credit industry and provide protection to the poor and vulnerable in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