House of Commons
As this motion is using historical data, we may not have the record of the original ordering, in which case signatories are listed alphabetically.
NEW PRODUCT RULES REQUIRED TO LIMIT THE DAMAGE CAUSED BY UNAFFORDABLE PAYDAY LOANS
EDM #279
Tabled 19 June 2013
2013-14 Session
That this House recognises the 12-week deadline for payday lenders submitting evidence to the Office of Fair Trading (OFT) addressing failings outlined in the compliance review of the sector has now passed; is concerned by the OFT’s finding that there is currently widespread irresponsible lending and lenders are failing to comply with the standards expected of them; notes the growing number of complaints to debt advice agencies and the Financial Ombudsman about problems with payday lenders; further notes that 36,413 people contacted StepChange Debt Charity for help with payday loan debt problems in 2012, twice as many as did in 2011; further notes that in the same period the average payday loan balance of a StepChange Debt Charity client rose from £1,267 to £1,657 and that this latter figure is in excess of the average income of StepChange’s clients which is £1,320; further notes that, in 2012, 7,221 people who contacted the Debt Charity had five or more payday loans and this figure has increased by a factor of 10 since 2009; calls on the OFT to take action now to make sure irresponsible payday lenders are stopped from trading; further calls on the Government to adopt a range of product interventions to limit the damage caused by unaffordable payday loans; supports the initiative of the hon. Member for Sheffield Central, to introduce a Private Member's Bill on the subject; and looks forward to a time where the amount that can be borrowed on high-cost loans is restricted to prevent borrowers becoming trapped by spiralling multiple payday loan debts.

Signatures (50)

The first 6 Members who have signed to support the motion are the sponsors. The primary sponsor is generally the person who tabled the motion and has responsibility for it. The date shown is when the Member signed the motion.
In addition to the sponsors, the following Members have signed to support the motion.
Begg, Dame Anne
Labour
02 September 2013
Blears, Hazel
Labour
10 July 2013
Blomfield, Paul
Labour
12 July 2013
Blunkett, Mr David
Labour
10 July 2013
Bottomley, Sir Peter
Conservative
03 July 2013
Campbell, Mr Ronnie
Labour
26 June 2013
Caton, Martin
Labour
26 June 2013
Clark, Katy
Labour
20 June 2013
Corbyn, Jeremy
Labour
20 June 2013
Crausby, Mr David
Labour
18 July 2013
Crockart, Mike
Liberal Democrat
02 July 2013
Cunningham, Mr Jim
Labour
27 June 2013
Davidson, Mr Ian
Labour
02 December 2013
Doran, Mr Frank
Labour
27 June 2013
Galloway, Mr George
Respect
24 June 2013
Glindon, Mrs Mary
Labour
04 July 2013
Godsiff, Mr Roger
Labour
08 July 2013
Hemming, John
Liberal Democrat
01 July 2013
Hermon, Lady
Independent
16 October 2013
Hopkins, Kelvin
Labour
20 June 2013
Howarth, Mr George
Labour
25 June 2013
Lavery, Ian
Labour
27 June 2013
Lazarowicz, Mark
Labour
02 July 2013
Leech, Mr John
Liberal Democrat
25 June 2013
Long, Naomi
Alliance
26 June 2013
Lucas, Caroline
Green Party
02 September 2013
McDonnell, Dr Alasdair
Social Democratic & Labour Party
11 September 2013
McDonnell, John
Labour
20 June 2013
McGovern, Jim
Labour
25 June 2013
Riordan, Mrs Linda
Labour
08 October 2013
Ritchie, Ms Margaret
Social Democratic & Labour Party
24 June 2013
Rotheram, Steve
Labour
26 June 2013
Roy, Lindsay
Labour
01 July 2013
Ruane, Chris
Labour
02 July 2013
Ruddock, Dame Joan
Labour
15 July 2013
Shannon, Jim
Democratic Unionist Party
24 June 2013
Sharma, Mr Virendra
Labour
26 June 2013
Simpson, David
Democratic Unionist Party
24 June 2013
Skinner, Mr Dennis
Labour
20 June 2013
Stringer, Graham
Labour
26 June 2013
Walley, Joan
Labour
10 July 2013
Weir, Mr Mike
Scottish National Party
26 June 2013
Williams, Hywel
Plaid Cymru
01 July 2013
Wilson, Sammy
Democratic Unionist Party
03 July 2013
There are no withdrawn signatures for this Motion