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NEW PRODUCT RULES REQUIRED TO LIMIT THE DAMAGE CAUSED BY UNAFFORDABLE PAYDAY LOANS

EDM (Early Day Motion) 279: tabled on 19 June 2013

Tabled in the 2013-14 session.

This motion has been signed by 50 Members. It has not yet had any amendments submitted.

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

Motion text

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.

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
Signed on 2 September 2013
Aberdeen South
Blears, Hazel
Labour
Signed on 10 July 2013
Salford and Eccles
Blomfield, Paul
Labour
Signed on 12 July 2013
Sheffield Central
Blunkett, Mr David
Labour
Signed on 10 July 2013
Sheffield, Brightside and Hillsborough
Bottomley, Sir Peter
Conservative
Signed on 3 July 2013
Worthing West
Campbell, Mr Ronnie
Labour
Signed on 26 June 2013
Blyth Valley
Caton, Martin
Labour
Signed on 26 June 2013
Gower
Clark, Katy
Labour
Signed on 20 June 2013
North Ayrshire and Arran
Corbyn, Jeremy
Labour
Signed on 20 June 2013
Islington North
Crausby, Mr David
Labour
Signed on 18 July 2013
Bolton North East
Crockart, Mike
Liberal Democrat
Signed on 2 July 2013
Edinburgh West
Cunningham, Mr Jim
Labour
Signed on 27 June 2013
Coventry South
Davidson, Mr Ian
Labour
Signed on 2 December 2013
Glasgow South West
Doran, Mr Frank
Labour
Signed on 27 June 2013
Aberdeen North
Galloway, Mr George
Respect
Signed on 24 June 2013
Bradford West
Glindon, Mrs Mary
Labour
Signed on 4 July 2013
North Tyneside
Godsiff, Mr Roger
Labour
Signed on 8 July 2013
Birmingham, Hall Green
Hemming, John
Liberal Democrat
Signed on 1 July 2013
Birmingham, Yardley
Hermon, Lady
Independent
Signed on 16 October 2013
North Down
Hopkins, Kelvin
Labour
Signed on 20 June 2013
Luton North
Howarth, Mr George
Labour
Signed on 25 June 2013
Knowsley
Lavery, Ian
Labour
Signed on 27 June 2013
Wansbeck
Lazarowicz, Mark
Labour
Signed on 2 July 2013
Edinburgh North and Leith
Leech, Mr John
Liberal Democrat
Signed on 25 June 2013
Manchester, Withington
Long, Naomi
Alliance
Signed on 26 June 2013
Belfast East
Lucas, Caroline
Green Party
Signed on 2 September 2013
Brighton, Pavilion
McDonnell, Dr Alasdair
Social Democratic & Labour Party
Signed on 11 September 2013
Belfast South
McDonnell, John
Labour
Signed on 20 June 2013
Hayes and Harlington
McGovern, Jim
Labour
Signed on 25 June 2013
Dundee West
Riordan, Mrs Linda
Labour
Signed on 8 October 2013
Halifax
Ritchie, Ms Margaret
Social Democratic & Labour Party
Signed on 24 June 2013
South Down
Rotheram, Steve
Labour
Signed on 26 June 2013
Liverpool, Walton
Roy, Lindsay
Labour
Signed on 1 July 2013
Glenrothes
Ruane, Chris
Labour
Signed on 2 July 2013
Vale of Clwyd
Ruddock, Dame Joan
Labour
Signed on 15 July 2013
Lewisham, Deptford
Shannon, Jim
Democratic Unionist Party
Signed on 24 June 2013
Strangford
Sharma, Mr Virendra
Labour
Signed on 26 June 2013
Ealing, Southall
Simpson, David
Democratic Unionist Party
Signed on 24 June 2013
Upper Bann
Skinner, Mr Dennis
Labour
Signed on 20 June 2013
Bolsover
Stringer, Graham
Labour
Signed on 26 June 2013
Blackley and Broughton
Walley, Joan
Labour
Signed on 10 July 2013
Stoke-on-Trent North
Weir, Mr Mike
Scottish National Party
Signed on 26 June 2013
Angus
Williams, Hywel
Plaid Cymru
Signed on 1 July 2013
Arfon
Wilson, Sammy
Democratic Unionist Party
Signed on 3 July 2013
East Antrim

There are no withdrawn signatures for this motion.