Which? Clean Up Credit Campaign And Excessive Default Fees Charged By Payday Lenders

EDM number 1070 in 2013-14, proposed by Fiona O'Donnell on 10/02/2014.
Categorised under the topics of Financial services and Loans.

That this House notes the recent research published by the Competition Commission that found more than a third of payday loan customers repay their debt late and incur default fees; further notes previous research estimating that a million UK households a month are using payday loans; welcomes the Which? Clean Up Credit campaign on excessive default fees charged by payday lenders; supports the campaign's call for the Financial Conduct Authority (FCA) to clamp down on excessive charges and irresponsible lending, and to make sure borrowers are being treated fairly whatever form of credit they are using; and calls on the FCA to take urgent action in response to this growing problem.

This motion has been signed by a total of 63 MPs.