30 November 2012

UPDATE: A leap forward on payday loans:


Huge progress on payday lenders -- THANK YOU!
Yesterday the House of Lords forced the Government to rewrite a part of the Financial Services Bill to allow restrictions to be imposed on the interest rates charged for payday loans.
I wrote to you earlier this week asking you to give some last minute support to urge the Lords to back an interest cap on these loans after my foster daughter got caught in an unrelenting cycle of debt. More than 50,000 of you signed in just four days -- I am amazed at the response.
We even got some media coverage in The Guardian, Mail.co.uk, The Independent and The Huffington Post.
The campaign on payday lending has been going on since 2010, and I've been working with Community Organisers at Movement for Change organising actions around the country to highlight the need for change. You can follow their "Shark Stoppers" campaign here and follow them on Twitter here.
It's not quite over yet -- the House of Commons will look at the amended legislation next week then it goes back to the House of Lords. We are confident, though, that the Government will be forced to cap the cost of credit.
Please continue to share this petition with your friends and family on Facebook, Twitter or by email to keep the pressure on both the House of Lords and the House of Commons until the interest cap becomes law: www.change.org/arthurs-petition
This campaign has been driven by some amazing people. By signing this petition you became one of them. I thank you very much for doing so.

No comments:

Post a Comment