MP poised to launch Bill curbing payday lenders' 'rip-off practices'
A Labour MP is introducing a Private Member's Bill this week to protect people from payday lenders.
The Bill, which has cross-party support, will get its first reading in the House of Commons tomorrow.
Paul Blomfield, MP for Sheffield Central, wants to "properly regulate payday lenders and put a stop to their worst rip-off practices which badly exploit those who can afford it least".
The Bill will include provisions to control payday lender advertising and measures such as limiting lending and capping excessive charges to ensure that loans are affordable. It has been put together in consultation with Citizens Advice, whose chief executive, Gillian Guy, said: "It is a step towards protecting people from predatory practices and overcoming the problems payday lenders failed to address by breaking their promises to customers."
Mr Blomfield said: "It's a massive opportunity to shine a spotlight on the unacceptable practices of the dangers of payday money lenders and to do something to stop it."
But Russell Hamblin-Boone of the Consumer Finance Association said: "MPs will need to do their homework before voting for this Bill."
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