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#SaveBianca: Ask your MP to vote yes today as survey shows 65% of MPs & Public agree!
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Hello!
The vote in the UK Parliament for proposals to tackle legal loan sharking will take place
today - 22 May 2012 - (USA - raise the issue with your Congressman and Senator) !
If you haven't yet contacted your MP, please ask them to vote for amendment 40 of the Financial Services Bill
and let them know an exclusive poll by ComRes for R3, the insolvency practitioners, shows widespread
public and political support for this measure!
The research shows:
- 98% of MPs and 93% of the public believe there is a problem with payday lending.
- 66% of MPs and 65% of the public support a cap on the total cost of credit.
This afternoon MPs can help tackle the problems caused by legal loan sharks in Britain-where
Which? research shows one in three payday loan customers experience financial problems as a
direct result of taking out a loan. Amendment 40 will give the new financial regulator tough powers to
cap the charges these firms can levy for credit. Its the first step towards securing industry wide caps
on the total costs of credit.You can also
read more about this proposal and the problems payday lending cause British consumers here.
The Government has not brought forward any alternative proposal, making this amendment the
best chance we have to give British consumers the same protection from these loans that others
around the world enjoy. Below is a sample text to use to email your MP to ask them to vote for this
amendment -
you can find the contact details of your MP here. You can also help by tweeting about the campaign using
the #savebianca hashtag in reference to the recent Eastenders storyline on this subject!
Help me make a difference to the families in our communities struggling financially because of these
companies by taking action- let's together end legal loan sharking in Britain!
Stella Creasy
Labour and Co-operative MP for Walthamstow
Suggested text to send to your local MP
Dear XXX
As one of your constituents I wanted to remind you that today you have a chance to vote for amendment 40 of
the Financial Services Bill to help tackle legal loan sharking- and to let you know how popular this would be with
both your colleagues and the public!
A new poll by ComRes for R3, the insolvency practitioners, released today shows that overwhelming the
public and MPs support action on this issue. It reveals
- 98% of MPs and 93% of the public believe there is a problem with payday lending.
- 66% of MPs and 65% of the public support a cap on the total cost of credit.
This amendment would allow the new financial conduct regulator to cap the charges these firms can apply
for credit and so help protect consumers from the debt this high cost lending causes. Ministers claim they
support the spirit of the amendment but refuse to vote for it- legal advisors are clear that without explicit
powers to act, these companies will be able to challenge action by regulators in the courts.
Don't let the fight against legal loan sharking become a fee generating opportunity for lawyers- please vote
for this amendment today and join the fight to end legal loan sharking in Britain.
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