ACTION TO TACKLE LOAN SHARKS

Motion Text

That this House notes that approximately three million people are victims of loan sharks; welcomes the recent statement by the Minister for Competition in response to the second report of the task force on tackling overindebtedness; and believes that careful consideration should be given to amending the Consumer Credit Act 1974 and introducing regulations so that firm controls are placed on non-status and other alternative lenders, such as weekly-collected credit companies, who deliberately target vulnerable people in some of our poorest communities.