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MPs to debate capping interest rates for doorstep lenders

A Bill is to be debated in Parliament which would limit the interest rates which dorrstep lenders can charge.

MPs to debate capping interest rates for doorstep lenders

The campaign for fair finance.

Jim Devine MP (Labour, Livingstone) has put down a ten minute rule bill to limit interest rates on consumer credit contracts. The Bill is also supported by other Labour backbenchers including Jon Cruddas. The first reading of the Bill was on 12 November, and details can be found on the Parliament website.

We urge supporters of CAP's Debt on our Doorstep campaign to write to their MP and ask them to support Jim's bill.

Damon Gibbons, Chair of Debt on our Doorstep, will also be speaking at the national conference of Transact, the forum for financial inclusion, on 21 November to debate the issue of interest rate limits. This follows a survey of Transact members last year in which rate caps came top of their list of measures that should be implemented in order to make a difference to people on low incomes.

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Church Action on Poverty is a national ecumenical Christian social justice charity, committed to tackling poverty in the UK. It works in partnership with churches and with people in poverty themselves to find solutions to poverty, locally, nationally and globally.