INTEREST RATES CHARGED BY DOORSTEP LENDERS

Early day motion 1068, tabled 17 November 2005 by Andrew Dismore (Labour). Signed by 106 members.

That this House is appalled by the extortionate interest rates that doorstep lenders charge low-income households; welcomes the Pathway to Financial Inclusion campaign launched by the National Housing Federation and Debt on Our Doorstep; calls on honourable Members to support its three step approach; urges the Government to reduce the average annual percentage interest rate of 177 per cent. charged by doorstep lenders by placing a ceiling on interest rates; recommends that the Government provide a pathway into financial inclusion by requiring doorstep lenders to register borrowers' repayment records with credit reference agencies, thus allowing them to build up a credit history; and recommends that the Government investigate legislation which will introduce the right to a basic bank account for every UK citizen, giving the one in 12 households without access to a bank account, 60 per cent. of them social housing tenants, access to mainstream banking.

Signatures by party: Labour 64, Liberal Democrat 24, Conservative 8, DUP 7, Respect 1, Social Democratic and Labour Party 1, UUP 1.