Orders of the Day — Consumer Credit Bill

Part of the debate – in the House of Commons at 1:53 pm on 9th June 2005.

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Photo of John Battle John Battle Labour, Leeds West 1:53 pm, 9th June 2005

It costs £700 to borrow £1,000 from a doorstep lender, which is so far over the odds that it is immoral and should be capped. I agree that the high profile cases involve different borrowers. APRs of 39 per cent. and 49 per cent. have been mentioned as great scandals; I deal with people who pay more than 1,000 per cent. APR. We should get a grip on the situation and, at the very least, serve notice to companies that they will be fined if they charge such interest rates.