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Petition update, 12 May 2008

More details from petition creator

Payday lending is growing exponentially in the UK. U.S lenders, such as Dollar financial, have exported their business to the UK (trading here as 'Moneyshop') and now have over 200 stores in the UK. Pay day loans carry APR's of up to 1,000% and are regularly rolled over ensuring that households in financial problems are trapped into a cycle of credit dependency. Although the US pay day lending industry is subject to interest rate restrictions in their own country (including a 36% APR cap on pay day loans made to US military personnel), no such restriction on interest rates is in place in the UK. We therefore call on the Prime Minister to ensure an investigation is conducted into the UK pay day lending industry and call on the Prime Minister to make good on the Government's prevoius promise to conduct a review of its decision (made during the passage of the Consumer Credit Act 2006) not to legislate for a power to impose interest rate ceilings in credit markets where there is a lack of price competition.

Current signatories

Damon Gibbons, the Petition Creator, joined by:

• Andrea J Chee
• Abdullah Rhodes-Taylor
• John Hayes
• Richard J Boyle
• Claire Richardson
• Nolita Werrett
• Melanie Werrett
• Guy Skipwith
• Christine Harley
• Andrew Salkeld
• Amanda Kelly
• Maureen Bennett
• Diana E Forrest
• Becky Nixon
• alison davies
• K Runswick
• Rosemary Braisby
• Jennifer Molyneux-Berry
• Andrew Brady
• darren moore
• Graham Brewis
• Nigel Chetwood
• Dave Roberts
• Roger Myddelton
• Martin Buddery
• Sarah McGeehan
• helen jones
• graeme roberts
• corinne Thompson
• David McNeish
• Malcolm Wallace
• pete mowat
• Pauline Baker
• John MacKay
• Claire Caffrey
• William Hogg
• Kerry Stone
• kerry marie mcewen
• Sylvia Cameron
• Esther de Jong
• Maryanne Ure
• Andrew Breese
• Sue Weber
• Alastair Murray
• Sharian
• Ann Wyllie
• David Hamblin
• Angela Cholet
• Samantha Bunn
• Elizabeth M McQuade
• Angela Fishwick
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• Jennifer Powell
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