Time to end the payday loan ‘rip-offs’, says concerned MP

MP Gregg McClymont
MP Gregg McClymont

An MP has called for tougher regulations to stop people being ‘ripped off’ by payday loan companies and spiralling into debt.

MP Gregg McClmont has backed the ‘Charter to Stop The Payday Loan Rip-off’ , but reckons it doesn’t go far enough.

And he wants local people to show their support by signing the charter online.

The MP for Kirkintilloch East warned: “This is a once in a generation opportunity to get the proper regulation we badly need.

“If the opportunity is missed then payday lenders will be able to carry on exploiting people.”

The charter calls for tougher regulation of payday lenders and is supported by some of Britain’s biggest debt, 
consumer and anti-poverty organisations.

Campaigners and MPs from all parties are urging the Financial Conduct Authority to back the charter and introduce tougher regulation of payday lenders.

Mr McClymont told the Herald: “Millions of people are being trapped in spirals of debt.

“The Financial Conduct Authority’s proposals for regulation are a step in the right direction but they don’t go far enough.

“I’d encourage people to add their voice by signing the charter on the website.”

Members of the public can add their support fopr the charter at: change.org/paydayloancharter.