Submitted on Tuesday 26th February 2013
Rejected on Wednesday 21st June 2017
Current status: Rejected
Rejection code: duplicate (see below for details)
Pay Day Loans
BAN Payday loans
Issue:
a) Pay day loans target the vulnerable.
b) They lead to spiraling debt and despair.
c) The destroy families, with parents often having to bail out their children.
d) They destroy the futures of the young.
e) They can drag people into desperation (and potentially crime) to try and pay off the extortionate interest rates.
f) The young (under 25) are not adequately protected or educated to understand what (e.g. 16457%) APR actually means if they default.
What do we want the government to do:
1. BAN these types of loans
2. If not banned, the APR's should be capped in line with bank loan rates. (e.g. 10% APR)
3. Tighter controls over who can get a loan. (No more than 1 from any company concurrently).
4. Make it illegal to target vulnerable people, either by phone or email (especially the 'your one click away from getting a loan' type emails).
5. A total ban on TV advertising.
You can't sign this petition because it was rejected. But you can still comment on it here at Repetition.me!
The Government e-Petitions Team gave the following reason:
There's already a petition about this issue. We cannot accept a new petition when we already have one about a very similar issue.
You are more likely to get action on this issue if you sign and share a single petition.
18.222.121.69 Tue, 03 Dec 2024 18:19:55 +0000
