Submitted on Thursday 28th April 2022
Rejected on Tuesday 3rd May 2022
Current status: Rejected
Rejection code: duplicate (see below for details)
Ban the advertisement of high cost debt - 15 percent plus base rate
We call on Parliament to pass a bill which blanket bans the media and physical advertising of high cost debt (incl. but not limited to loans, credit cards, store cards, buy now pay later schemes). Predatory financial companies see the cost of living crisis as an opportunity to sell unnecessary debt
Through advertising, banks associate debt with happy outcomes. They use terms such as 'affordable finance', 'simple monthly payments' and suggest it is about 'control'.
In reality, debt is a loss of control and causes financial instability. It can lead to poverty, homelessness and family breakdown.
As a young man, I spent 12 years fighting banks in court to keep our family home - I don’t want others to experience that pain.
Parliament should prevent the promotion of high interest debt.
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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.
You might like to sign the following petition:
Ban advertising for personal loans and credit
petition.parliament.uk/petitions/583732
3.138.122.4 Wed, 01 May 2024 23:11:35 +0100
