Credit card debt limit bill in Parliament



A Private Member's Bill introduced into Parliament under the Ten Minute Rule proposes to require credit card companies to discharge a debt when three times the equivalent of the principal sum owed has been paid in interest. The Commons' second reading of the Bill will take place on 25 January 2013. (Source: Credit Card Debt Limit Bill 2012-2013 and Hansard of Commons for 27 Nov)

Credit card debt limit bill in Parliament - Lexology

Re: Credit card debt limit bill in Parliament

I would be surprised if this bill makes it seeing as it is a private members bill.

I think its defeat would signal what vested interests really think.

It allows a company to make an obscence amount of money out of someone still but also stops the abuse of vunerable people too often seen on this forum.

Interestingly it appears to be for credit cards only. I cant find on Hanzard the full text as it hasnt been published yet.

Shame its not for all credit products as some of the loans seen on here arent just making money they are taking the micheal.

Good on Yvonne though seeing as she is our local MP. Could be useful when the shite hits the fan with our MBNA account