Payday loans charter

Makerfield MP Yvonne Fovargue

Makerfield MP Yvonne Fovargue

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MAKERFIELD MP Yvonne Fovargue is demanding tougher regulation of payday loans to stop Wiganers being ripped off by sky-high interest rates.

Ms Fovargue signed the Charter to Stop the Payday Loan Rip-off, joining fellow MPs, charities and debt and anti-poverty organisations to demand tighter rules around payday lending.

The campaigners hope the Financial Conduct Authority will back the charter and are also asking for public support to control the industry.

Ms Fovargue said: “Payday lenders are ripping off millions of people, trapping them in spirals of debt. The proposals for regulation are a step in the right direction, but they don’t go far enough.

“This is a once in a generation opportunity to get the proper regulation and enforcement of payday lenders that we badly need.

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

To sign the charter visit www.change.org./paydayloancharter