PAY DAY LOAN SCHEMES

That this House is deeply concerned about a number of products and certain sales activities connected with the financial services industries, in particular payday loans schemes which are known to regularly charge unacceptably high rates of interest to their largely vulnerable customers whom they attract simply because other borrowing routes are not readily available to them; and calls on the Government to introduce as a matter of urgency, legislation designed to outlaw such conduct by loan sharks who prey on low income people and families whilst fleecing them of money they can ill afford to lose.