Sarah backs the Charter to Stop the Payday Loan Rip-Off


Sarah has today signed the ÔÇÿCharter to Stop the Payday Loan Rip-OffÔÇÖ. The Charter calls for tougher regulation of payday lenders and is supported by some of BritainÔÇÖs biggest debt, consumer and anti-poverty organisations ÔÇô including Which?, Citizens Advice, StepChange Debt Charity, Church Action on Poverty, and the Centre for Responsible Credit. MPs and campaigners are urging the Financial Conduct Authority to acknowledge the Charter and introduce tougher regulation of payday lenders to stop millions of people being ripped off. Over 40 MPs and peers backed the Charter at its launch in Parliament on Tuesday 15th October. Members of the public can back the Charter at┬á

Sarah said: ÔÇ£IÔÇÖve signed the Charter because payday lenders are ripping off millions of people, trapping them in spirals of debt. The Financial Conduct AuthorityÔÇÖs proposals for regulation are a step in the right direction, but they donÔÇÖt go far enough. We need proper regulation and enforcement of payday lenders.ÔÇØ