AMs to debate payday loan companies

Published 24/01/2012   |   Last Updated 14/07/2014

AMs to debate payday loan companies

24 January 2012

Assembly Members will debate the issue of payday loan companies in the latest Individual Members Debate to be held at the National Assembly for Wales on Wednesday (25 January).

The Motion, put forward by Simon Thomas AM, Mark Drakeford AM, Mark Isherwood AM and Aled Roberts AM, calls on the Welsh Government, local authorities and third sector organisations “to work together as much as possible to offer viable alternatives to such companies and to alert people to the real cost of the loans offered.”

It also asks Members to note the proliferation of payday loan companies in Wales, the high rates of interest they charge and the potential for such lending to create severe debt among poorer communities.

“As with all motions selected for Individual Member Debates this debate has been put forward with cross-party support,” said Rosemary Butler AM, Presiding Officer of the National Assembly for Wales.

“Support by 24 Assembly Members from all parties, and from across Wales, demonstrates clearly the concern this issue is causing.

“One of the key motivations behind my decision to introduce Individual Member Debates is to give Members a way of raising important issues that affect their constituents, and to bring them to the attention of the National Assembly.

“I am delighted therefore that Members are taking advantage of this opportunity.”

Mid and West Wales AM Simon Thomas said: “I am pleased that we are able to discuss this in the Senedd and call for action from public bodies to address this issue.

“Many of us are finding it harder to make ends meet and find credit. More and more people are forced to turn to ‘pay day’ or short-term lenders.

“The adverts of these opportunistic loan firms are on our TV screens daily. They unscrupulously prey on vulnerable people who need support during these difficult economic times.“