Margaret Moran MP
Labour MP for Luton South

Credit card firms to be forced to end rip offs

Today the Government has announced it will take tough action to end unfair lending terms by credit card companies. The action will mean:

• Banning the practice of increasing credit limits without prior consent

• Banning unasked for credit card cheques

• Placing restrictions on increasing the interest rate on existing debt

• Raising the minimum monthly repayments levels to encourage people to pay off their debt faster

• Changing the rules so that the most expensive debt on your credit card is paid off first. (Currently most credit card companies make you pay off the cheapest debt first.)

Supporting the move Margaret Moran has called on credit and store card companies give people a fairer deal and prevent spiralling debts. Ms Moran said:

“What I hear about time and time again are complaints from people about unfair practices and rip offs.

“Whether its over the top charges in credit card bills, credit repayments or the high cost of credit on things like store cards, it’s clear that something needs to be done to help consumers.

“What concerns me most is interest rates being increased without proper explanation. Consumers using their cards responsibly and making payments on time should not pay the price for excessive risk-taking by financial institutions.”

Margaret Moran MP today praises the actions of the International Fire and Rescue Association. Over the past 8 years, a growing number of dedicated UK fire-fighters have given up their time and money to help communities across the globe struck by war, civil unrest or natural disaster.

Having been to 14 countries including Paraguay, Albania and Kashmir, they help local fire and rescue services across the world make their communities safer all year round.

Margaret says: “These men and women are an inspiration to us all. They really do make a difference by lending their skills and expertise to the countries and regions most in need. I shall be contacting the local Fire Chief in Luton to speak of the pride I feel and to raise the profile of the work they are doing.”

Margaret has written the following letter to Lord Mandelson, the Business Secretary.

Rt Hon. The Lord Peter Mandelson
Secretary of State for Business, Innovation and Skills
1 Victoria Street
London SW1H 0ET

25th September 2009

Dear Lord Mandelson,

As you are no doubt well aware there have been speculations in the press about potential job losses at the Luton Vauxhall plant.
The Government has responded by stating that these reports have been “unhelpful at such early stages of the negotiations”.

Luton plant employees are clearly worried about their job security and need a degree of certainty and some form of guarantee on this issue. Particularly in this time of economic difficulty it is important that people feel secure in their employment.

I would therefore urge you in your negotiations to fight hard for the future of the Luton plant and preserve the jobs of its workforce.

As the constituency MP, it is my primary concern that these jobs are safeguarded and that no such losses will take place. Specifically I would ask what measures are being taken to safeguard jobs at the Luton Vauxhall plant.

I look forward to your prompt response.

Yours sincerely,

Margaret Moran MP