Paul Blomfield, MP (Labour, Sheffield Central) has brought a High Cost Credit Bill in to Parliament today. He said that "the OFT said that 28% of loans are rolled over at least once, and they account for 50% of lenders revenue." "Encouraging roll overs is a deliberate commercial strategy of some firms," highlighted in a recent OFT report and he suggested that the bill would introduce limits on this practice. He said that CPAs have led to some people having their bank accounts emptied, which has in some cases led to people being threatened with eviction as there were insufficient funds to cover other outgoings.
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