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Sheffield MP backs payday loan levy plan

Paul Blomfield with his bill to regulate payday lenders

Paul Blomfield with his bill to regulate payday lenders

Sheffield Central MP Paul Blomfield has welcomed plans to make pay-day lenders fund more debt advice.

Mr Blomfield, who launched a campaign to ‘stop the rip-off’ of payday lenders with new regulations, said: “It’s absolutely right that payday lenders, who create many of the problems people face, should provide the extra resources that are needed.”

The Low Commission has suggested a levy on payday loan companies.

 

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