Parliamentary Motion concerned about 'Mathematica...

[MSE Martin]

What its about?

On 8 May the following Early Day Motion, entitled 'Celebrity Endorsement of Secured Debt Products' was submitted to Parliament by Sarah McCarthy Fry MP

The Text In Full

"That this House is concerned about rising levels of secured debt, due in part to celebrity endorsement of such products, particularly from individuals who are well known for their mathematical skills which gives the impression that such products are financially safe; notes that failing to repay secured loans can result in losing one's home or leave people locked into long-term debts which means the overall interest cost is substantially increased; further notes that rates from secured debt companies are often higher than unsecured loans from high street lenders and much higher than re-mortgages which is one of the viable alternatives; believes that secured debt companies should take up a charter of responsible advertising that only targets those limited niche individuals who would actively benefit from secured debt; and further notes that lowering monthly repayments, which increases the cost of the loans because the interest is spread over a longer period, should never be portrayed as saving people money."

How many MPs have signed it?

Update 26 June 2006: 66 MPs have now signed the early day motion.

At the time of writing the motion has been signed by 49 MPs and it seems to be constantly increasing. You can see who they are and what party groups by going to http://edmi.parliament.uk/edmi/ then clicking 'Search' and putting in 2114 as the number.

Details about the Carol Vorderman Petition

The online petition open to the public asking Carol Vorderman to stop doing adverts for secured loans has now had nearly 80,000 signatures. View/sign the petition . Read more

Why is this thread closed - why no discussion?

Sadly there can't be any discussion about the Appeal on these forums. For an explanation why read this.