Oral Answers to Questions

Yvonne Fovargue Excerpts

Wednesday 13th July 2011 Commons Chamber

[The Prime Minister]

The point I would make is this: the problem is not only the restrictions of the euro, but the building up of unsustainable levels of debt. Although we are out of the euro, that does not mean that we do not have to deal with our debts—we absolutely do. However, we have the opportunity of being quite a safe haven for people. We can actually see our market interest rates come down because of the action that this Government are taking. We must keep that up, but we must also recognise that the eurozone sorting out its own problems is in our interests, so we must be helpful and constructive with the work that needs to be done.

[Yvonne Fovargue (Makerfield) (Lab)]

Q14. Last week, I was approached about a fee-paying debt management company that had advised its client to take out a remortgage for £50,000 to pay his debts. The company paid £11,000 to his creditors and went out of business, taking the rest of his money. I have many other examples like this. Self-regulation simply is not working in this industry. Will the Prime Minister urgently consider regulating the sector and provide the Office of Fair Trading with the resources necessary to take enforcement action swiftly so that vulnerable people do not continue to be ripped off?