We need a voluntary national self-exclusion register for people not wanting to be tempted to borrow from high cost lenders such as payday loan companies.
Everyone in the UK would have the option to register NOT to be allowed credit above a specified %APR. The time period could be specific or indefinite, with the option of permanent exclusion.
It would be illegal for lenders to loan money to people on the register above their specified %APR, for as long as that person is on the register.
We believe this measure would enable people to make deliberate and rational choices about their finances, by removing the immediate temptations of sophisticated marketing campaigns targeted at financial vulnerability.