A Bill to require credit card companies to discharge a debt when three times the equivalent of the principal sum owed has been paid in interest; and for connected purposes
House of Commons
18 April 2013
This bill would require credit card companies to discharge the debt once the interest paid on a card reaches three times the original amount borrowed (the principal). In other words, after a borrower has paid interest equal to three times the principal, the lender must write off any remaining balance.
The bill is at the second reading in the House of Commons. If it advances, it would move to the committee stage for detailed scrutiny, followed by further readings in the Commons and then consideration by the Lords.
Generated 21 February 2026
This Bill has been withdrawn and will not progress any further.
The Bill had its first reading on 27 November 2012 under the Ten Minute Rule. The second reading was expected on 1 March 2013 but was withdrawn.
If you require any further information about the Bill then please contact the sponsoring Member Yvonne Fovargue.
No recorded votes for this bill yet.
