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
May contain errors — check source documents for definitive information.
The bill would require credit card lenders to cancel the remaining debt once the interest paid on that debt equals three times the original amount borrowed. In other words, after a borrower has paid triple the principal in interest, the debt would be written off, with additional provisions covering related aims.
The bill is at the 2nd reading stage in the House of Commons, having had its first reading on 27 November 2012; no further stages are documented here.
Generated 21 February 2026
27 Nov 2012
This Bill has been withdrawn and will not progress any further.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 The second reading was expected on 1 March 2013 but was withdrawn.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.
