London, UK -- (SBWIRE) -- 07/16/2013 -- Starting with his 2nd commentary of this memorandum, MP Paul Blomfield of Sheffield stated "There is an ever growing requirement to enforce stricter regulations upon the structure around the proceeds of issuing loans to persons in vulnerable financial conditions."

Despite of his effort to put stricter regulation on the payday lenders MP Blomfield said that his goal is not to shut down these services because they are needed by many people that cannot find another way to raise funds.

His goal is to prevent these companies to exploit the weakness of the most vulnerable categories of people that have been engulfed in these schemes and cannot find their way out of the ever rising debt payments. Such companies as Wonga, QuickQuid and payday express who are amongst ther largest in the UK make millions on the back of the poorest people and they are pushing them towards even greater misery.

Implementation of his proposal would enable better conditions for the people that are using these payday loans that proved to be too much of a burden to these financially vulnerable persons. He said that he doesn't want to rewrite the whole legislative but to help the Financial Conduct Authority (FCA) improve the regulations and that he hopes that these changes would be also accepted by the Government.

As foundation for his proposal MP Blomfield used the information provided by several key institutions and sources like Citizens Advice Bureau,the debt charity Stepchange, the Centre for Responsible Credit, consumer magazine Which and local debt advisers from his party.

As a support to his colleague MP Craig McClymont stated that these payday loans have become the worst kind of financial exploitation in the capitalist society.

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