It's been a long time since I posted here but, yesterday, I finally pinged an e-mail which has been 18 months in the making and, I hope, will be the catalyst for '2356percent 2.0'.

While the campaign for reform of payday lending, spearheaded by formidable advocates like Stella Creasy MP, continues apace, my meeting with Wonga back in September 2010 led me to stop and think about what measures might transform financial services rather than just reform them.

It's one thing to safeguard the rights and respect for consumers today - which good regulation of payday lenders may secure - but transforming financial services is another thing altogether.

I'd like the campaign to fix its gaze on this destination - the transformation of financial services - and I hope to post news about what I think this means very soon. In the meantime, let me know what you think.

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We're delighted that, yesterday, The Independent chose to include the 2356percent campaign in its Money section's coverage of the outcome of the Office of Fair Trading review.  

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The Office of Fair Trading has published its review of the high-cost short-term lending market in the UK and concluded that - while consumers do not benefit from sufficient competition between lenders - the market works 'reasonably well'.

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If it might, then The Urban Forum's assessment of the Conservative, Labour and Liberal Democrat manifestos against its '10 Big Ideas' - of which increasing access to credit on fair terms is one - is well worth a read at its Election Watch site.

The Green Party has outlined its policies for reform of the banking system in its manifesto and at its website, and these include reference to the provision of access to fair credit via community banks, credit unions and mutuals.

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Representatives of the 2356percent campaign and Wonga.com plan to meet to discuss the issues surrounding short-term 'payday' loans, following an invitation from the lender yesterday.

Campaign organiser, Ian Thomas, has welcomed Wonga's move. He said: "This is a welcome opportunity to understand more about Wonga's business and how this influences the offering of short-term loans which our campaign considers to be expensive and unfair to consumers. At the same time, it provides us with an opportunity to explain how our campaign came about and what its long-term ambitions are."

He added: "I expect the conversation to be constructive and worthwhile for both sides of this debate. Wonga is under no obligation to meet with the campaign and the fact that it is willing to do so is very positive. It suggests that it is a business that is willing to listen as well as take the time to explain why it considers itself to be a responsible lender."

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The 2356percent campaign has published online step-by-step help for its supporters that explains how to write to their Member of Parliament and invite them to sign the Early Day Motion (EDM) tabled by Greg Mulholland MP on 29 March 2010.

The campaign is inviting Facebook Group members, Twitter followers and other supporters to write to their MP - via writetothem.com - to encourage more MPs to support the EDM which calls on on the Government and regulatory authorities to ensure borrowers are treated fairly by payday lenders.

Help for supporters has been published at 2356percent's Slideshare page and includes a brief presentation called 'How to write to your MP using writetothem.com' (above) and an example of text that supporters may choose to include in their correspondence with constituency MPs (below).

More than 300 members have now joined the campaign's Facebook Group which was launched on 17 February 2010.

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Liberal Democrat MP for Leeds North West, Greg Mulholland MP, has tabled an Early Day Motion (EDM) in the House of Commons calling on the Government and regulators to support the 2356percent Facebook campaign and take action to ensure fair payday loan rates for borrowers.

Greg said: “These companies are tricking people into thinking that they offer a convenient solution to bridging the gap before pay day, when in reality they are charging extortionate rates.

“I think the public need to be made aware that such extremely expensive credit represents the migration of loan shark style lending from the doorstep to the internet browser."

The EDM, which was tabled on 29 March 2010, states: "That this House notes that, despite irresponsible sub-prime lending and inappropriate borrowing precipitating the liquidity crisis and subsequent recession, sub-prime lenders are currently advertising money within the hour that is described as fast and flexible, with excessive typical annual percentage rates of 2,356 per cent. in the case of QuickQuid and 2,689 per cent. in the case of Wonga; believes that television advertising of such extremely expensive credit represents the migration of loan-shark style lending from the doorstep to the computer desktop; further believes that lending of this kind can prove both socially and financially irresponsible and that the Government and appropriate regulatory authorities should insist on the application of the regulatory principle of fair treatment of consumers which currently applies to savings and investments in the UK to sub-prime lending products to protect vulnerable consumers; and further believes that in the interim the Government should cap interest rates on sub-prime personal lending products and encourage the conditions for and promote the benefits of the establishment of social enterprises, such as credit unions, to create an alternative for consumers in need to turn to."

The tabling of the EDM marks the start of a new lobbying stage in the 2356percent according to campaign organiser, Ian Thomas.

He said: "We are delighted that Greg has taken the time to draw attention to the issue of excessive annual percentage rates (APRs) that are being charged by 'payday' lenders in the UK by tabling the Early Day Motion in the House of Commons.

"As a nation we are continuing to pay the price for irresponsible lending practices that encourage inappropriate sub-prime borrowing. No matter what their claims, businesses like Wonga.com, Quickquid and Skint.com should not be able to lend even the smallest amount of money at such high costs to consumers. Borrowers should be afforded the kind of regulatory safeguards that savers and investors enjoy, and that means product terms should be fair to consumers.

"The 2356percent campaign is just six weeks old but is growing all the time. The more people take part in the campaign through our Facebook Group the more chance we will be able to shape the future of 'payday' lending in the UK."

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Liberal Democrat Shadow Foreign Affairs Minister, Jo Swinson MP, has become the first Member of Parliament to back the 2356percent Facebook campaign calling for fair payday loan APRs.

The East Dunbartonshire MP (pictured above) has joined more than 220 members of the campaign's Facebook group - launched just one month ago - who are concerned about the typical APRs being offered by short-term 'payday' lenders like Quickquid.co.uk (2,356%) and Wonga.com (2,689%).

Jo said: "Despite all the lessons that we should have learned from the liquidity crisis, it's alarming that potentially irresponsible lending and inappropriate borrowing continues to thrive. It is not simply an issue of the high cost of the loans in terms of money, but the high social and emotional costs upon relationships, families, homes and communities of either failing to manage any resulting debt or being drawn into a cycle of habitual borrowing.

"I understand that the Office of Fair Trading is expected to report on its review of the short-term sub-prime lending market soon. I wish the 2356percent campaign every success in seeking to influence the debate over the fairness of existing short-term lending practices and the need to create new ways for people on low incomes to borrow at a much lower cost and at less risk to their financial well-being."

Campaign organiser, Ian Thomas, said: "I'm sure every member of our campaign will be as delighted as I am that Jo has chosen to join the Facebook group. It's a huge boost to have the backing of such a significant public figure.

"It is support from people like Jo that is sustaining the momentum which we have begun to build thanks to the Facebook Group. It's a great way to enable lots of people - each individually alarmed by the cost of payday loans - to gather together and play their part in influencing the future shape of short-term lending in the UK."

To join in the Campaign simply follow the link and click 'Join Group' here: 2356percent at Facebook

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Former Minister of State for School Standards, Stephen Twigg, has backed the 2356percent Facebook campaign for fairer payday loan APRs.

Stephen, who is Labour's parliamentary candidate for Liverpool West Derby at this year's General Election, has joined members of the campaign group at the social networking site in order to lend his support to the campaign for fairer lending rates to cash-strapped consumers.

The two-week old campaign now has the support of more than 170 members at its Facebook Group

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We may be less than a week old, but the 2356percent campaign has already welcomed its first elected representative to the growing number of members of the campaign's Facebook Group.

Liberal Democrat councillor Les Bonner represents the Yarborough Ward on North East Lincolnshire Council. Cllr Bonner has a track record in campaigning against loan-sharking and - along with all our supporters - is a very welcome and significant supporter of our fledgling campaign.

Of course we would be delighted to hear from more Councillors, MPs, and national Parliamentary and Assembly members, who are concerned about unfair APR rates on payday loans. In fact, anyone wishing to support the campaign can do so by following us at Twitter or by joining our Facebook Group.

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While I understood the point he was making, the logic seems to be 'well typical APRs of 2,356% are rough, but they're probably not as rough as bank charges'.

If columnists are using the punitive charges of the Banks as the benchmark, then the lobby for both fair APRs and fair banking really do have a monumental task.

At least Mr Read did use the column to call for a clamp down on the activities of doorstep lenders - I'd be amazed if anyone disagreed with that.

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Well I'm learning stuff all the time.

Yesterday I was pointed in the direction of an Office of Fair Trading (OFT) review of 'payday' lending in the UK by Which? Money on Twitter.

The OFT, which is the body responsible for monitoring consumer lending  - I learned that via @moneymadeclear - the FSA's consumer information service - expects to report its findings in Spring 2010.

If you're interested, the OFT has published interim details - including consumer survey findings - of the review which is also available at the OFT site.

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It’s early days so every milestone counts and – last night – we hit the first one: 50 members of the Facebook Group and counting.

Thanks to everybody who’s joined in so far. Not only can you take part at Facebook, you can also follow progress on Twitter at @2356percent.

As the Group grows in size, the next steps for the campaign will become important.

It’s only fair to invite ‘payday’ loan lenders to explain how they justify the interest rates that their loans attract, so I will be writing to the chief executives of quickquid.co.uk and wonga.com to do exactly that.

Thanks for joining in and keeping following!

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I'm on something of a mission.

I was watching the TV earlier today and saw quickquid.co.uk's advert offering 'payday' loans at 2356% typical APR. 

I thought it was wrong, so I started this Facebook Group. 

The more join, the more we may be able to inifluence both regulators and lenders to insist on a fair rate for consumers who are clearly coping with small, short-term debt.

Let's see how we do!

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