The giant "home credit" industry - the doorstep lenders - have been told to cut their charges to customers NOW, following today's Competition Commission report which suggests that there has been "substantial" overcharging by the industry - possibly by as much as £100 million a year.

The call for immediate action comes from Labour MP Mark Lazarowicz, who chairs the All Party Parliamentary Group on Debt and Personal Finance. Mark Lazarowicz raised the issue on the floor of the House of Commons today (Thursday).

Mark Lazarowicz said: "The Competition Commission report confirms what many people, including myself, have been saying for a long time. The doorstep lending industry has been making excessive profits, often at the expense of some of the most vulnerable in our society."

"I am glad that the Competition Commission is calling for action. I am disappointed that the reaction by some in the home credit industry appears to suggest that they will challenge and contest the Competition Commission findings which could lead to further delay.. It would be scandalous if the customers of the doorstep lenders are forced to wait still longer for a cut in the interest rates that they are charged as a result of delaying tactics by some in the industry."

"I call upon the doorstep lenders not to delay, but to take action now to cut their interest rates and charges. I also believe that the Competition Commission should consider taking steps to require those companies which have been overcharging to compensate retrospectively those customers who have already suffered."

"If the doorstep lenders do not put their own house in order quickly and comprehensively, then I would call upon the Department of Trade and Industry to use the powers open to them under the new Consumer Credit Act to make them do so."