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24/07/2003
Changes in loan repayments planned
People who repay loans early will get a fairer deal under changes outlined by the government this week.
Around seven-in-10 personal loans are settled early, but people often have to pay big charges - charges which the government wants to scrap.
A new White Paper in the autumn will include plans to clampdown on loan sharks, magnify the small print of loan agreements and put a stop to irresponsible lending.
The changes will update the UK’s 30-year-old credit laws, which were introduced when the market was much smaller and simpler. In 1971 only one type of credit card was available, while now there are around 1,300 cards on the market.
Commenting on the proposals, Consumer Affairs Minister Gerry Sutcliffe said: "I want to ensure our credit laws meet the needs of a modern credit sector. They must protect consumers by tackling loan sharks, allow unfair loan agreements to be challenged, and ensure consumers know what they are getting themselves into when they sign on the dotted line."
Meanwhile, SDLP representative, John Dallat has urged local people to turn to their credit unions for their saving and borrowing instead of higher interest based lenders.
He said: "It is surely time for people to look seriously at joining their credit union and free themselves from the stranglehold of credit card companies and other expensive methods of borrowing money.
"It is very worrying that credit cards have made such inroads into the lives lives of ordinary people. Perhaps it is time the government compelled credit card companies to contribute to the cost of debt counselling which is now an essential part of helping people who have got into trouble with these money lenders."
(MB)
Around seven-in-10 personal loans are settled early, but people often have to pay big charges - charges which the government wants to scrap.
A new White Paper in the autumn will include plans to clampdown on loan sharks, magnify the small print of loan agreements and put a stop to irresponsible lending.
The changes will update the UK’s 30-year-old credit laws, which were introduced when the market was much smaller and simpler. In 1971 only one type of credit card was available, while now there are around 1,300 cards on the market.
Commenting on the proposals, Consumer Affairs Minister Gerry Sutcliffe said: "I want to ensure our credit laws meet the needs of a modern credit sector. They must protect consumers by tackling loan sharks, allow unfair loan agreements to be challenged, and ensure consumers know what they are getting themselves into when they sign on the dotted line."
Meanwhile, SDLP representative, John Dallat has urged local people to turn to their credit unions for their saving and borrowing instead of higher interest based lenders.
He said: "It is surely time for people to look seriously at joining their credit union and free themselves from the stranglehold of credit card companies and other expensive methods of borrowing money.
"It is very worrying that credit cards have made such inroads into the lives lives of ordinary people. Perhaps it is time the government compelled credit card companies to contribute to the cost of debt counselling which is now an essential part of helping people who have got into trouble with these money lenders."
(MB)
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SDLP Seeks Views On Proposed Regional Jobs, Skills and Investment Bill
The SDLP has announced the launch of a public consultation of their proposed Regional Jobs, Skills and Investment Bill, describing it as an opportunity to rebalance the economy across the North. The consultation opened online today and will close on Sunday 16th February.
SDLP Seeks Views On Proposed Regional Jobs, Skills and Investment Bill
The SDLP has announced the launch of a public consultation of their proposed Regional Jobs, Skills and Investment Bill, describing it as an opportunity to rebalance the economy across the North. The consultation opened online today and will close on Sunday 16th February.
19 November 2004
TSS advise on overseas credit card spending
As a result of a recent High Court ruling that overseas purchases are not covered by the Consumer Credit Act 1974, the Trading Standards Service (TSS) is advising consumers on the protection they can currently expect when using a credit card to purchase goods or services.
TSS advise on overseas credit card spending
As a result of a recent High Court ruling that overseas purchases are not covered by the Consumer Credit Act 1974, the Trading Standards Service (TSS) is advising consumers on the protection they can currently expect when using a credit card to purchase goods or services.
07 December 2011
Public Warned Over 'Bad Santa' Scams
The public are being urged to be wary of festive scams - and to think before they hand over bank details or credit card information. As Christmas approaches, the Department of Enterprise, Trade and Investment's Trading Standards Service (TSS) is urging consumers to be on their guard against the top five most likely festive scams of 2011.
Public Warned Over 'Bad Santa' Scams
The public are being urged to be wary of festive scams - and to think before they hand over bank details or credit card information. As Christmas approaches, the Department of Enterprise, Trade and Investment's Trading Standards Service (TSS) is urging consumers to be on their guard against the top five most likely festive scams of 2011.
13 June 2005
Sellers warned to be wary of telephone callers
Detectives in Fermanagh are advising people selling their cars to be wary of unsolicited calls offering help with the sale. The advice follows an incident in which a local man advertised his car in a specialist magazine and was then phoned by an unconnected company that said it could help sell the car, and asked for credit card details.
Sellers warned to be wary of telephone callers
Detectives in Fermanagh are advising people selling their cars to be wary of unsolicited calls offering help with the sale. The advice follows an incident in which a local man advertised his car in a specialist magazine and was then phoned by an unconnected company that said it could help sell the car, and asked for credit card details.
09 December 2011
Credit Unions Get Full Deposit Protection
Credit union customers in NI are to enjoy the same protection as those at ordinary banks. The Financial Services Authority (FSA) and HM Treasury (HMT) have today jointly announced that Northern Ireland's credit union customers will have their deposits protected to the value of £85,000.
Credit Unions Get Full Deposit Protection
Credit union customers in NI are to enjoy the same protection as those at ordinary banks. The Financial Services Authority (FSA) and HM Treasury (HMT) have today jointly announced that Northern Ireland's credit union customers will have their deposits protected to the value of £85,000.
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
