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19/05/2005
Consumer Credit Bill re-introduced to Parliament
The Consumer Credit Bill is being re-introduced into Parliament today, the government has announced.
The Bill, which completed most of its stages in the last Parliament, aims to create a “fairer, clearer and more comeptitive credit market” by tighting regulations and giving borrowers better protection and improved rights.
Among the proposals in the Bill are plans to make it easier for consumers to challenge unfair lending practises and loan agreements, including the establishment of an independent ombudsman service; a more targeted licensing system; and an improvement in the powers of the Office of Fair Trading to enable them to take action against rogue companies.
The Bill also includes plans to create a requirement for lenders to give consumers better information about their credit accounts.
Consumer Minister Gerry Sutcliffe said that the consumer credit market had “changed immeasurably” since it was last reformed 30 years ago. He said: “While credit is a useful tool for the majority, unfair lending and ill-informed borrowing decisions can cause real problems for some people. This Bill is an important step towards achieving our objectives or creating a fair, clear and competitive consumer credit market and enhancing consumer protection, particularly for the most vulnerable.”
The Consumer Credit Bill was one of the bills announced during the Queen’s Speech at the opening of Parliament earlier this week. CBI Deputy-General John Cridland said that a review of consumer credit laws was needed, but warned that the Bill must be “workable and practicable”. He said: “It is in the interests of consumers and business to have legislative certainty and avoid unnecessary ligtigation.”
The Bill was welcomed by consumer watchdog Which?. They urged the government to make the Bill “a priority” and to force credit card companies to have one method of calculating interest and to share their full data in order to improve responsible lending. Emma Bandey, personal finance campaigner at Which?, said: “There has been enough delay introducing important changes to the consumer credit legislation. It’s time for Parliament to tackle outdated credit laws which are putting people at financial risk and untold stress.”
The government has already introduced secondary legislation to reform the consumer credit market, including changes to the way consumer credit deals are advertised and the way consumers can sign up for credit agreements online.
A series of initiatives have also been introduced to help consumers who are in debt, including: a crackdown on loan sharks; an increase in free debt advice; and plans to increase financial literacy, particularly among young people.
(KMcA/SP)
The Bill, which completed most of its stages in the last Parliament, aims to create a “fairer, clearer and more comeptitive credit market” by tighting regulations and giving borrowers better protection and improved rights.
Among the proposals in the Bill are plans to make it easier for consumers to challenge unfair lending practises and loan agreements, including the establishment of an independent ombudsman service; a more targeted licensing system; and an improvement in the powers of the Office of Fair Trading to enable them to take action against rogue companies.
The Bill also includes plans to create a requirement for lenders to give consumers better information about their credit accounts.
Consumer Minister Gerry Sutcliffe said that the consumer credit market had “changed immeasurably” since it was last reformed 30 years ago. He said: “While credit is a useful tool for the majority, unfair lending and ill-informed borrowing decisions can cause real problems for some people. This Bill is an important step towards achieving our objectives or creating a fair, clear and competitive consumer credit market and enhancing consumer protection, particularly for the most vulnerable.”
The Consumer Credit Bill was one of the bills announced during the Queen’s Speech at the opening of Parliament earlier this week. CBI Deputy-General John Cridland said that a review of consumer credit laws was needed, but warned that the Bill must be “workable and practicable”. He said: “It is in the interests of consumers and business to have legislative certainty and avoid unnecessary ligtigation.”
The Bill was welcomed by consumer watchdog Which?. They urged the government to make the Bill “a priority” and to force credit card companies to have one method of calculating interest and to share their full data in order to improve responsible lending. Emma Bandey, personal finance campaigner at Which?, said: “There has been enough delay introducing important changes to the consumer credit legislation. It’s time for Parliament to tackle outdated credit laws which are putting people at financial risk and untold stress.”
The government has already introduced secondary legislation to reform the consumer credit market, including changes to the way consumer credit deals are advertised and the way consumers can sign up for credit agreements online.
A series of initiatives have also been introduced to help consumers who are in debt, including: a crackdown on loan sharks; an increase in free debt advice; and plans to increase financial literacy, particularly among young people.
(KMcA/SP)
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Tough new sanctions on rogue lenders could be introduced under a new Bill introduced in the House of Commons by Trade and Industry Secretary Patricia Hewitt. Measures in the Consumer Credit Bill would create a fairer, clearer and more competitive credit market, by bringing in new rules to give consumers better protection and more rights.
01 February 2011
New Rights To Benefit Consumers
Consumers should take advantage of new rights aimed at protecting them and encouraging lenders to act more responsibly, Consumer Minister Edward Davey said today as the EU Consumer Credit Directive came into force.
New Rights To Benefit Consumers
Consumers should take advantage of new rights aimed at protecting them and encouraging lenders to act more responsibly, Consumer Minister Edward Davey said today as the EU Consumer Credit Directive came into force.
27 October 2005
‘High cost’ for home credit customers
Customers are generally happy with home credit loans, but they pay a “high price”, the Competition Commission (CC) has warned. The Commission said that there might be a lack of effective competition in the home credit market, where instalments are collected from customers’ homes.
‘High cost’ for home credit customers
Customers are generally happy with home credit loans, but they pay a “high price”, the Competition Commission (CC) has warned. The Commission said that there might be a lack of effective competition in the home credit market, where instalments are collected from customers’ homes.
22 April 2004
Lenders warned over 'irresponsible' credit offers
Credit card companies have been warned that there will be no room for irresponsible lenders in the marketplace of the future. According to the Consumer Minister Gerry Sutcliffe, companies must improve data sharing to help promote "responsible lending" and crack down on those who exploit the most vulnerable borrowers.
Lenders warned over 'irresponsible' credit offers
Credit card companies have been warned that there will be no room for irresponsible lenders in the marketplace of the future. According to the Consumer Minister Gerry Sutcliffe, companies must improve data sharing to help promote "responsible lending" and crack down on those who exploit the most vulnerable borrowers.
18 May 2012
Generous Parents Hurting Grown-Up Children's Credit Rating
Free credit report service Noddle has warned that parents are inadvertently placing their adult children at a financial disadvantage by taking out credit and paying essential bills on their behalf.
Generous Parents Hurting Grown-Up Children's Credit Rating
Free credit report service Noddle has warned that parents are inadvertently placing their adult children at a financial disadvantage by taking out credit and paying essential bills on their behalf.
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