Government looks to ban logbook loans

Published on

Consumer Minister reveals plans to ban Bills of sale lending

The Consumer Minister Kevin Brennan has unveiled plans to ban the use of what he claims to be an outdated law used to sell high-cost loans.

Bills of sale are typically used for ‘logbook’ loans which are secured against the value of the consumer’s car.

Brennan said: “These bills of sale are archaic and allow vulnerable peoples’ goods to be seized without a court order. They were developed in the days of Charles Dickens and don’t meet 21st century consumer standards. They can encourage people to slip even further into debt rather than taking control of their finances.

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

The FCA has made the case for holistic mortgage advice

Last Thursday, the head of the FCA stood up at the JP Morgan Pensions...

FCA probe into MFS collapse sharpens focus on corporate due diligence

The Financial Conduct Authority’s investigation into the collapse of Market Financial Solutions is prompting...

The Vernon grows assets to £534m as annual profits reach £2.8m

Vernon Building Society increased total assets to £534m in 2025, while reporting profit before...

Second charge lending sees steady start to 2026 with 19% rise in new agreements

New business volumes in the second charge mortgage market rose by 19% in January...

African visa workers pull back from UK mortgages as access concerns persist

Research from specialist lender Afin Bank suggests demand for mortgages among African nationals on...

Latest publication

Other news

The FCA has made the case for holistic mortgage advice

Last Thursday, the head of the FCA stood up at the JP Morgan Pensions...

FCA probe into MFS collapse sharpens focus on corporate due diligence

The Financial Conduct Authority’s investigation into the collapse of Market Financial Solutions is prompting...

Technology’s biggest challenge is not the one you think

There is a version of the mortgage technology story that gets told at conferences...