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The Consumer Minister Kevin Brennan has unveiled plans to ban the use of what he claims to be an outdated law used to sell high-cost loans.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

Beagle Street expands adviser protection range with Critical Illness Plus

Beagle Street has launched Critical Illness Plus into the intermediary market, offering cover for...

Majority of first-time buyers now face higher mortgage payments than rent

More than half of first-time buyers moving from rented accommodation into homeownership are taking...

Foundation gains workplace accreditation after 93% staff approval

Specialist lender Foundation has secured Great Place To Work certification after 93% of its...

‘The Godfather’ joins Mortgage’s Got Talent judging panel

John ‘The Godfather’ Malone has been recruited as a judge for Mortgage’s Got Talent,...

Royal London introduces AI menopause support tool for staff

Royal London has launched an AI-powered tool designed to help employees and managers access...

Latest publication

Other news

Beagle Street expands adviser protection range with Critical Illness Plus

Beagle Street has launched Critical Illness Plus into the intermediary market, offering cover for...

Majority of first-time buyers now face higher mortgage payments than rent

More than half of first-time buyers moving from rented accommodation into homeownership are taking...

Instamo and Fluxifi AI agree integration to simplify mortgage submissions

Mortgage advisers using Fluxifi AI will gain access to Instamo's FastSubmit technology through a...