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The Consumer Minister Kevin Brennan has unveiled plans to ban the use of what he claims to be an outdated law used to sell high-cost loans.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

Higher mortgage rates hit buyer demand

Higher mortgage rates and ongoing geopolitical uncertainty continue to weigh heavily on the UK...

Making children’s cover part of the mortgage conversation

Seeing a child unwell can often change how we feel, especially if you are...

Beyond the walk: Mortgage leaders talk mental health – part 13

The Mortgage Industry Mental Health Charter (MIMHC) began its third annual 144-mile Walk &...

West Brom BS cuts low-deposit mortgage rates

West Brom Building Society has reduced rates across its two-year core and new build...

The Mortgage Works cuts rates and adds new buy-to-let options

The Mortgage Works has cut rates by up to 0.20 percentage points across selected...

Latest publication

Other news

Higher mortgage rates hit buyer demand

Higher mortgage rates and ongoing geopolitical uncertainty continue to weigh heavily on the UK...

Making children’s cover part of the mortgage conversation

Seeing a child unwell can often change how we feel, especially if you are...

Beyond the walk: Mortgage leaders talk mental health – part 13

The Mortgage Industry Mental Health Charter (MIMHC) began its third annual 144-mile Walk &...