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The Consumer Minister Kevin Brennan has unveiled plans to ban the use of what he claims to be an outdated law used to sell high-cost loans.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

Auction sales rate falls as buyers become more selective

The proportion of property auction lots sold fell to 64.7% in July as buyers...

Untangled completes Ampla Finance rebrand with new website

Specialist lender Untangled has launched a new website, completing its transition from Ampla Finance. The...

L&G cuts rates for new optional payment lifetime mortgages

L&G has introduced rate reductions of between 0.01% and 1.00% for new customers taking...

Mortgage payments are leading source of financial pressure for borrowers

More than half of UK mortgage holders worry about their repayments at least once...

StrideUp cuts HMO and MUFB finance rates and raises broker fees

StrideUp has reduced rates across its houses in multiple occupation (HMO) and multi-unit freehold...

Latest publication

Other news

Auction sales rate falls as buyers become more selective

The proportion of property auction lots sold fell to 64.7% in July as buyers...

Untangled completes Ampla Finance rebrand with new website

Specialist lender Untangled has launched a new website, completing its transition from Ampla Finance. The...

L&G cuts rates for new optional payment lifetime mortgages

L&G has introduced rate reductions of between 0.01% and 1.00% for new customers taking...