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The Consumer Minister Kevin Brennan has unveiled plans to ban the use of what he claims to be an outdated law used to sell high-cost loans.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

Just Mortgages joins Sovereign Network Group panel for Shared Ownership buyers

Just Mortgages New Build and Shared Ownership has been appointed to Sovereign Network Group’s...

Nexpad launches with eXp UK deal and joins HLPartnership network

A new mortgage brokerage founded by former Connells executive Stuart Dare has launched with...

Melton trims credit repair mortgage rates by up to 0.30%

Melton Building Society has reduced rates across its fixed-rate Credit Repair range for borrowers...

HSBC sets out second round of mortgage fraud webinars for brokers

HSBC is running a further series of CPD-accredited webinars for mortgage advisers in the...

Clydesdale Bank withdraws selected residential fixed rate products

Clydesdale Bank is withdrawing a limited number of residential fixed rate mortgage products. The lender...

Latest publication

Other news

Just Mortgages joins Sovereign Network Group panel for Shared Ownership buyers

Just Mortgages New Build and Shared Ownership has been appointed to Sovereign Network Group’s...

Nexpad launches with eXp UK deal and joins HLPartnership network

A new mortgage brokerage founded by former Connells executive Stuart Dare has launched with...

Melton trims credit repair mortgage rates by up to 0.30%

Melton Building Society has reduced rates across its fixed-rate Credit Repair range for borrowers...