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The Consumer Minister Kevin Brennan has unveiled plans to ban the use of what he claims to be an outdated law used to sell high-cost loans.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

Your clients aren’t being stolen… they’re being handed over

Let's be honest about something the industry won't say out loud. Lenders going direct...

Fintech entrepreneur joins Swansea Building Society board

Swansea Building Society has appointed financial technology entrepreneur Martin Breach as a non-executive director. Breach...

Brilliant Solutions’ mortgage club claims record month

Brilliant Solutions has reported its strongest month on record despite signs of slowing momentum...

Nationwide trims fixed mortgage rates by up to 0.19 points

Nationwide is cutting fixed mortgage rates for first-time buyers, home movers and remortgage customers...

Walbrook launches mortgage adviser apprenticeship pathway

Walbrook Institute London has expanded its apprenticeship offering with a new Level 3 pathway...

Latest publication

Other news

Private credit has reached its next stage of maturity

Every lending market experiences moments that prompt uncomfortable questions. A high profile default, allegations...

Your clients aren’t being stolen… they’re being handed over

Let's be honest about something the industry won't say out loud. Lenders going direct...

Fintech entrepreneur joins Swansea Building Society board

Swansea Building Society has appointed financial technology entrepreneur Martin Breach as a non-executive director. Breach...