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The Consumer Minister Kevin Brennan has unveiled plans to ban the use of what he claims to be an outdated law used to sell high-cost loans.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

Target Group reports efficiency gains from AI arrears agent

Target Group has reported a 40% increase in efficiency and colleague satisfaction in managing...

First-time buyer affordability hotspots revealed

Grimsby, Greenock and Burnley are among the most accessible locations for first-time buyers, according...

British Friendly enters market with new Lifetime Care Plan

British Friendly has entered the long-term care funding market with the launch of its...

Fleet Mortgages joins LMS panel link

Fleet Mortgages has joined LMS Panel Link in a move intended to improve lender-law...

Coventry cuts residential and buy-to-let rates

Coventry for intermediaries has reduced selected residential and buy-to-let rates by up to 0.12%. The...

Latest publication

Other news

Target Group reports efficiency gains from AI arrears agent

Target Group has reported a 40% increase in efficiency and colleague satisfaction in managing...

First-time buyer affordability hotspots revealed

Grimsby, Greenock and Burnley are among the most accessible locations for first-time buyers, according...

British Friendly enters market with new Lifetime Care Plan

British Friendly has entered the long-term care funding market with the launch of its...