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The Consumer Minister Kevin Brennan has unveiled plans to ban the use of what he claims to be an outdated law used to sell high-cost loans.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

ModaMortgages cuts rates with limited edition buy-to-let range

ModaMortgages has launched a limited edition buy-to-let range with rates reduced by up to...

First-time buyers face confidence gap as unexpected costs and delays mount

Nine in 10 first-time buyers believe they understand the home-buying process before starting, but...

Family BS hires Paul Ormonde for Central London broker role

Family Building Society has appointed Paul Ormonde as a business development manager covering Central...

LendInvest raises £300m through latest Mortimer securitisation

LendInvest has completed its eighth Mortimer residential mortgage-backed securitisation, securing £300 million of funding...

TMG adds Gable Mortgages to lender panel

TMG Mortgage Network has added Gable Mortgages to its lender panel, giving member firms...

Latest publication

Other news

ModaMortgages cuts rates with limited edition buy-to-let range

ModaMortgages has launched a limited edition buy-to-let range with rates reduced by up to...

First-time buyers face confidence gap as unexpected costs and delays mount

Nine in 10 first-time buyers believe they understand the home-buying process before starting, but...

Family BS hires Paul Ormonde for Central London broker role

Family Building Society has appointed Paul Ormonde as a business development manager covering Central...