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The Consumer Minister Kevin Brennan has unveiled plans to ban the use of what he claims to be an outdated law used to sell high-cost loans.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

Mortgage rates climb back above 5% as lenders pull hundreds of deals

Average mortgage rates have moved back above 5% after lenders withdrew hundreds of products...

Industry discussion urges mortgage sector to keep focus on mental health

Mortgage professionals are being urged to maintain momentum on mental health awareness following an...

AML compliance gaps remain despite supervisory progress, says OPBAS report

Supervision of anti-money laundering standards in the legal and accountancy sectors has improved since...

Cambridge BS reopens Rent to Home scheme with three properties available

The Cambridge Building Society has reopened applications for its Rent to Home initiative, offering...

West Brom secures B Corp certification in milestone for social and environmental standards

West Brom Building Society has been recognised as a Certified B Corporation (B Corp),...

Latest publication

Other news

Getting to know you: Tony Hall, head of business development, Saffron for Intermediaries

Name: Tony Hall Age: 55 Location: Cheltenham Firm: Saffron for Intermediaries Education: Comprehensive school education, left school at...

Mortgage rates climb back above 5% as lenders pull hundreds of deals

Average mortgage rates have moved back above 5% after lenders withdrew hundreds of products...

Industry discussion urges mortgage sector to keep focus on mental health

Mortgage professionals are being urged to maintain momentum on mental health awareness following an...