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Government protection from rogue lenders
07/04/2008
Unscrupulous lenders and debt collectors are to face tough new regulations on their behaviour, according to the Department for Business, Enterprise and Regulatory Reform.
The Consumer Credit Act 2006 introduces tougher rules for those who wish to become lenders and get a Consumer Credit Licence.
Debt collection will be particularly examined.
The Office of Fair Trading will now have more wide-ranging ways to penalise licence-holders including a fine of up to £50,000, conditions on licences and taking away the licence.
And consumer borrowing will now be regulated above the current threshold of £25,000.
Secretary of state for business and enterprise John Hutton said this would offer people protection from those who "act like loan sharks".
He said that pressured sales techniques, high interest rates, unfair terms and conditions, and aggressive debt collection practices would all be targeted.
"By cracking down on the rogues and driving up standards we will create a level playing field that will enable honest businesses to thrive," he added.
Those in Northern Ireland who are owed money are advised to go through reputable solicitors to reclaim their cash.
Contact us for legal advice
The Consumer Credit Act 2006 introduces tougher rules for those who wish to become lenders and get a Consumer Credit Licence.
Debt collection will be particularly examined.
The Office of Fair Trading will now have more wide-ranging ways to penalise licence-holders including a fine of up to £50,000, conditions on licences and taking away the licence.
And consumer borrowing will now be regulated above the current threshold of £25,000.
Secretary of state for business and enterprise John Hutton said this would offer people protection from those who "act like loan sharks".
He said that pressured sales techniques, high interest rates, unfair terms and conditions, and aggressive debt collection practices would all be targeted.
"By cracking down on the rogues and driving up standards we will create a level playing field that will enable honest businesses to thrive," he added.
Those in Northern Ireland who are owed money are advised to go through reputable solicitors to reclaim their cash.
Contact us for legal advice
