VFMLoans
Home Mortgage Home Loans Credit Cards College Finance Insurance News & Articles Debt Consolidator Loans News Calculators About Us Contact Us


Search



Categories

Latest News

Blogroll





Bad credit loan merchants targeted

The Government is to target loan sharks that prey on low-income consumers with tough new laws designed to clampdown on rogue practices.The proposals, announced in the Queen’s Speech on Tuesday, form part of Bill that will radically shake-up consumer credit laws in the UK as concern mounts about personal debt levels.Under the planned legislation, the Office of Fair Trading will be given new powers to fine rogue lenders. The only sanction open to the OFT under the current licensing regime is the removal of a lender’s credit license.

However, the Financial Times warns today that as loan sharks face greater curbs there is growing evidence that mainstream banks and credit card issuers are targeting poorer consumers.Citing a study by the business information group, Datamonitor, the FT argues that the number of adults being refused credit has fallen by 600,000 since 1999 to around 9.4 million people.

Posted in bad credit mortgage refinance, bad credit mortgage, bad credit mortgage second, bad credit home loan mortgage, bad credit mortgage refinancing, loan rate, bad credit auto loan, loan calculator, bad credit loan, bad credit home loan, bad credit car loan, bad credit loan mortgage, loan | Comments(0) November 2007