An independent ombudsman will be give the power to oversee consumer disputes over credit agreements under the reformed credit rules, in an attempt to avoid costly and drawn out court proceedings.
This is a new government proposal within the Consumer Credit Bill, reintroduced into Parliament on Thursday and replacing the Consumer Credit Act 1974. The Bill went before the House of Commons yesterday and is an attempt to curb so called ‘rogue-lenders’. Addional propsals within the Bill makes it easier for consumers to argue against unfair lending practices and loan agreements, while creating a new requirement for lenders to provide consumers with clearer information about their credit accounts. Consumer Minister Gerry Sutcliffe says: “The consumer credit market was last reformed 30...
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