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Credit Today - Dickensian’ logbook loans face the axe


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"The government is to ban the use of "Dickensian" bills of sale as part of its review of high-cost credit.

 

Consumer minister Kevin Brennan today announced plans to ban the law, which he said was "outdated". A consultation on the issue has been launched.

 

Bills of sale are contracts typically used for ‘logbook’ loans which are secured against the value of the consumer’s car. Under the agreements, if a consumer defaults on the loan the creditor can repossess the car and pursue the shortfall without first securing a court order.

 

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."

 

The number of registered bills of sale has risen over the years with nearly 40,000 made between April 2008 and March 2009. This equates to around £30m in loans to consumers. More than 1,000 consumers have complained about problems with these loans. Complaints relate to the lack of protections available to people if they fall into arrears, unfair collection practices, the complex and confusing nature of the language used in the agreements and the excessively high cost of the loans.

 

The Finance and Leasing Association said the tool is not used by many of its members. "The vast majority of specialist motor lenders provide secured finance where the lender is the owner of the vehicle until the customer has made all repayments due under the agreement. So bills of sale are not a mainstream motor finance product," said spokeswoman Helen Saxon.

 

The consultation on bills of sale was first announced in the July consumer White Paper and is available at www.bis.gov.uk/consultations"

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It'll probably take ten years to hit statute though :rolleyes:

"To love unconditionally is the greatest gift, laughter is a close second" .To give your time to help others after being helped here is the best way to show your appreciation to your fellow CAG members.

 

Please note that this advice is given informally, without liability and without prejudice. Seek the advice of an insured qualified professional if you have any doubts. All my knowledge has been gained here, for which I'm very grateful. I'm a Journalist, not a law professional.

 

If you do PM, make sure to include a link to your thread as I don't give out advice in private ;)

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I get a fresh start to get on with learning to live with severe disabilities when they could have had something if they'd been understanding...

 

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I already have... lol :D

"To love unconditionally is the greatest gift, laughter is a close second" .To give your time to help others after being helped here is the best way to show your appreciation to your fellow CAG members.

 

Please note that this advice is given informally, without liability and without prejudice. Seek the advice of an insured qualified professional if you have any doubts. All my knowledge has been gained here, for which I'm very grateful. I'm a Journalist, not a law professional.

 

If you do PM, make sure to include a link to your thread as I don't give out advice in private ;)

BB 13 - DCAs/banks and solicitors 0.

 

I get a fresh start to get on with learning to live with severe disabilities when they could have had something if they'd been understanding...

 

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Didn't George Osborne state recently, that the tories would dismantle the OFT if they are elected.

 

FSA;

OFT;

Trading Standards are;

out of date and out of step...the Gov. will not fool the electorate with their pre-election spin.

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There's certainly a need for a consumer protection watchdog with teeth that's not in the pockets of industry groups. The FOS, FSA and OFT are certainly not fit for purpose. I do, however, think that Trading Standards, whilst variable from local authority to local authority, are generally OK.

 

To be fair to the Govt (and I hate being fair to them), the reason why any legislation is likely to fail is that all pending bills fall if an election is called. It's quite possible for it to be re-introduced if they won the election.

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by seminole:

" I do, however, think that Trading Standards, whilst variable from local authority to local authority, are generally OK."

 

What!?

 

"To be fair to the Govt (and I hate being fair to them), the reason why any legislation is likely to fail is that all pending bills fall if an election is called. It's quite possible for it to be re-introduced if they won the election."

 

Good God, I and the majority of the country pray that they are NOT re-elected.

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Me too, believe me.

 

I pray to all gods that the tories do not get in again, it is bad now but imagine it as it is now but with twice as many out of work and interet rates 30 time higher. To say nothing of the destruction of coal and british industry.

 

Labour may be in the bankers pockets, but the tories are the bankers.

 

I say bring back the wigs.

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OK I'll bite.

 

Labour will leave office with unemployment much higher than when they entered it (including youth unemployment currently just under 1m) and after a recession that has now officially been going on for 18 months. They inspired a credit boom, creating illusory wealth and the inevitable crash has nearly bankrupted the country.

 

Coal went years ago and manufacturing industry now is much smaller than when the Conservatives let office.

 

Oh, it's Whigs by the way.

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I pray to all gods that the tories do not get in again, it is bad now but imagine it as it is now but with twice as many out of work and interet rates 30 time higher. To say nothing of the destruction of coal and british industry.

 

Bl**dy Hell, Labour sold the countys Gold;

they securitized and sold the student loan book etc;

the country was hours away from being insolvent.

 

I had better not say more, or the CagBot will get me?

 

Count Orlok, you may be parying on your own...

 

GRRRRRR!

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Nah probs CT complaining 'cos I posted thier press release verbatim :rolleyes:

 

*BB waves at CT and reminds them that press releases are exactly that ;) *

"To love unconditionally is the greatest gift, laughter is a close second" .To give your time to help others after being helped here is the best way to show your appreciation to your fellow CAG members.

 

Please note that this advice is given informally, without liability and without prejudice. Seek the advice of an insured qualified professional if you have any doubts. All my knowledge has been gained here, for which I'm very grateful. I'm a Journalist, not a law professional.

 

If you do PM, make sure to include a link to your thread as I don't give out advice in private ;)

BB 13 - DCAs/banks and solicitors 0.

 

I get a fresh start to get on with learning to live with severe disabilities when they could have had something if they'd been understanding...

 

<--- If you feel I've helped, please twinkle my star :)

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