Bill of sale lending 'to be banned'
www.moneynews.co.uk > Debt > Bill of sale lending 'to be banned'
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Bill of sale lending 'to be banned'
Wed 23rd Dec 2009
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Having a bill of sale loan means that goods can be obtained without a court order to cover the value of the unpaid debts.
However, these loans are considered outdated as they do not meet the current rules for consumer standards.
Options the government are currently considering for the loans is a voluntary code of conduct for lenders, reforms to the legislation, or an outright ban on the loans for consumer lending.
Consumer minister Kevin Brennan said: "We must consider all the options but it seems they don't fit easily into a modern consumer regime which should allow honest businesses to thrive and offer adequate protection for consumers."
Earlier this month, the BIS warned consumers to be on the lookout for offers that appear too good to be true over Christmas and the January sales and to contact the
Trading Standards Office if they think they have been unfairly treated by a retailer.
Click here for more debt news
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