Review of consumer credit and personal insolvency
Consumer Affairs Minister, Edward Davey has announced a review of consumer credit and personal insolvency. The review will cover:
- How consumers enter into credit commitments, including the way in which credit is sold and the extent to which consumers understand what they are committing to;
- What issues arise during the lifetime of a loan from both the consumer and the lender perspectives; and
- What happens if things go wrong: are the current insolvency solutions fit for purpose?
A consultation on specific proposals is anticipated later this year or early 2011.
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