Consumer credit bill

A consortium of key charities dealing with people in debt and consumer groups concerned about creating a fairer credit market was urging all MPs to support the Consumer Credit Bill as it reached its second reading stage in the House of Commons.

 

They said the bill – which sets out a series of reforms updating the 30-year-old laws that currently regulate consumer credit deals – provides a once-in-a-generation chance to tackle extortionate credit and rogue traders effectively without placing an undue burden on the credit industry.

 

Stakeholder Response: National Consumer Council

 

Claire Whyley, deputy director of policy at the National Consumer Council, said:  "We are delighted that the Consumer Credit Bill has reached the all-important second reading stage in the parliamentary process. With an election on the near horizon, it is vital the Bill becomes law speedily, with its key provisions intact."

 

Stakeholder Response: Which?

 

Laurence Baxter, senior policy advisor at Which?, said: "We broadly welcome this bill and the many important safeguards it contains to protect consumers in loanshark-infested waters. We would like it to go even further and include provisions to ensure lenders share credit data, and clean up the stealth rip-off around credit card interest calculation methods."