Hansard

Consumer Credit

Volume 699: debated on Tuesday 19 February 2008

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Lord Dykes

asked Her Majesty's Government:

Whether they will consider the reintroduction of legislation controlling contractual terms as part of a new regulatory framework to curb any expansion of excessive consumer credit and consequent repayment difficulties. [HL1672]

The Parliamentary Under-Secretary of State, Department for Business, Enterprise and Regulatory Reform
(Baroness Vadera)

We do not have plans for such legislation. However, the changes to consumer credit legislation being introduced by the Consumer Credit Act 2006, which will be fully implemented by October, improve consumer protection by giving consumers more effective options to challenge unfairness in credit relationships (for all agreements from 6 April this year) and to resolve disputes with lenders. The Act will also improve the powers of the Office of Fair Trading to take action against lenders that engage in irresponsible lending practices from 6 April this year.