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New powers to challenge extortionate loans.

Publication: M2 Presswire
Publication Date: 06-MAR-03
Format: Online
Delivery: Immediate Online Access

Article Excerpt
M2 PRESSWIRE-6 March 2003-UK Government: New powers to challenge extortionate loans(C)1994-2003 M2 COMMUNICATIONS LTD

RDATE:03062003

Melanie Johnson announces major shake-up of credit laws A radical change in the law will make it easier for consumers to challenge unfair credit agreements under new proposals unveiled by Consumer Affairs Minister Melanie Johnson today.

Consumers will be able to fast track complaints about extortionate loans through a new body, which will be established to consider disputes about the terms of agreements and whether a lender has acted in a responsible manner.

And for the first time consumer bodies will be able to take group claims on behalf of borrowers under the plans to overhaul the UK's 30 year-old credit laws.

The proposals will also change the wording of the law to make more credit...

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