• Welcome to the LegalBeagles Consumer and Legal Forum.
    Please Register to get the most out of the forum. Registration is free and only needs a username and email address.
    REGISTER
    Please do not post your full name, reference numbers or any identifiable details on the forum.

BIS Credit & Store Card Consultation - CLOSED - responses added

Collapse
Loading...
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • #16
    Re: bba letter to BIS re CCD - CCA / irresponsible lending

    bump
    #staysafestayhome

    Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

    Received a Court Claim? Read >>>>> First Steps

    Comment


    • #17
      Re: BIS credit/store card consultation

      yer what? lol.....will have more time soon to look at this I think(depends of other stuff, pmsl).

      Comment


      • #18
        Re: BIS credit/store card consultation

        don't worry babe was just bumping so I can find it
        #staysafestayhome

        Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

        Received a Court Claim? Read >>>>> First Steps

        Comment


        • #19
          Re: BIS Credit & Store Card Consultation - OPEN

          RESPONSES

          MSE - Government credit card crackdown: MSE submission - MoneySavingExpert News

          Fscp - http://www.fs-cp.org.uk/publications...s_response.pdf
          #staysafestayhome

          Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

          Received a Court Claim? Read >>>>> First Steps

          Comment


          • #20
            Re: BIS Credit & Store Card Consultation - CLOSED - responses added

            The five new rights for credit card users agreed by the Department for Business, Innovation and Skills with the UK Cards Association and the Finance and Leasing Association (representing store card companies) are:

            · Right to repay: consumers’ repayments will always be put against the highest rate debt first. For consumers opening new accounts the minimum payment will always cover at least interest, fees and charges, plus one per cent of the principal to encourage better repayment practice.

            · Right to control: consumers will have the right to choose not to receive credit limit increases in future and the right to reduce their limit at any time; and consumers will have better automated payment options. Consumers will be able to do both of these online.

            · Right to reject: consumers will be given more time to reject increases in their interest rate or their credit limit.

            · Right to information: consumers at risk of financial difficulties will be given guidance on the consequences of paying back too little; and all consumers will be given clear information on increases in their interest rate or their credit limit including the right to reject.

            · Right to compare: consumers will have an annual statement that allows for easy cost comparison with other providers.



            Other measures designed to encourage responsible borrowing and lending and help people avoid taking on unmanageable debts include:

            · The new Consumer Credit Directive regulations and OfT Irresponsible Lending Guidance to be introduced before the summer, requiring lenders to check customers can afford a loan, give clear information on new loans and give a 14-day cooling off period during which new loans can be cancelled. Lenders who fail to comply run the risk of having their licence to lend withdrawn.

            · All consumers to have access to their credit records online for £2 or free of charge from June 2010, under a new agreement with the three main credit reference agencies secured by the Department for Business, Innovation and Skills. Access will be free for victims of ID fraud and people receiving debt advice.

            · Stronger protections under the Lending Code agreed between the British Bankers Association and the Ministry of Justice, so that lenders consider reducing or freezing interest and charges, and accepting token payments, from people who suffer a sudden income shock.

            · For those suffering the most serious financial hardship, proposals by the Department for Work and Pensions to reform the Social Fund, so that it will be more efficient, easier to understand, and families will be given independent money advice to help them manage their debts.


            In addition, consumers who are at risk of financial difficulties will be protected through a ban on increases in their credit limit as well as the ban on increases in their interest rate, and card companies will work with debt advice agencies to agree new ways they will provide targeted support to consumers at risk.
            #staysafestayhome

            Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

            Received a Court Claim? Read >>>>> First Steps

            Comment

            View our Terms and Conditions

            LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.

            If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.


            If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.
            Working...
            X