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Lib Dems say new consumer credit laws long overdue

The Liberal Democrats have responded to the new consumer credit laws for lenders, saying the legislation is long overdue.

The rules are designed to make credit agreements and loan adverts clearer.

Liberal Democrat shadow secretary of state for trade and industry Malcolm Bruce says: “The blunt truth is credit companies have led the public by the hand into unprecedented levels of consumer debt. Consumers have been overexposed to easy credit and made immune to theperils of debt.

“Three out of four people don&#39t even know the interest they are paying on their credit cards and credit companies have contributed to this lack of consumer awareness. It is frankly incredible that credit card companies are threatening to pass the costs of tighter legislation on to the consumers in terms of higher interest rates.”

He adds: “These companies have been allowed too much freedom to exploit a credit-hungry public and regulations controlling their actions are long overdue.

“Banks and finance companies have been making excessive profits from interest rates which would have been more beneficial to the wider economy if retained in consumers hands.”


A&L selects Nedstat to streamline e-commerce systems

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Skipton launches discount, fixed and tracker product ranges

Skipton has launched a range of mortgages including discounts, fixes and trackers with rates starting from 3.59%. Key features of the products include a flexible three-year fixed rate mortgage at 5.69% fixed until September 30 2007; flexible five-year fixed rate mortgage at 5.79% fixed until September 30 2009; flexible three-year capped rate Mortgage at 4.99%, […]

Junk mail just pips banks and estate agents in UK hate poll

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Landlord Mortgages launches free online forum for buy-to-let investors

Specialist buy-to-let broker Landlord Mortgages has launched &#45 a free online forum for buy-to-let investors. Landlord says its website offers an independent forum for buy-to-let investors to share valuable information and knowledge. Investors who log on to and register for the free service can access a discussion board with top tips from other […]


DB transfer showstoppers

By Jim Grant, Senior Product Insight & Technical Support Analyst Transfers from defined benefit (DB) schemes are a bit of a hot topic just now. In this article we look at a couple of factors that could prevent a transfer from happening Equalisation of pensions Prior to the Barber case in 1990, DB pension schemes typically provided […]


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