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OFT consults on second charge lending guidance

The Office of Fair Trading has launched a consultation on draft guidance for second charge lending.

The consultation follows a government review of arrears and repossession policies and practices in the second charge sector.

The OFT says the review did find examples of good practice within the market but, as with other lending markets, there is scope for spreading good practice more widely.

The draft guidance covers a range of issues such as customer care, advertising and selling techniques, contractual terms and conditions, and practices around managing arrears or defaults.

It sets out the standards of behaviour that the OFT expects from those businesses engaged in second charge lending and is designed to complement existing OFT guidance for lenders.

Responses to the consultation on this guidance will also be taken into account as part of the wider irresponsible lending project being undertaken by the OFT.

The deadline for responding to the consultation is 8 May.


Marketwatch 16/02/2009

Swaps dropped back close to their recent historic lows while three-month LIBOR is now 2.08%.1-year money is down 0.08% at 1.65%2-year money is down 0.11% at 1.99%3-year money is down 0.11% at 2.32%5-year money is down 0.11% at 2.89%

Evaluate offers free EvaluateConsumer demo

Evaluate Technologies is offering brokers access to a free, updated demo version of the EvaluateConsumer online sourcing and application platform.

Spring has sprung

Well, it’s been lovely to see a little bit of sunshine, even if it was only a brief appearance. I live in Scotland so, believe me, it was very brief.  Of course, with even the tiniest hint of spring, thoughts turn to the inevitable clearout that must take place.  And that got me to thinking […]


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