NCC welcomes home credit plans

Philip Cullum, deputy chief executive of the NCC, praised the news that the CC wants to make the home credit loans market more competitive.

Welcoming the overall package of measures, Mr Cullum stated: “The NCC especially welcomes the proposals to oblige home credit lenders to share information on their customers’ payment records – making it easier to switch provider – and for fairer early settlement rebates for customers.”

Earlier this week the CC announced that it plans to make lenders share data and give better price information and statements, as the CC believes that homeowners are paying too much for loans due to a lack of competition.

Mr Cullum said that “overall this package of measures should bring more choice and cheaper loans to the poorest households” and said that changes were “long overdue”.