A new set of laws have been introduced that will aim to clamp down on what are deemed to be rogue money lenders operating in the UK, it has emerged.
The government has claimed that its newly-introduced Consumer Credit Act will give relevant authorities greater powers to protect vulnerable families who find themselves struggling to become debt free.
Lenders who implement “unfair terms and conditions” or whose debt collection tactics are aggressive will be targeted by law enforcement agents looking to protect innocent consumers.
“From today, there will be more protection for people who get caught out by rogue lenders who pretend to play by the rules but act like loan sharks,” said John Hutton, the secretary of state for business and enterprise.
Meanwhile, David Warnes, director of the Repossessions Advice Centre, recently claimed that insufficient efforts are being made by lenders in the UK to ensure that families do not lose their homes due to debt management problems.