Clause 6 - Statements to be provided in relation tofixed-sum credit agreements
Consumer Credit Bill
10:00 am
Mr John Battle (Leeds West, Labour)
I have some sympathy with the intention of the amendment. Will the Minister give me some guidance? I get the impression that people find one lender but then other lenders come along, and their debts are compounded. Lenders seem to be unaware that some people already have loans from other lenders. The problem lies with the lenders; it is down to them rather than the lack of information on a borrower's statement. The affordability test may meet some of hon. Lady's intentions, because the real pressure should be on the lenders not to lend indiscriminately. If we could get the message through to the whole sector, people would not be in double the debt if lenders made each other aware of whom they are lending the money to.