Clause 8 - OFT to prepare information sheets on arrears and default
Consumer Credit Bill
9:55 am
Charles Hendry (Shadow Minister, Trade & Industry; Wealden, Conservative)
I am sorry to interrupt the Minister when he is in full flow, but will the sheets be issued when the loan agreement is taken out or when people get into difficulties? He has talked twice about the most appropriate time being when someone starts to get into difficulties, but my understanding of the guidance is that the note is from the OFT and would be given to people when they take out the loan so that they know their legal responsibilities and liabilities.