Clause 14 - Default notices
Consumer Credit Bill
2:30 pm
Charles Hendry (Shadow Minister, Trade & Industry; Wealden, Conservative)
Will the Minister explain his reasoning for extending from seven to 14 days the minimum period after which a creditor or owner may take action in respect of an agreement after issuing a default notice? Does he think that that would offer greater protection for the consumer? What impact does he anticipate the change will have for lenders, particularly in terms of cost?
What evidence must there be that someone in default has received the notification? What happens if someone is away on holiday and does not know that the notification has been made? What happens if a student is away for some months over the summer vacation and the seven or 14-day period expires without their knowing that the notification has been provided?