Clause 12 - Notice of default sums

Consumer Credit Bill – in a Public Bill Committee at 11:15 am on 25 January 2005.

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Photo of Laurence Robertson Laurence Robertson Shadow Minister (Treasury) 11:15, 25 January 2005

I beg to move amendment No. 22, in clause 12, page 10, line 23, at end insert—

'(6A) The debtor shall not be required to pay a default sum unless the liability to do so is clearly set out in the statement as required under subsection (7) of section 6 of this Act.'.

The amendment takes us back to what I was saying about statements setting out exactly what a lender is entitled to charge. It basically refers to debtors who will not be required to pay a default sum unless the liability to do so is clearly set out in the statement. I made the case for the statement under an earlier set of amendments, and there is no need to do so again, but I really do think that that would form a very important part of the original statement, were there to be an original statement—

It being twenty-five minutes past Eleven o'clock The Chairman adjourned the Committee without Question put, pursuant to the Standing Order.

Adjourned accordingly till this day at half-past Two o'clock.