Banks: Personal Loan Debts

House of Lords written question – answered on 16th October 2006.

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Photo of Lord Dykes Lord Dykes Spokesperson in the Lords (Europe), Foreign & Commonwealth Affairs

asked Her Majesty's Government:

Whether they will open discussions with United Kingdom banks and other credit-providing institutions on ways to reduce personal loans debt totals.

Photo of Lord Sainsbury of Turville Lord Sainsbury of Turville Parliamentary Under-Secretary, Department of Trade and Industry, Parliamentary Under-Secretary (Trade and Industry) (Science and Innovation)

We hold many discussions with banks and other credit-providing institutions on a variety of issues in support of our goals of creating an open and competitive consumer credit market, while minimising over-indebtedness. This includes the Advisory Group on Over-indebtedness as detailed in Annexe B of the Tackling Over-indebtedness Annual Report which was released on 16 August and is available at http://www.dti.gov.uk/files/file33134.pdf.

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