The organisations below welcome the Government’s commitment to protect vulnerable borrowers.

No household should end up facing serious financial hardship, losing their most valuable belongings or going without meals because a lender is collecting on a loan that was always going to be unaffordable.

Robust credit laws and regulations are vital for all communities. Vulnerable borrowers are not a small or fixed group of our population. Borrowers can be vulnerable when the lending being offered to them doesn’t properly consider their situation. Overdrafts and lower interest or buy-now-pay-later lending, just like higher interest lending, can be the tipping point that plunges a borrower into a vicious cycle of increasing debt.

The time needs to be taken to get any changes to our credit laws right. We are committed to engaging with the Government as long as it takes so the Credit Contracts and Consumer Finance Act works for all consumers.