National is continuing to look at ways to protect borrowers from unscrupulous lenders. A new freephone number was launched by the Government this week to help empower and protect consumers from being preyed on by unscrupulous loan companies.
People can call the number 0800 LOAN STRESS if they feel they have been given a raw deal by their loan provider. Some unscrupulous providers cause undue stress to consumers and their families. The phone line will provide people with information about their rights, and access to dispute resolution schemes.
Last year we announced an overhaul of consumer credit laws to further increase consumer protections. Proposed changes on new responsible lending requirements and tougher laws to target loan sharks will be released for public consultation in March.
For more information, click here.
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