Mr. Ted Fletcherasked the Secretary of State for Trade and Industry when he expects to make a decision on implementing the recommendation of the Committee on Consumer Credit that all consumer credit agreements should by law contain provisions for a rebate for early settlement, calculated according to a statutory formula.
§ Sir G. HoweThe Government have now decided that proposed legislation to implement recommendations of the Committee on Consumer Credit should include provision for a rebate of charges, calculated according to a statutory formula, for early settlements of consumer credit loans for more than a minimum sum or repayable over more than a minimum period of time.