§ Tony WorthingtonTo ask the Secretary of State for Trade and Industry what is the definition of the phrase "extortionate and irresponsible lending" as used by the Office of Fair Trading. [3054]
§ Miss Melanie JohnsonThe Consumer Credit Act 1974 contains provisions on extortionate credit bargains in sections 137–141. There is no equivalent statutory definition of irresponsible lending. However, the Office of Fair Trading issued guidelines earlier this year containing information about the type of practices which might cause it to take regulatory action against consumer credit licence holders.