Summary

Luckily most of us dont get bitten by loans sharks. But they are ( mortgage quotations ) still in British waters! The Competition Commission plan to trim their teeth. This article explains.

Loans. Loan Sharks are alive and snapping.

  (remortgages)

Author: Michael Challiner

Apparently around 2 million Britons are falling prey to these sharks. Many ( car insurance cover ) are those on the lowest incomes and with household budgets stretched to the limit. But no matter what their circumstances, interest at rates averaging 177% is nothing short of criminal. (life insurance)

The Commission is planning to force the so-called home credit industry to clean up its act by forcing the lenders to clearly spell out for their clients, what the money or credit ( life insurance ) really costs them. And if lenders dont introduce more reasonable interest rates, the Commission is planning to set a maximum rate, enforced by law. 

Their hope is that faced with the clenched fist of law, the industry will ( car insurance quotes ) act reasonably.

The home credit industry is dominated by five large companies such as Provident Financial. But there are thought to be around 500 other lenders in the market. They specialise ( life insurance advisers ) in providing credit to people who the mainline lenders have turned away. Repayments are collected weekly or fortnightly on the doorstep from the customers homes.