Oral question asked in the House of Lords, by Baroness Miller of Hendon (Conservative). It was answered by Lord Jones of Birmingham (Other (affiliation)) on Wednesday, 24 October 2007.

Debt: Consumer Credit

Question: Whether they will put proposals to banks, building societies and financial services providers with a view to reducing the number of personal bankruptcies, mortgage repossessions and individual voluntary arrangements; and whether they will introduce legislation on these matters in the absence of co-operation from these lenders.

Answer: My Lords, this is an operational matter for the Royal Mail. Sunday postings are very low but add a huge amount of cost to the business— My Lords, I apologise. The Government take problem debt very seriously and are in regular dialogue with the financial services sector. Access to and supply of credit is a vital part of the functioning of a market economy. The Government do not propose to upset that. But we have legislated to increase transparency so that consumers are now better informed about their commitments throughout the lifetime of the loan and we continue to raise financial competence in the young.

Secondary information