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Lending (Regulation) Bill

I thank the hon. Gentleman for his intervention. On occasion unsolicited credit card cheques arrive with individuals who do not even have credit cards, so they represent an offer to people who may not yet be involved in credit. I have already put it on record that I am more than willing to see amendments tabled if absolutely necessary and if that tidies up the Bill. Let me also say that I am not being critical of the Clerks, who gave magnificent assistance with this. I had hoped that the Bill would cover 100 per cent. mortgages, but I thought it appropriate to remove that aspect because in the past week to 10 days much has been said about what level of mortgages should be offered, especially to first-time buyers. However, the issue of unsolicited credit charge cheques remains. Unlike credit cards, these cheques are not subject to protection under section 75 of the Consumer Credit Act 1974. Individuals have found, to their great cost, that as well as interest rate levels being much higher, the interest kicks in as from the time that the cheque is cashed.