/24-7PressRelease/ - LONDON, UK, August 23, 2006 - Some new plans might be devised to increase the competition among various doorstep lenders. Well, if this competition increased, then, this would definitely benefit the common borrower. This increased competition would force the doorstep lenders to give some sort of concession in interest rates. All doorstep lenders would come under various rules and they will follow all the rules. Steps have been taken in this direction and conclusion might come in October.
According to reports, the Competition Commission is looking forward to introduce new plans, which would help to boost up competition among the numerous doorstep lenders. Well, if it happens then, the borrowers would be benefited, as increment in competition would force the doorstep lenders to decrease the interest rates.
Well, all that the Competition Commission wants that each and every doorstep lender ought to publish whole information on prices, which would also include standardised statements for loan seekers. Well, all the lenders will have to follow some rules and if they do not do that then the Competition Commission can come ahead to enforce formal controls over them. However, the Competition Commission has been consulting these lenders and there is every possibility that recommendations might come in October.
Well, all these steps would help the Competition Commission to add more lucidity in the process of doorstep lending. Well, some well-known companies such as Cattles and Provident Financial offer various sorts of small loans such as debt consolidation loans, personal loans, unsecured tenant loans, credit card debt consolidation loan etc to various loan seekers and collect repayments form their residences.
Mostly, poor people take loans from doorstep lenders as they do face difficulties to obtain loans from High Street lenders and banks. Thus, these steps would help these borrowers to get clear information about all the loans offered by these doorstep lenders.
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