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Bad debtors to be barred from new credits

11:56 18/04/2013

People who do not make loan repayments on time could soon be ineligible for new credits, writes De Standaard. Consumer affairs minister Johan Vande Lanotte wants to introduce changes to the law on consumer credit, he announced at the Senate committee on finance and economic affairs after a question from party colleague Bert Anciaux. Anciaux pointed out that the number of Belgians falling behind in their debt repayments was increasing. The total amount of arrears has risen to €2.7 billion and the number of problem cases stands at 482,620. He noted that the problem continued to grow despite better consumer protection. There are many reasons why people get into debt, but it was recently revealed that one in six commercials for loans violated the Consumer Credit Act, especially by concealing the total amount repayable. Vande Lanotte announced that he wanted to change so it is impossible for consumers to get new loans while existing loans are unpaid.

Written by The Bulletin