Mobile Money welcomes the Government’s insistence that all logbook lenders follow a strict Code of Practice for Responsible Lending.

Mobile Money has been lobbying for this Code for over twelve months and working closely with the Department of Business Innovation and Skills to ensure the Code fits the bill for UK consumers. We have liaised with local MPs to ensure they understand that Mobile Money offers a local service which is really valued by its customers.

Mobile Money welcomes the opportunity for all logbook lenders to be forced to work within guidelines which guarantee a fair treatment and experience for all consumers and a consistency of professionalism throughout the industry.

Mobile Money fully expects that rogue lenders will now be forced away from the UK market and that the quality of service offered by long – established lenders will become the standard for all to aim for.

Consumer Minister Edward Davey said:

“It’s important that we clarify what’s involved in a bill of sale loan. There have been concerns in the past about how difficult they are to understand, so this Code of Practice and the plain English information sheet should provide more transparency on what a loan entails for both the lender and the consumer. I welcome the fact that the majority of the industry has already signed up to abide by this code.”

The bill of sale is used by lenders to secure loans against personal property. Mobile Money uses bills of sale to offer same day cash loans secured against its customers’ vehicles. The new Code of Practice will ensure the bill of sale is used properly by all other lenders in the future and that UK consumer’s can borrow with confidence, safe in the knowledge that treatment will be fair and consistent.