Is it considered that warnings should be offered in circumstances other than a housing loan, for example, a loan for a suite of furniture?
SECTION 24.
Question proposed: "That section 24 stand part of the Bill".
We thought that credit secured on the consumer's residence was the most serious agreement into which he or she entered and we thought it was important to highlight to consumers what it would mean to lose their homes. However, if the warning were applied to every item it would diminish the magnitude of the house loss.
What strikes me is that a great many people entering into hire purchase agreements do not know that under the small print the vendor may recover the goods in certain circumstances.
That unfolds as the Bill goes on. The loss of a home occasions the greatest trauma and we were anxious to lay out the duties and rights of the parties. The warning seemed to be a very strongly put caveat.
Question put and agreed to.