Bridgetown.
Legal Officer with the Public Counsel Office Summer Chandler is calling for legislation to address a number of issues surrounding financial institutions, especially in relation to credit.
Chandler told Trakker News transparency was a crucial aspect of credit transactions and pre-contractual should be required by law to include basic information such as the lender's and the amount of credit being offered.
"These things may seem pretty basic but we had have people who seemed not sure about what were the credit fees,what were the charges for or the method of interest calculation", Chandler said.
According to Chandler, credit defaulters were becoming a significant problem and financial institutions may need to delve into whether a particular consumer can actually afford to paid back the loan.
"It makes no sense loaning a consumer when it is clear that within a few months he or she will default on the loan", she added.
