The Office or Fair Trading (OFT) have new guidance and new requirements for all lenders to help customers who require some form of loan and credit. Lenders have been told not to mislead borrowers and must make some reasonable assesment on repayment affordability.This guidance from the OFT aims to protect consumers but also clamp down on unscrupulous lenders.New rules have been welcomed by charity Citizens Advice “Irresponsible lending plays a significant part of the many debt problems”, said Peter Tutton of CAB. The OFT have also made recommendations that lenders monitor repayments by borrowers and help them.So, changes are being made to help those who need to borrow and those lenders who do not proactively ‘warn’ borrowers in advance that they are sinking further and further into debt. The true enforecement of such regulations will be seen in a few years by the decrease of credit card debt, but for now check out justclearmydebts.com for help and advice…