Forthcoming changes to the Banking Code

Commenting on the upcoming change to the Banking Code, which will transfer the responsibility for dealing with debt from borrowers to lenders, Tim Moss, head of debt at price comparison site moneysupermarket.com, said: "I am all for responsible lending, and this is certainly a step forward, but a good proportion of responsibility still lies with the customer.

"There are many cases where a lender would have no idea what the customer gets up to. A typical example is where someone takes out a loan to consolidate their credit card balances and get their finances back under control. Instead of cutting their cards up, many see this as a licence to go on a spending spree again, putting them in a worse position."