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Will government's consumer credit review affect those with tax jobs?

19/07/2010 Will government's consumer credit review affect those with tax...This month, the Consumer Affairs Minister has announced a review of consumer credit and personal insolvency is to get underway.

In news that may play a part in the role of people with tax jobs offering their clients advice on how they can sort out their finances, Edward Davey announced the review while meeting with the All Party Parliamentary Group on Debt and Personal Finance.

Working with Mark Hoban, the Treasury's financial secretary, Mr Davey revealed that the project will examine the issues that can arise during the lifetime of a loan and whether current insolvency solutions are effective.

Ahead of a full consultation, it is hoped that the study will relieve pressure on the industry.

Tom Howard, spokesperson for the Consumer Credit Counselling Service, said the news is timely.

This could particularly be the case for Britons struggling with their finances amid the news that VAT and capital gains tax is set to rise as part of the government's effort to tackle the country's deficit.

"The success of debt relief orders has highlighted the need for the Insolvency Service to conduct a thorough review of insolvency options and debt solutions to make sure they are complete and meet the real needs of consumers," Mr Howard added.

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