The government has stated its aim of cracking down on what it has described as "rogue lenders" that are operating around the UK.
According to the Department for Business, Enterprise and Regulatory Reform, the newly-introduced Consumer Credit Act will give enforcers the capacity to deter and prosecute lenders who "act like loan sharks".
The activities of bailiffs will come under particular scrutiny as a result of the new rules and the government is hopefully that its plans will better protect the millions of Britons who are struggling with debt management problems.
"Pressure sales techniques, unfair terms and conditions, extortionate interest rates or aggressive debt collection practices will not be tolerated," said John Hutton the secretary of state for business and enterprise.
Meanwhile, the Bank of England reported recently that secured credit is becoming increasingly difficult to access for homeowners in the UK.