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10/07/2013
OFT Review Sees 11 Payday Loan Firms Change Policies
An Office of Fair Trading (OFT) warning has resulted in 11 payday loan companies deciding to stop offering short-term loans.
Some 22 other companies have yet to respond to the regulator.
Following a year long review, which found widespread bad practice in the industry, the OFT began writing to the 50 largest payday lenders in March.
The letters told the companies of the regulators findings and laid out what they company needed to comply with the law, and giving them 12 weeks to respond.
It is understood that two firms have missed their response deadline, but the remaining 22 should have responded before the end of July.
(MH/JP)
Some 22 other companies have yet to respond to the regulator.
Following a year long review, which found widespread bad practice in the industry, the OFT began writing to the 50 largest payday lenders in March.
The letters told the companies of the regulators findings and laid out what they company needed to comply with the law, and giving them 12 weeks to respond.
It is understood that two firms have missed their response deadline, but the remaining 22 should have responded before the end of July.
(MH/JP)
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25 October 2011
Payday Loans Fuel UK Debt Problems Says Charity
Payday loans providing people with last minute cash before their pay check arrives is fuelling consumer debt problems, according to research by a debt charity. The survey by the Debt Advice Foundation (DAF) found 41% of those struggling with debt are saying their financial problems are the result of high-interest ‘payday’ lending schemes.
Payday Loans Fuel UK Debt Problems Says Charity
Payday loans providing people with last minute cash before their pay check arrives is fuelling consumer debt problems, according to research by a debt charity. The survey by the Debt Advice Foundation (DAF) found 41% of those struggling with debt are saying their financial problems are the result of high-interest ‘payday’ lending schemes.
28 March 2012
Football Fans Call On Clubs To Stop Running Payday Loan Adverts
Fans of 18 football clubs have come together to petition their respective clubs to stop carrying advertising by payday loan company Wonga on their websites. The group, lead by Northampton Town supporter Bob Ward and grandson Dan, are also encourage fans of more than 60 other clubs to do the same.
Football Fans Call On Clubs To Stop Running Payday Loan Adverts
Fans of 18 football clubs have come together to petition their respective clubs to stop carrying advertising by payday loan company Wonga on their websites. The group, lead by Northampton Town supporter Bob Ward and grandson Dan, are also encourage fans of more than 60 other clubs to do the same.
24 February 2012
OFT Launches Payday Lending Review
The Office of Fair Trading (OFT) has today launched an extensive review of the payday lending sector. This is in part prompted by concerns that some payday lenders may be taking advantage of people in financial difficulty. The review will investigate compliance with the Consumer Credit Act and the OFT's guidance on irresponsible lending.
OFT Launches Payday Lending Review
The Office of Fair Trading (OFT) has today launched an extensive review of the payday lending sector. This is in part prompted by concerns that some payday lenders may be taking advantage of people in financial difficulty. The review will investigate compliance with the Consumer Credit Act and the OFT's guidance on irresponsible lending.
02 September 2014
Increase In People Struggling With Payday Loans
The number of people struggling with payday loans is increasing, according to debt charity StepChange. In the first six months of 2014 the charity helped almost 13,000 more people with payday loan debts than in the same period last year.
Increase In People Struggling With Payday Loans
The number of people struggling with payday loans is increasing, according to debt charity StepChange. In the first six months of 2014 the charity helped almost 13,000 more people with payday loan debts than in the same period last year.
15 February 2013
Citizens Advice Call For Immediate Suspension Of Payday Loan Co. Licenses
The Office of Fair Trading (OFT) are being urged to use new powers to immediately suspend the licences of four payday lenders, who Citizens Advice claim are "causing significant distress" to customers.
Citizens Advice Call For Immediate Suspension Of Payday Loan Co. Licenses
The Office of Fair Trading (OFT) are being urged to use new powers to immediately suspend the licences of four payday lenders, who Citizens Advice claim are "causing significant distress" to customers.
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