15/02/2013

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.

The powers, available to the OFT from 19 February 2013, allow it immediately to suspend the consumer credit licence of companies to protect consumers.

Currently lenders can continue trading as normal while being investigated.

The four payday loan firms involved have not been named by Citizens Advice, who said it did not want to affect any investigation, but it did state that two are household names.

The investigation is ongoing.

(H/GK)

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