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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.
06 March 2013
Payday Lenders Risk Losing Licenses
The OFT is giving the leading 50 payday lenders, accounting for 90 per cent of the payday market, 12 weeks to change their business practices or risk losing their licences. They uncovered evidence of widespread irresponsible lending and failure to comply with the standards required of them.
Payday Lenders Risk Losing Licenses
The OFT is giving the leading 50 payday lenders, accounting for 90 per cent of the payday market, 12 weeks to change their business practices or risk losing their licences. They uncovered evidence of widespread irresponsible lending and failure to comply with the standards required of them.
20 November 2012
OFT Investigates Payday Lenders
The OFT has opened formal investigations into several payday lenders over aggressive debt collection practices. It is also today writing to all 240 payday lenders highlighting its emerging concerns over poor practices in the sector.
OFT Investigates Payday Lenders
The OFT has opened formal investigations into several payday lenders over aggressive debt collection practices. It is also today writing to all 240 payday lenders highlighting its emerging concerns over poor practices in the sector.
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.
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