MSE News: The credit card and loan shake-up: what it means for you

jamesd

Joe_Bloggs, applies to all social lenders using consumer to consumer loan contracts. Zopa's one that does. Any using consumers lending to the social lending business and the business lending on to another consumer or business in their own name would have a different structure and no issue, because there wouldn't be individual loan contracts to settle.

No need for courts though. Try it. If settlement is refused, appeal, get final decision, take lender to FOS, they pay the few hundred Pounds fee to FOS, FOS decides.

Joe_Bloggs

Something was nagging me, I was searching for the appropriate 'scam' term and then it dawned. Lenders are allowed to advertise a rate that they will probably not give to 49% of applicants.

Is there a difference between a bait and switch scam and these rules.
I always got the higher rate so I am a bit cynical of this new system of advertising and the previous one.
J_B.