OFT invesgiations to payday loans

iaintw

The office fair trading is have a special report to serve notice to payday loans
Consumer complaint form

The OFT is also inviting consumers to use the complaint form below to tell us about their complaint against a payday lending business. Complaints should be submitted by Friday 18 May 2012.
The OFT cannot intervene in individual disputes. The information gathered from the consumer complaint form will inform the OFT's overall compliance review findings. People who are worried about their financial circumstances should seek independent debt advice. A list of organisations that offer free help and guidance on money matters is available from www.direct.gov.uk.

• Download the http://www.oft.gov.uk/shared_oft/Credit/complaint-form.pdf (pdf 137kb) (if you do not have Adobe software, you can download it free of charge from http://get.adobe.com/uk/reader/)

chanz4

dont forget to all mention why you didnt keep to the origional agreement

DCFC79

If you take out a loan whether its a PDL or from a main stream lender you pay it back simple as.

Wutang_2

Do you want to have a chat? https://forums.moneysavingexpert.com/discussion/3801073

[Deleted User]

and what do we really expect the OFT to do?

Didn't they take 10 yrs to relook at gym membership policies for example?
Says it all really

Iantw perhaps you should submit a complaint, JUST, to see what happens... like you did with needlessly unbelieveably taking a loan eh

iaintw

No i help people out.

dealer_wins

iaintw wrote: »

No i help people out.

I am of the opinion that Payday lenders are the spawn of the devil, but they are legal and obviously very profitable.

From what I read they need to improve in some areas, such as dealing with defaulting clients for example.

But they main ones are very upfront about the APR, total cost of the loan etc which cant always be aid of every lender.

And in a few cases im sure it has a genuine use for people with one-off emergencies.


I do think the current level of PDLs will decline, as they will run out of customers due to people wising up, defaulters etc (A bit like we buy your gold has calmed down)

Just my 2c

Jeff_Bridges_hair

dealer_wins wrote: »

I do think the current level of PDLs will decline, as they will run out of customers due to people wising up, defaulters etc (A bit like we buy your gold has calmed down)

Just my 2c

I wondered where all the advertising had gone. Just put it down to the price of gold dropping.