MSE News: Payday loan firms told to play fair or be banned by OFT

JohnRo

This isn't anything to do with the law, if it was the police would be involved. It is about people who can't fasten their shoelaces in economic terms and unaccountable bureaucrats being given even more power and money to protect them from their own stupidity. That sort of comment doesn't play well to the peanut gallery of course.

Rather than spending money on thrashing out a proper regulated agreement with the pay day loan industry and making proper binding regulation we have yet another tier of unaccountable "cops" running around spending even more tax payers money.

It's the sort of thing that, in general terms, has people always looking for someone else, anyone else, to blame for every little thing that goes wrong in their lives. If that's the game then let's blame the banks for not lending.

edit: I see the fluffy pink kitten spam police have been out in force again. Pathetic.

nomoneytoday

Surely the size of the text showing the APR, or a few less adverts isn't going to put off an applicant?

Apart from the top 2 or 3 lender brands, aren't most found online, or are used because of their lending criteria as you go down the sub prime foodchain?

Apples2

I blame Slider Technology myself.

Slider technology patent pending. © Wonga International S.A. 2013

Interesting that half of this board is populated by people who will (or would have) directly suffered by the New World Order by way of rejection when applying.

I hope Step Change and Payplan are geared up for the onslaught when those who will now be rejected turn elsewhere.

DCFC79

nomoneytoday wrote: »

Surely the size of the text showing the APR, or a few less adverts isn't going to put off an applicant?

Apart from the top 2 or 3 lender brands, aren't most found online, or are used because of their lending criteria as you go down the sub prime foodchain?

No it won't as people will still borrow from the lenders.

Thomas_The_Tank_Top

Brains64 wrote: »

... the vulnerable...

Oh look, it's the most over used word on the whole of MSE. The Vulnerable. MSE's very own Get out of Jail free card.

Used widley on most of the Forums to protect the shirkers, the scroungers & the plain dumb.

Brains64

JohnRo wrote: »

This isn't anything to do with the law, if it was the police would be involved. It is about people who can't fasten their shoelaces in economic terms and unaccountable bureaucrats being given even more power and money to protect them from their own stupidity. That sort of comment doesn't play well to the peanut gallery of course.

Rather than spending money on thrashing out a proper regulated agreement with the pay day loan industry and making proper binding regulation we have yet another tier of unaccountable "cops" running around spending even more tax payers money.

It's the sort of thing that, in general terms, has people always looking for someone else, anyone else, to blame for every little thing that goes wrong in their lives. If that's the game then let's blame the banks for not lending.

Ohhhhhh come off it John, the Police are not there to immediately deal with that kind of law breaking, it's a different type of legal matter, if for example someones landlord wasn't treating them fairly and was breaking every housing law in the book they wouldn't dial 999 to get the Police around to sort it out would they??:rotfl:.

They would go to somewhere like Citizens Advice or to their lawyer and seek legal comeback, these lenders have been given grace time to sort out the areas of their business that could be bordering on the illegal or at the very best, immoral business practice, if they don't then there will be legal repercussions, people could then take such legal action against them, this is the point.

cazankev

Is there a cooling off period if you take out a loan from a loan company on the internet,or am I being naive in thinking you have up to 10 days to change your mind,I do understand that I'm probably daft thinking that,especially if the money is paid into your account quickly,my daughter managed to stop charges which were not made clear to her by phoning her bank when the charges were still at the pending stage,unfortunately the bank did not stop the charges one week later. Help!!!! On behalf of my daughter.:eek:what is The cooling off period! Should have said that she has not received any loan off of them yet,but they did take or try to take within 24 hours a fee which I previously mentioned,,on trying to phone the company to cancel the loan,within 48 hours of applying it seems nobody's home,just a prerecorded message to write and cancel which takes upto 14 days. I apologise if I seem at times a bit jumbled but I am trying my best,which for some of you perfectionists might not be brilliant.

cazankev

If only my daughter had logged onto google first, the loan company she logged onto was mentioned quite a few times along with the words 'SCAM!!!,don't know why she didn't talk to her family first instead of going all cloak and daggerish,guess she just learnt one of life's hard lessons.......bless her love to bits..

Apples2

Let us into the secret, which company are you talking about?

DCFC79

cazankev wrote: »

Is there a cooling off period if you take out a loan from a loan company on the internet,or am I being naive in thinking you have up to 10 days to change your mind,I do understand that I'm probably daft thinking that,especially if the money is paid into your account quickly,my daughter managed to stop charges which were not made clear to her by phoning her bank when the charges were still at the pending stage,unfortunately the bank did not stop the charges one week later. Help!!!! On behalf of my daughter.:eek:what is The cooling off period! Should have said that she has not received any loan off of them yet,but they did take or try to take within 24 hours a fee which I previously mentioned,,on trying to phone the company to cancel the loan,within 48 hours of applying it seems nobody's home,just a prerecorded message to write and cancel which takes upto 14 days. I apologise if I seem at times a bit jumbled but I am trying my best,which for some of you perfectionists might not be brilliant.

Who is the lender ?

You might be better of starting your own thread.