MSE News: MPs brand OFT 'ineffective' for not protecting vulnerable 31 May 2013 at 9:15AM in Debt-Free Wannabe 6 replies 1.5K views

Former_MSE_Guy

"A group of MPs has slammed the Office of Fair Trading (OFT) for failing to take tough action against "predatory" lenders who..."

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MPs brand OFT 'ineffective' for not protecting vulnerable



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rizla_king

The OFT being branded "ineffective" is not exactly "news".

mo786uk

rizla_king wrote: »

The OFT being branded "ineffective" is not exactly "news".

Its not but the report is terribly one sided and doesn't factor in a whole host of restraints on the OFT.

Also the main complaint that they had about high interest rates and rollovers is something the OFT can NEVER intervene in as credit law does not cover that issue - I note the Govt has done !!!! all for the last few years though..

shinkyshonky

mo786uk wrote: »

Its not but the report is terribly one sided and doesn't factor in a whole host of restraints on the OFT.

Also the main complaint that they had about high interest rates and rollovers is something the OFT can NEVER intervene in as credit law does not cover that issue - I note the Govt has done !!!! all for the last few years though..

Probaly because most payday lenders are tory donor`s......

take this letter for instance...

http://www.huffingtonpost.co.uk/2013/05/10/wonga-wants-to-work-with-the-government_n_3253367.html

Depth_Charge

Hi

Ive put this link on the Welfare Reform thread but given the subject here, thought it would be apt

http://www.mirror.co.uk/news/uk-news/bedroom-tax-payday-loan-firms-1926746

You dont have to be an economics or maths genius to see where this will lead.

When will something be done about this as it will cost us all in the long run not to mention the misery and uncertainty of people and families caught up in the never ending spiral of debt coupled now with the real potential risk of losing their homes.

My take

mo786uk

The Govt had some research done by Bristol University and they decided against a cap on interest and it was also suggested people do understand that PDL cost a lot even if they don't necessarily understand the ins and outs of everything.

chanz4

Should be a big cap on MPs expense claims , oh sorry that's gone quiet