MSE News: MPs brand OFT 'ineffective' for not protecting vulnerable

in Debt-Free Wannabe
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"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_kingrizla_king Forumite
    2.9K Posts
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    The OFT being branded "ineffective" is not exactly "news". ;)
    Still rolling rolling rolling...... :) <
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  • edited 31 May 2013 at 4:29PM
    mo786ukmo786uk Forumite
    1.4K Posts
    edited 31 May 2013 at 4:29PM
    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..
  • shinkyshonkyshinkyshonky Forumite
    2.8K Posts
    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
    “When the debate is lost, slander becomes the tool of the loser.” Socrates

    Haters gonna hate
  • edited 2 June 2013 at 12:22PM
    Depth_ChargeDepth_Charge Forumite
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    edited 2 June 2013 at 12:22PM
    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
  • mo786ukmo786uk Forumite
    1.4K Posts
    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.
  • chanz4chanz4 Forumite
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    Part of the Furniture 10,000 Posts Name Dropper Xmas Saver!
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    Should be a big cap on MPs expense claims , oh sorry that's gone quiet
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
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