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

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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_king
    rizla_king Posts: 2,895 Forumite
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    The OFT being branded "ineffective" is not exactly "news". ;)
    Still rolling rolling rolling...... :) <
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  • mo786uk
    mo786uk Posts: 1,379 Forumite
    edited 31 May 2013 at 4:29PM
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    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
    shinkyshonky Posts: 2,782 Forumite
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    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
  • Depth_Charge
    Depth_Charge Posts: 970 Forumite
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    edited 2 June 2013 at 12:22PM
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    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
    mo786uk Posts: 1,379 Forumite
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    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
    chanz4 Posts: 10,906 Forumite
    First Anniversary Name Dropper First Post 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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