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MSE News: MPs brand OFT 'ineffective' for not protecting vulnerable
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Former_MSE_Guy
Posts: 1,650 Forumite
"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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MPs brand OFT 'ineffective' for not protecting vulnerable
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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Comments
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The OFT being branded "ineffective" is not exactly "news".
Still rolling rolling rolling......
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SIGNATURE - Not part of post0 -
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..0 -
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 hate0 -
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 take0 -
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.0
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Should be a big cap on MPs expense claims , oh sorry that's gone quietDon'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.0
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