MSE News: Payday lenders must comply with new rules from today

Former_MSE_Helen

"The FCA promises 'tough and decisive action' against payday lenders that do not follow its strict new rules "

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Payday lenders must comply with new rules from today



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rizla_king

Needs to be a wholesale cull of the payday market. Hope the FCA don't chicken out when it actually comes to using their teeth.

BillJones

I imagine we'll shortly see the howls of outrage on here from people unable to access this market.

It may well be best for most of them in the long-term, but they are not going to be happy with the government, in effect, telling them that they cannot borrow money.

whatmichaelsays

BillJones wrote: »

I imagine we'll shortly see the howls of outrage on here from people unable to access this market.

It may well be best for most of them in the long-term, but they are not going to be happy with the government, in effect, telling them that they cannot borrow money.

They'll be able to borrow money alright. There is always a black market for these kinds of things....

BP1987

Restrict the number of times they take money from a borrower's bank account to two. A lender can only take more than two payments if the customer allows it to. Lenders must also only try to take full repayments

will this in effect take away the Continous Payment Authority as i'm aware that they take out different amounts at a number of different times a day in some cases.

dubs57

If these new conditions are truly implemented it should save people from getting into the unbearable situation of taking out more than one PDL and just continually reborrowing every month just to cover the interest rates. Obiously this is a stupid thing to do but is so easy to get drawn into it as I have found from experience. Finally escaped by setting up payment plans and will never do it again.

marksandsparx

BP1987 wrote: »

Restrict the number of times they take money from a borrower's bank account to two. A lender can only take more than two payments if the customer allows it to. Lenders must also only try to take full repayments

will this in effect take away the Continous Payment Authority as i'm aware that they take out different amounts at a number of different times a day in some cases.

I do hope so! I got stung by this massively, So much so that I couldn't afford fuel to get to work!

It's a steep learning curve getting into debt with this "people". Totally soul destroying when you feel you need to borrow more to deal with the previous ones etc.

BillJones

marksandsparx wrote: »

I do hope so! I got stung by this massively, So much so that I couldn't afford fuel to get to work!

It's a steep learning curve getting into debt with this "people". Totally soul destroying when you feel you need to borrow more to deal with the previous ones etc.

You did not get "stung", they took money that you had agreed to pay but then tried to avoid doing.

Why, when people,such as you renege on your promises, do you turn it around and paint the company that you had over as the party in the wrong?

marksandsparx

BillJones wrote: »

You did not get "stung", they took money that you had agreed to pay but then tried to avoid doing.

Why, when people,such as you renege on your promises, do you turn it around and paint the company that you had over as the party in the wrong?

If it was just me I would agree with you comment fully, however I am not alone on this.

Obviously "people such as you" have never had difficulties with finances for any reasons.

I believe it is wrong for you to judge my "renege attitude" as I believe it is wrong to take amounts other than the agreed amount out of an account that clearly has less in it that they demand. such as, They wanted to take say £200 out of an account, that fails, so they attempt to take out £36, that goes through, so they then try £36 again, that didn't work, so they try £35, that goes through, they then try £0.99p, then that goes through... now this bank account is empty. And the person now is unable to purchase essentials to live, so feels like that have to take out another loan.


I shouldn't have to explain this to "people such as you" but there you go.


Kind regards,

"People like me"

molerat

I am sure that when they get closed down and Big 'Arry's Loans takes over there will be a few more squeals (literally) when a payment is missed and he charges a late payment fee of a kneecap.

[Deleted User]

Good one nanny state not that I believe it exists; what are they going to do if people are cost their jobs working at these loan companies because I see it going the way majority of PPI claims management companies have gone once upon a time when rules changed for them too, I don't doubt and hope there will not be more vulnerable people by the time FCA have finished : (


What should be adopted is sliders so people can have it hit home how much they really have or are taking home! I chose to borrow £100 not a max of £500 of late when confronted this way... as Dave says we don't need money all the time, so being sensible


I wasn't able to summon the god squod for a loan either... wouldn't have a scobbie how to do that!