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Payday loans to be capped.
Just announced, but payday loans are to be capped at 100% interest.
More news will follow no doubt, but it was stated that a £100 loan wouldn't cost more than £200. So it will be capped.
About time as some of the rates have been scandalous!
http://news.sky.com/story/1173188/payday-loans-to-be-capped-by-government
http://www.bbc.co.uk/news/business-28305886
Lynsey
More news will follow no doubt, but it was stated that a £100 loan wouldn't cost more than £200. So it will be capped.
About time as some of the rates have been scandalous!
http://news.sky.com/story/1173188/payday-loans-to-be-capped-by-government
http://www.bbc.co.uk/news/business-28305886
Lynsey
**** Sealed Pot Challenge - Member #96 ****
No. 9 target £600 - :staradmin (x21)
No. 9 target £600 - :staradmin (x21)
No. 6 Total £740.00 - No. 7 £1000.00 - No. 8 £875.00 - No. 9 £700.00 (target met)
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Comments
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I'm not defending PDL firms but lots of people have been reduced to living from one pay day till the next with nothing to spare with rising prices and pay freezes.
Suppose you have budgeted for your normal expenses and then an emergency occurs, let's say a vet's bill.
The treatment takes you £50 into the red. Here are two options:
1) Borrow £50 from Wonga for 30 days. Pay back £50 + £22.15 fees and interest.
2) Go £50 overdrawn with your Santander current account. Charges from next month are £6 a day. You need to find from your next pay packet £50 + £180 charges! You'll keep racking up those charges the following month if you can't find the whole amount with your debt spiralling out of control.
Where are the controls on the banksters?0 -
Better than before, but still outrageous.
Lin :whistle:You can tell a lot about a woman by her hands..........for instance, if they are placed around your throat, she's probably slightly upset.
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Please continue on --> Has the FCA got the payday loan cap right? Have your say!Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0
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