Wonga & cfo lending

Thrugelmir

Brogden wrote: »

Just looking through the Interim Permissions on the FCA website. Another firm who I paid off some time ago has issues - Wageday Advance. They were acquired by Speedycash and share the same compliance function which is seemingly inadequate.

Who's next ?

Out of 400 companies operating in the Pay Day loans market. They'll only be 4 left eventually. Those remaining will be tightly regulated. With capped levels of interest, roll over periods etc.

While in itself this this good news. Will also come as a shock to a society that lives in a world of buy now pay later. Cultural change may take while but will have beneficial effects longer term.

sourcrates

Am now awaiting the first complaint to go to the FOS regarding damage done to credit files by using payday lenders, it could very well be argued that by using such a lender your credit history is tainted, even if you re-paid on time.


There is no advance warning about not been able to secure lending from a more traditional source because of payday loan use, now, or in the past, again it could be argued the debtor has been put at a disadvantage by use of such lenders, first complaint that is upheld will open the floodgates on this issue too, watch this space................:D