Shop Direct Finance Company LTD Issues

stripeyfox

Well it sounds to me like you exploited a "loophole" in their processes to buy things you knew you couldn't afford?

So they might perhaps be guilty of some administrative errors, but I don't think it amounts to irresponsible lending - but it sounds like you're hoping to stitch them up to avoid paying for the goods you have?

Sounds more like irresponsible borrowing to me

Ian81

According to the FCA rules and what they have said it doesn't matter about the borrower it's up to the lender to check if its affordable for the consumer. They are the ones regulated not consumers.

boo_star

Ian81 wrote: »

12 Month BNPL risks far more interest and longer repayment based on interest charged should their be a risk the customer won't pay it back.

The FCA believes that it's ultimately up to the elender to decide if something is affordable or not. I've been declined phone contracts that is responsible lending.

It does but put it this way.

If you could afford to pay it back over three months then you could afford to pay it back over twelve.

And if you couldn't afford to pay it back over three then giving you twelve months instead is neither here nor there.