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  • FIRST POST
    • Former MSE Paloma
    • By Former MSE Paloma 2nd Jan 15, 8:04 AM
    • 526Posts
    • 245Thanks
    Former MSE Paloma
    MSE News: New payday loan rules come into effect today
    • #1
    • 2nd Jan 15, 8:04 AM
    MSE News: New payday loan rules come into effect today 2nd Jan 15 at 8:04 AM
    "Vulnerable borrowers will be better protected from today as new rules to crack down on payday lenders come into force ..."

    Read the full story:

    New payday loan rules come into effect today




    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.

Page 1
    • Paul_Herring
    • By Paul_Herring 2nd Jan 15, 8:28 AM
    • 6,776 Posts
    • 3,409 Thanks
    Paul_Herring
    • #2
    • 2nd Jan 15, 8:28 AM
    • #2
    • 2nd Jan 15, 8:28 AM
    Vulnerable borrowers will be better protected from today as new rules to crack down on payday lenders come into force
    Because forcing them to use illegal loan sharks because the payday lenders can't/won't lend to them any more is better protecting them.
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
    • roougers
    • By roougers 2nd Jan 15, 9:22 AM
    • 69 Posts
    • 64 Thanks
    roougers
    • #3
    • 2nd Jan 15, 9:22 AM
    • #3
    • 2nd Jan 15, 9:22 AM
    Does anyone know if these rules apply to existing loans taken out before 1st Jan from the 1st Jan if that makes sense??


    If I had discovered MSE this time last year I may not be going down the road to BR

    • Paul_Herring
    • By Paul_Herring 2nd Jan 15, 9:31 AM
    • 6,776 Posts
    • 3,409 Thanks
    Paul_Herring
    • #4
    • 2nd Jan 15, 9:31 AM
    • #4
    • 2nd Jan 15, 9:31 AM
    Does anyone know if these rules apply to existing loans taken out before 1st Jan from the 1st Jan if that makes sense??
    Originally posted by roougers
    Reading between the lines, it would appear not, unless changes are made to the loan agreement:

    http://www.fca.org.uk/news/fca-confirms-price-cap-rules-for-payday-lenders

    Application of the cap to loans made before January 2015

    We have adjusted the rules so that if an HCSTC agreement is modified after 2 January 2015, charges imposed before 2 January must be taken together with charges imposed after that date for the calculation of the cap.
    http://www.moneysavingexpert.com/news/loans/2014/11/payday-loan-cost-cap-confirmed-by-fca
    Below are the new rules, which take effect for loans taken out or modified from 2 January 2015.
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
    • Hazzinho
    • By Hazzinho 2nd Jan 15, 3:21 PM
    • 736 Posts
    • 326 Thanks
    Hazzinho
    • #5
    • 2nd Jan 15, 3:21 PM
    • #5
    • 2nd Jan 15, 3:21 PM
    Have to agree with above now PDL's will reject a lot of people as it's not worth the risk any more with the cap. I predict the loansharks are going to have a very good year. PDL will now look a longer term loans as PDL are not worth the effort.
    • chanz4
    • By chanz4 2nd Jan 15, 5:24 PM
    • 10,018 Posts
    • 2,981 Thanks
    chanz4
    • #6
    • 2nd Jan 15, 5:24 PM
    • #6
    • 2nd Jan 15, 5:24 PM
    Just means the will go to the likes of provident, which isn't there apr very high and know one seems to say anything...
    Don'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.
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