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  • FIRST POST
    • MSE Chris D
    • By MSE Chris D 17th May 19, 10:15 AM
    • 9Posts
    • 2Thanks
    MSE Chris D
    Steep rise in payday loan claims but 1,000s are being stung by unnecessary fees - MSE News
    • #1
    • 17th May 19, 10:15 AM
    Steep rise in payday loan claims but 1,000s are being stung by unnecessary fees - MSE News 17th May 19 at 10:15 AM
    The number of complaints against payday loan firms soared by 130% in the past year, new figures from the financial watchdog show. But the majority of claimants are using claims management firms, meaning they won't get the full compensation payout if successful. If you've been mis-sold, here's how to claim for free...
    Read the full story:
    'Steep rise in payday loan claims – but 1,000s are being stung by unnecessary fees'

    Click reply below to discuss. If you haven't already, join the forum to reply.
    Last edited by MSE Chris D; 17-05-2019 at 11:25 AM.
Page 1
    • Takmon
    • By Takmon 17th May 19, 11:46 AM
    • 586 Posts
    • 556 Thanks
    Takmon
    • #2
    • 17th May 19, 11:46 AM
    • #2
    • 17th May 19, 11:46 AM
    So not only did they make a poor financial decision by taking out a Payday loan they couldn't afford. They are now making poor decisions by using claim management companies which isn't really surprising.
    • Willing2Learn
    • By Willing2Learn 17th May 19, 11:55 AM
    • 3,245 Posts
    • 2,814 Thanks
    Willing2Learn
    • #3
    • 17th May 19, 11:55 AM
    • #3
    • 17th May 19, 11:55 AM
    I don't think anyone comes out of this looking good. PDL companies making bad business decisions to target and lend to vulnerable people. If there had been stringent affordability and income checks, it would have clearly shown that a significant proportion of their target borrowers would not be able to afford the repayments. No responsible financial company, in their right mind, should allow a borrower to roll-over more than 100 loans...

    To recap, PDL companies lent money irresponsibly to their target market of the most vulnerable in society. Likewise, borrowers took out loans they clearly could not afford.
    Last edited by Willing2Learn; 17-05-2019 at 11:57 AM.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

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