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FCA price cap on payday lenders to 'put an end to spiralling debt'

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  • #1

    FCA price cap on payday lenders to 'put an end to spiralling debt'

    FCA price cap on payday lenders to 'put an end to spiralling debt'

    This is a duplicate of the Blog Entry made on 11th November 2014 09:45.

    *City regulator confirms proposals to cap interest and fees on payday loans in an unprecedented crackdown on the industry* Borrowers will never...

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    Tags: arrears, borrowers, broker, brokers, cap, checks, city regulator, comi, con, credit, debt, fca, fees, firms, forced, interest, lenders, loan, loans, november, paid, payday, payday lenders, payday loans, pdl, people, regulator, rules, size, stop, websites, wonga, write off
  • #2
    Re: FCA price cap on payday lenders to 'put an end to spiralling debt'

    Well this has been a long time coming - this should stop the numerous dodgy lenders that are in the PDL market, and maybe even take out the 'broker' websites that have sprung up all over the place (many PDL lenders offer 'referal fees' hence a lucrative market has sprung up for brokers which get paid for each referal).

    What will be interesting, will be whether these proposals can be applied retrospectively to those who are already in arrears. As Wonga have already been forced to write off loans they made to people without carrying out sufficient affordability checks, I see a brighter future for those with PD debt.

    "I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve."

    The consumer is that sleeping giant.!!


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    • #3
      Re: FCA price cap on payday lenders to 'put an end to spiralling debt'

      Like the fact the total fees can no longer outstrip the loan amount borrowed so if you hd a loan of say £100 the fees cannot go above this, that will stop these loans spiralling out of control.

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      • #4
        Re: FCA price cap on payday lenders to 'put an end to spiralling debt'

        FCA link

        http://www.fca.org.uk/news/ps14-16-d...rt-term-credit

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