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Payday loan complaints see sharp rise despite new rules

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  • Payday loan complaints see sharp rise despite new rules

    Payday loan complaints see sharp rise despite new rules

    This is a duplicate of the Blog Entry made on: 13th June 2017 19:01
    Complaints about payday loans have risen sharply for the second consecutive year despite strict new regulations limiting interest charges.

    The Financial Ombudsman Service (FOS) received 10,529 new complaints about these short-term credit products in the 2016-17 financial year. This was a rise from 3,216 complaints during the previous year. The increase was part of wider consumer concern about credit products - an area also worrying regulators at present. The City regulator - the Financial Conduct Authority (FCA) - and the Bank of England have warned of an acceleration in consumer borrowing, such as loans, overdrafts, credit card debt and car finance. The FCA is already conducting is own inquiry into overdrafts, door-to-door lending and other forms of loans. Consumer groups have consistently argued there should be an overdraft cap in place. A Lords committee also recently called for stronger controls such as a cap on "rent to own" products.

    Financial exclusion 'challenge'

    The FOS figures, published in its annual review, show that the total number of payday loan complaints was nine times higher than two years ago. Since the start of 2015, payday loan rates have been capped at 0.8% per day of the amount borrowed, and no-one has to pay back more than twice the amount they borrowed. Caroline Wayman, the chief financial ombudsman, said awareness among payday customers of their right to complain might have increased as a result of this well-publicised clampdown. Complaints have included high costs and interest rates, money being taken from accounts by a lender without permission, and damaged credit ratings despite claims that ratings would be boosted.

    Read more here



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  • #2
    Re: Payday loan complaints sharp rise despite new rules

    Why do people borrow money and then complain about the terms. People need to start taking responsibility for their borrowing and spending.
    Last edited by Diana Mayhew; 2nd September 2019, 18:04. Reason: removed link

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    • #3
      Originally posted by Shimer View Post
      Re: Payday loan complaints sharp rise despite new rules

      Why do people borrow money and then complain about the terms. People need to start taking responsibility for their borrowing and spending.
      I think you are right. First people borrow the money and then they complaint for the terms. Its funny that they dont care where to spend or invest the money.
      Last edited by Diana Mayhew; 2nd September 2019, 18:05. Reason: removed link

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      • #4
        Originally posted by Shimer View Post
        Re: Payday loan complaints sharp rise despite new rules

        Why do people borrow money and then complain about the terms. People need to start taking responsibility for their borrowing and spending.
        I think you are right. First people borrow the money and then they complaint for the terms. Its funny that they dont care where to spend or invest the money.
        Last edited by Diana Mayhew; 2nd September 2019, 18:05. Reason: removed link

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        • #5
          Originally posted by MichaelHaskins View Post

          I think you are right. First people borrow the money and then they complaint for the terms. Its funny that they dont care where to spend or invest the money.
          Hmmn you are right about that. People should care about where to spend their money or not.first of all the terms should be taken care of and then money should be borrowed
          Last edited by Diana Mayhew; 2nd September 2019, 18:08. Reason: removed link

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          • #6
            Originally posted by MichaelHaskins View Post

            I think you are right. First people borrow the money and then they complaint for the terms. Its funny that they dont care where to spend or invest the money.
            This is the reality nowadays. We can't do anything

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            • #7
              We are NOT surely talking of Charity here? are we?
              Its either a BUSINESS plus Risk or Charity

              The reality is that those who are desperate for money have to go to loan sharks.
              Those without money problems obviously don't need loan sharks.

              Now the question is whether Pay Day lenders are Loan sharks or Charity's
              Perhaps AldenForbes or Shimer or KennethBarrow and or MichaelHaskins
              Could explain the difference!!

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              • #8
                This thread is over 2 years old, and only now being brought back to life????

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