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  • #1

    Payday lenders face new guidelines

    Payday lenders face new guidelines

    This is a duplicate of the Blog Entry made on 30th January 2012 18:26.

    Payday lenders are facing a barrage of new guidelines to adhere to as both the Finance and Leasing Association and the Consumer Finance Association...

    Click to Read More...
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    Tags: 2012, cash, charter, companies, consumer, consumer credit, credit, deadline, debt, finance, financial, guidelines, leasing, lenders, licence, loans, money, payday, payday lenders, protection, rules, size, trade body
  • #2
    Re: Payday lenders face new guidelines

    Payday lenders' new code in place

    A new payday lenders' code of practice designed to give more protection to those in financial difficulty should now be fully in place. A deadline has been reached for lenders to ensure they keep to the minimum standards included in the code....Read more at AAD Blog pages
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    • #3
      Re: Payday lenders face new guidelines

      This is a little confusing though:

      "The other three trade bodies that agreed to the new charter are the BCCA, a trade association for lenders offering short-term loans, the Consumer Credit Trade Association and the Finance and Leasing Association.

      The code is voluntary, and any lender breaking the rules would be told to change the way it worked or face expulsion from their association."

      Does the company have to be a member of one or other of the trade bodies to hold a credit licence? If no then being booted out of the association would make no difference, the average punter who uses these companies doesn't bother to look to see if they are a member of any trade body, they just want the money and do not see further than the cash.




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