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End Legalised Loan Sharks.


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Just popped in. Hope everyone is fine here in the Consumer Forums.

I am not up to date with the latest news on the Payday Lenders.

 

Have not been around because i was knocked sideways by something that happened to a good young friend of mine.

Unable to talk about this at the moment for many reasons but will one day with a thread.

 

Why i came back.I have just read this report from the Citizens advice locally that has raised my blood pressure a touch.

Anyone got any news in your areas.Are their similar problems still happening nationwide.

 

Blackpool charity warning over pay day loans checks.

 

Read more at: http://www.blackpoolgazette.co.uk/news/business/blackpool-charity-warning-over-pay-day-loans-checks-1-8105321

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From the link that TO has provided above..

 

 

The report also highlights new methods being used to collect payments from people’s accounts. Citizens Advice nationally found a number cases where a payday lender asked people to share their internet banking details including login, password and memorable characters so a lender could directly access their account and adjust funds without advance permission from the borrower.

 

Read more at: http://www.blackpoolgazette.co.uk/news/business/blackpool-charity-warning-over-pay-day-loans-checks-1-8105321

 

It helped one woman who was asked to share her online bank details when taking out a £180 payday loan. Her lender went on to add additional loans into her account every time her balance dropped below £50, or to take a loan repayment when the account had more funds.

 

Read more at: http://www.blackpoolgazette.co.uk/news/business/blackpool-charity-warning-over-pay-day-loans-checks-1-8105321

 

It would be interesting to know exactly how the CAB helped the two people mentioned above. Has the company been reported to the FOS/FCA ?

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Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

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I posted about the Bank Account case recently. I believe it was Safety Net Credit...

They are the only PDL who have access to your Bank account.

 

We could do with some help from you.

 

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**Fko-Filee**

Receptaculum Ignis

 

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I posted about the Bank Account case recently. I believe it was Safety Net Credit...

They are the only PDL who have access to your Bank account.

 

 

Just found your post, fko... http://www.consumeractiongroup.co.uk/forum/showthread.php?459323-Safety-Net-Credit-Rejected-My-Complaint&p=4854275&viewfull=1#post4854275

 

 

I cant believe this is right .. just off to read the article you linked.

Have we helped you ...?         Please Donate button to the Consumer Action Group

Uploading documents to CAG ** Instructions **

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

BCOBS

1: How can BCOBS protect you from your Banks unfair treatment

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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  • 3 weeks later...

'James Frazer-Mann - Elite Loans, Loans Direct etc guilty of hacking this forum.

Sentencing to take place 21st November....

James Frazer-Mann, director of Elite Loans payday loanlink3.gif company put out a contract with a professional hacker to mount an attack on this forum in February 2015 in order to bring us down.....'

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?470437-CAG-forum-hacked-by-payday-lender-now-pleaded-guilty-at-Cardiff-Crown-Court&p=4955399#post4955399

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  • 1 month later...

'The payday lending industry has been decimated by a crackdown from the financial watchdog, with overall lending reduced by as much as 70 per cent, a spokesperson for the industry has revealed.....'

http://www.thisismoney.co.uk/money/cardsloans/article-3893766/Death-payday-loan-Lending-plunges-70-CENT-watchdog-crackdown-bites.html

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'Britain's financial watchdog has begun a review to discover whether capped interest rates on payday lending have driven vulnerable consumers into borrowing from illegal loan sharks.....Instead of taking out payday loans, more people are getting into debt with local councils and utility companies or taking out longer-term instalment loans, the FCA said. The examination of the cap, the findings of which will be published next summer, is part of a broader review of high-cost credit to see if any changes are needed in the way products are designed, bought or sold....."The FCA will look in more detail at overdrafts from a consumer protection as well as a competition perspective, using its full range of powers," the FCA said..........'

http://uk.reuters.com/article/uk-britain-credit-regulator-idUKKBN13O0IM

http://www.telegraph.co.uk/business/2016/11/29/hefty-overdraft-fees-scrutiny-watchdog-reviews-payday-loan-cap/

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