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Payday loan new regulation help


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Does anybody know exactly how these new regulations coming into affect work ?I believe the cap on what you have to pay back is 100% of the existing loan. Will that take into account any rollovers you've made?For example, if I borrowed £300 and paid £75 for 2 rollovers, will that be £150 already paid, meaning the most I have to pay if I default will be £450 ?

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No word yet, but i doubt it will be retroactive. It's more likely for new loans.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

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