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OFT takes further action against unfair direct debit clauses in payday loan contracts


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"REQLIIREMENTS IMPOSED BY THE OFFICE OF FAIR TRADING ('OFT')

PURSUANT TO SECTION 33A AND SECTION 33D(43 OF 'THE

CONSUNIER CREDIT ACT 1974 ('the Act')

REQUlRENlENTS RELATING TO:

Safeloans Limited, trading as Paydayok (Consumer Credit Licence Number

271 778), registered office: Wilder Coe Gloucester House, Church Walk,

Burgess Hill, West Sussex, RHI 5 9AS.

-THE OFT REQUIRES AS FOLLOWS:

That Safeloans Limited shall:

1. Or~lyd ebit a debtor's account on the date or dates as expressly set

out in the loan agreement, unless otherwise specifically agreed with

the debtor after the loan has been issued, for example as part of a

payment plan;

2. Not debit lesser or greater amounts than those expressly set out in

the loan agreement unless such amounts have been specifically

agreed with the debtor after the loan has been issued, for example

as part of a payment plan; and

3. Only debit from an account specifically given to Safeloans Limited

for the payment of that loan.

ANY FAILURE TO COMPLY WITH THE ABOVE REQLllRENlENTS WILL

RENDER SAFELOANS LIMITED LIABLE TO FURTHER FORMAL ACTION

BY 'THE OFT. THIS COULD INCLUDE THE IMPOSITION OF FINANCIAL

PENALTIES PURSUANT TO SECTION 39A OF THE ACT AND/OR THE

REVOCATION OF SAFELOANS LIMI'TED'S CONSUMER CREDIT LICENCE

PURSUANT TO SECTION 32 OF THE ACT.

signed: p-

Ray Watson, Director

Authorised signatory on behalf of the OFT

Date: 26 November 201 0

Safeloans Limited. 271 778 26 November 201 0

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