Jump to content


Sign in to follow this  
ukaviator

Rogue Payday lenders and unscrupulous credit firms face instant shutdown as OFT is handed tougher powers

style="text-align:center;"> Please note that this topic has not had any new posts for the last 2642 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

The Government is to give the Office of Fair Trading (OFT) new powers to suspend a consumer credit licence with immediate effect. It follows outrage from consumer groups after companies that have been censured for breaking the rules are allowed to continue operating. The most high-profile case was Yes Loans, which charged would-be borrowers up to £70 for loans that they would never be offered.

 

The new measure will help the OFT clamp down on rogue companies that provide any goods or services around credit, lend money, collect debts or help people with debt problems – like payday lenders and debt management firms. The new power, which will come into effect in early 2013, allows the regulator to act fast when consumers need urgent protection. The move, announced by Consumer Affairs Minister Norman Lamb and the Financial Secretary to the Treasury Mark Hoban, comes in response to growing concerns that these rogue firms can continue trading despite the decision to revoke their licence being a clear indication that the regulator thinks they are unfit to operate. Currently the OFT has the power to suspend or revoke a consumer credit licence, but businesses can appeal this decision and can continue to trade during the appeal period, which in some cases can last up to two years.

 

Read more: http://www.dailymail.co.uk/money/news/article-2176054/OFT-gets-power-clamp-rogue-credit-firms-payday-lenders.html#ixzz21BKGWqVZ


Some useful links.

FAQ's

Making Posts

Letter Template Library

Bank Contact Details

AQ Guide to Completion

Court Fees

Data Protection non Compliance

Witness Statements for Court Bundle

Banking Code Website

Limitations Act

Fast Track Costs

A-Z Index

Mis-Claim Tutorial

Step By Step Instructions

 

Remember: The Ark was built by amateurs-The Titanic by professionals.

 

Please click my scales if you find my advice helpful !

 

If your claim is successful, please donate 5% so that it can continue to help others.

 

Your decisions and actions are your own, and should you be in any doubt, please seek qualified professional legal Help.

 

WARNING TO ALL

Please be aware of acting on advice given by PM .Anyone can make mistakes and if advice is given on the main forum people can see it to correct it ,if given privately then no one can see it to correct it. Please also be aware of giving your personal details to strangers

 

HAVE YOU BEEN TREATED UNFAIRLY BY CREDITORS OR DCA's?

 

YOU CAN NOW COMPLAIN TO THE OFT ABOUT THEIR CONDUCT UNDER THE CONSUMER PROTECTION FROM UNFAIR TRADING REGULATIONS 2008.

Share this post


Link to post
Share on other sites
Sign in to follow this  

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...