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I am crying into my cornflakes.


Any opinion I give is from personal experience .

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Thank god we now have a regulator with some actual teeth.


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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Come on.... MINICREDIT next please.

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They will only sell the debts on.


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Cant do that unless they are authorised. Selling them could be seen as collection attempts.


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..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

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We have just seen it with wppl . If they go bust the IP will sell on the assets.

 

We have just seen it with wppl . If they go bust the IP will sell on the assets.

Edited by citizenB

Any opinion I give is from personal experience .

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True, but they havent gone bust. Theyve just been told to stop selling the 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..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

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Sorry I was talking about if minicredit lose their ccl. It seems the cheque centre have just stopped making new single payment loans and have temporarily stopped collecting overdue debt but not current repayments.


Any opinion I give is from personal experience .

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As a company that has loaned money they have a requirement to receive this money back, even the FCA wouldnt stop this unless there was cause to believe the loan was incorrectly sold or implemented.

 

At least with the FCA in charge we should also see an end to the liars and cheats who take out multiple loans with intent to deceive. Knowingly taking more than one loan against a 'payday' already shows an intent to potentially defraud. It has been shown in several cases that people have taken loans with several companies. Although the systems themselves should not allow this , these people have to actually attend stores to take out these loans , knowingly taking money from a company with awareness of their own income and how much they can afford. Simply claiming ignorance is no excuse.

 

So lets hope that these people now have to pay back what they owe too , as every penny they fail to pay is money lost from our already poor economy.(Sadly JSA sanctions are not covered by the FCA - though it should be as recovering money from people who dont have it is part of the reason people are desperate enough to chance multiple loans)

 

Heres to the new way forward, hopefully tightening the reins on companies and people alike. Now if we could only sort out the banks, energy companies , bonus schemes and tories with the same passion and vigour then maybe we could start a proper recovery.

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If the FCA remove the CCL then the company can no longer collect payments but would no doubt sell the book on.

 

"An intent to potentially defraud" that is a moronic statement , there is either an intent to defraud or not to defraud.

 

Most PDL's are carried out online so there is no going into shops.

 

Why is money not paid back money lost from the economy . if I borrow £100 odd are I have spent it and put it into the economy, if I pay it back , that is money I can not spend to put into the economy

 

Much of the profit made by PDL's is never seen in the UK economy as the companies are set up abroad or have overseas shareholders

 

You do sound as if you work for a PDL


Any opinion I give is from personal experience .

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Thanks for the speedy reply , though less than friendly.

 

Intent to defraud is less ambiguous , so just stick with that.

 

it would be remiss and ignorant though to assume it is not the case and that the blame for the entire payday lending situation is solely on all pda companies. If used correctly these loans can be helpful , the problem is not many people are using them correctly or are confused by terminology. No amount of jargon could disguise the fact that as a customer you simply should not be able to take more than one payday loan. By doing so you are blatantly misusing the system.

 

I really would be interested to compare the applications for the person who had 6 at once , to see what was different and in what manner the loans taken were explained.

 

Id also be interested to see the current products from the other companies compare.

 

As for working for one , no , I have experience first hand of needing and using a loan company , maybe im one of the few that never tried to apply for more than one or bend any rules.

 

I came out the other side of using the loan company into a better place. Not because of them but because I learnt to shop around and ask questions. Also avoided pressured sales people and stuck to what I needed and understood what I was using.

 

With regulation im hoping the system gets tightened to give no option to misuse it but moreover the root need for desperate financial help should be addressed first. That is however a simple pipe dream as it will always be about the rich getting richer.

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The thing is , there are rules in place that should stop PDL's lending to people who can not afford it but many of the PDL's do not follow them. Even now you can apply for a PDL without completing affordability checks or declaring any other borrowing .

In an ideal world , yes people would only borrow responsibly but the world is not ideal . If the FCA can enforce proper responsible lending guidelines that will be most of the problem fixed. There will always be a few who set out to deliberately mislead the lender and fewer still who deliberately set out to defraud them

 

In my honest opinion the issue with PDL's are quite simple to fix

1) Conduct proper affordability checks

2) Stop multiple rollovers

3) Stop the extreme late payment charges and excessive interest

4) Stop the harassment of late paying customers

 

Most of the products are very similar with similar overall costs just hidden in different ways .

IMO also, if any late payment fees were kept strictly proportionate I think more people would set up repayment plans but when a debt can go from 200 to 1200 in a matter of weeks it becomes scary and people ignore it .

 

Much as I hate PDL's not just for the misery they cause but the way they work I will admit that there may be a place for them in very limited circumstances

 

I still disagree with you about non repayment damaging the economy

I also believe that if the industry is regulated effectively there is no need to further regulate people, after all we are regulated enough. Is it up to the state to control us?


Any opinion I give is from personal experience .

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WPPL is a consumer credit firm that provides payday loans (a form of high-cost short-term credit) under the trading names 'Payday Overdraft', ‘Wagepayday’ and ‘Doshloans’. Mr Hart is the sole director, controller and ultimate owner of WPPL.

Mr Hart and WPPL dispute the FCA’s decisions and have referred their cases to the Upper Tribunal (the Tribunal). Accordingly, the findings in these Decision Notices are provisional pending the Tribunal’s determination of Mr Hart and WPPL’s references. In relation to the FCA’s decisions to prohibit Mr Hart from any regulated role and cancel WPPL’s interim permission, the Tribunal will determine whether to dismiss the reference or remit it to the FCA with a direction to reconsider and reach a decision in accordance with the findings of the Tribunal. The Tribunal’s decisions will be published on its website.

Mr Hart

 

The FCA has found that Mr Hart is not a fit and proper person because he lacks integrity and competence. In the FCA’s view, between 1 April 2014 and 28 August 2014, he took a reckless approach to managing WPPL and to complying with regulatory requirements. Mr Hart recklessly contributed to and failed to address unfair business practices carried on by WPPL.

Mr Hart failed to take reasonable steps to implement appropriate policies and procedures relating to creditworthiness, affordability and forbearance. He also failed to take reasonable steps to ensure that WPPL had appropriate systems in place to communicate with customers, to ensure that customer complaints were dealt with adequately, to provide proper oversight of WPPL’s staff and to ensure that WPPL’s loan agreements complied with regulatory requirements.

 

http://www.fca.org.uk/news/fca-decides-to-cancel-payday-lenders-interim-permission-ban-its-sole-director


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