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    • Hi, I have found this group very helpful hence I am here seeking help and advice.   I got myself into a situation where I have now more than £50k in unsecured debts (personal loans & credit cards) and things are now getting out of control as I am struggling to make payments. This is purely my own created situation and I am taking 100% responsibility for it. I am keen to get out of this situation as soon as possible hence I would appreciate any help and advice in this process. I am employed at the moment and don’t want to risk going into IVA or bankruptcy as this would risk losing my job. Being sole bread earner of my family, I cannot afford to lose my job. I have been trying to keep up with the payments so far and had few missed payments instances until 3/4 months ago but got caught up with missed payments somehow using my savings. All my debts are still with original lenders. However I know I am getting into same situation again shortly and won’t be able to get out of it again. I have started exploring Debt Management Plan (DMP) option through StepChange but haven’t submitted it yet. Based on budgeting, I have around £820 available to make payments to all lenders after taking care of all other essential expenses. This is definitely lot more affordable than what I am currently paying to different lenders. 1. Is DMP right option for me in current situation? 2. what are the negative consequences of availing DMP? 3. is there something else that I can do to get out of this situation? I’m determined to clear out all my debts but need bit of breathing space and time. Let me know please if you need any additional information. Thanks in advance for all your help and guidance. MM  
    • Bookmakers use betting on political events to entice new customers, and say it is growing.View the full article
    • nope  and  neither dx
    • Ok Thank you DX will do just that . will keep you up dated.
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      On 15/1/24 booked appointment with Big Motoring World (BMW) to view a mini on 17/1/24 at 8pm at their Enfield dealership.  

      Car was dirty and test drive was two circuits of roundabout on entry to the showroom.  Was p/x my car and rushed by sales exec and a manager into buying the mini and a 3yr warranty that night, sale all wrapped up by 10pm.  They strongly advised me taking warranty out on car that age (2017) and confirmed it was honoured at over 500 UK registered garages.

      The next day, 18/1/24 noticed amber engine warning light on dashboard , immediately phoned BMW aftercare team to ask for it to be investigated asap at nearest garage to me. After 15 mins on hold was told only their 5 service centres across the UK can deal with car issues with earliest date for inspection in March ! Said I’m not happy with that given what sales team advised or driving car. Told an amber warning light only advisory so to drive with caution and call back when light goes red.

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    • We have finally managed to obtain the transcript of this case.

      The judge's reasoning is very useful and will certainly be helpful in any other cases relating to third-party rights where the customer has contracted with the courier company by using a broker.
      This is generally speaking the problem with using PackLink who are domiciled in Spain and very conveniently out of reach of the British justice system.

      Frankly I don't think that is any accident.

      One of the points that the judge made was that the customers contract with the broker specifically refers to the courier – and it is clear that the courier knows that they are acting for a third party. There is no need to name the third party. They just have to be recognisably part of a class of person – such as a sender or a recipient of the parcel.

      Please note that a recent case against UPS failed on exactly the same issue with the judge held that the Contracts (Rights of Third Parties) Act 1999 did not apply.

      We will be getting that transcript very soon. We will look at it and we will understand how the judge made such catastrophic mistakes. It was a very poor judgement.
      We will be recommending that people do include this adverse judgement in their bundle so that when they go to county court the judge will see both sides and see the arguments against this adverse judgement.
      Also, we will be to demonstrate to the judge that we are fair-minded and that we don't mind bringing everything to the attention of the judge even if it is against our own interests.
      This is good ethical practice.

      It would be very nice if the parcel delivery companies – including EVRi – practised this kind of thing as well.

       

      OT APPROVED, 365MC637, FAROOQ, EVRi, 12.07.23 (BRENT) - J v4.pdf
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Pay Day Loan Charges Cap to go ahead - New Rules in force from January 2015


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Payday loan charges cap announced by FCA

 

http://www.bbc.co.uk/news/business-30000472

 

 

A cap on the amount that payday lenders can charge their customers has been announced by the City regulator.

 

Payday loan rates will be capped at 0.8% of the amount borrowed a day, said the Financial Conduct Authority (FCA).

 

In total, no one will have to pay back more than twice what they borrowed, and there will be a £15 cap on default charges.

 

The loan restrictions will start from January, the regulator said.

 

"For people who struggle to repay, we believe the new rules will put an end to spiralling payday debts," said FCA chief executive Martin Wheatley.

 

 

 

 

A cap on the fees and interest charged by payday lending firms is to go ahead in January in a move to protect borrowers from escalating debts.

 

 

The Financial Conduct Authority (FCA) said default fees will be capped at £15 alongside a limit of 0.8 per cent per day on interest on unpaid balances in order to ensure that those who cannot repay on time will never have to pay back more in charges than the amount borrowed.

 

The latest clampdown on the industry was unveiled by the FCA in July and confirmed today following a consultation period.

 

FCA chief executive Martin Wheatley said: “I am confident that the new rules strike the right balance for firms and consumers. If the price cap was any lower, then we risk not having a viable market, any higher and there would not be adequate protection for borrowers.

 

http://www.yorkshirepost.co.uk/business/business-news/pay-day-loan-charges-cap-to-go-ahead-1-6945444

 

 

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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.

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What bothers me is that the FCA appear to have legitimised Default Charges by saying they will be capped at £15.00

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Uploading documents to CAG ** Instructions **

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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.

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Stella Creasey believes this doesn't really change anything. .

 

 

New payday loan rules to cap fees, total cost and default charges

 

Financial Conduct Authority rules will reduce the cost for most borrowers, but debt campaigner Stella Creasy MP says the cap needs to be lower to change behaviour of lenders

 

http://www.theguardian.com/money/2014/nov/11/payday-loans-caps-fca

 

 

 

But critics accused the FCA of allowing “legal loan sharks” to slip through the net. “Today’s news will be welcomed as an early Christmas present for Britain’s legal loansharks,” said Creasy. “This cap is just £1 lower than their current charges. This is an industry where some firms are making nearly three quarters of a million pounds a week from British customers – such a high cap will do little to tackle these rip off charges.

 

“We’ve warned regulators this cap needs to be much lower to really change the behaviour of these companies, but today’s announcement shows they are still not listening. Other countries are much stronger at taking on these companies.”

 

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

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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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The industry has said the plans will drive some firms out of business. It estimates that only four players will remain in the market: three online lenders and one high street chain. “We will inevitably see fewer people getting fewer loans from fewer lenders,” said Russell Hamblin-Boone, chief executive of the Consumer Finance Association, which represents some of the best-known payday lenders.

 

Wheatley said payday lenders could disappear from the UK high street within a year, although the FCA’s modelling suggested it was more likely that a few players would remain. Speaking on BBC Radio 4’s Today programme, he said: “We don’t want to close the industry, we want to change it so that it operates in a way that delivers good outcomes.”

 

 

http://www.theguardian.com/money/2014/nov/11/payday-loans-caps-fca

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Uploading documents to CAG ** Instructions **

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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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It has been said a million times how these authorities lack the guts and the will to really reign in these legal sharks. Here is just another example of them pretending to do something and making statements designed to fool the public.

Nothing has changed whatsoever and nothing ever will until they get someone other than whimps and couldn't care less people to run these departments.

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I haven't read it does

 

 

have you?

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Na ive not heard anything only im disputing an amount i owe QQ probably due to the interest they charged me and it did come to double what i borrowed in the first place! So was just hoping that it would somehow also make a difference to exisiting loans. Wishful thinking i guess.

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When you have an owner of a PDL group, or ex owner, sitting on the governments advisory team AND is a personal friend of Cameron, you havent got a chance in hell of getting anything changed.

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

:D

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When an agency is linked to the government, they'll ALWAYS roll over and do as they are told. Always.

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

:D

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It has been said a million times how these authorities lack the guts and the will to really reign in these legal sharks. Here is just another example of them pretending to do something and making statements designed to fool the public.

Nothing has changed whatsoever and nothing ever will until they get someone other than whimps and couldn't care less people to run these departments.

 

Well said.... This country is ran by corporates and bankers and the more and more I read and educate myself the corporations and bankers are corrupt and dishonest.

 

Who funds and regulates the FCA? It's all smokes & mirrors!!

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Just read this in the Mail On Sunday.Will it really happen before someone finds loopholes to exploit.

 

http://www.dailymail.co.uk/money/bills/article-2835835/These-loans-stay-resort-s-payback-time-payday-lenders-s-need-know-interest.html

 

Regards,John.

 

 

 

Other alternatives include fee-free bank account overdrafts, which allow customers to dip into the red without penalty.

 

 

 

The reason people are turning to PDLs is because banks chucked money at these people only to see them lose their jobs, become ill and also irresponsible lending. Once they were unable to pay the banks dumped them.

 

There are also guarantor loans backed by relatives or friends, and credit cards with interest-free borrowing periods.

 

 

Please, please people... do not agree to be a guarantor for a friend or family member. I am sure there must be situations where this does work, however we have seen many people who have agreed, under pressure/emotional blackmail, to become guarantors and they themselves have ended up losing out.. not just financially, but with discord within a family and the loss of "friends" !

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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I am not sure I really understand what's not good about this cap and why everyone is against it or saying it's not enough?

 

I think the problem is that people look at this one dimensionally, from the point of view of people that default on them.

 

For a casual borrower that repays on time, this is great news. What more do you want the government to do?

 

Now, if I borrow £100 for 10 days to help pay a bill, I will only repay a maximum of £108 - I think that's reasonable? How could it possibly be any cheaper than that, I would imagine lenders wont make much profit on that £8 anyway after they cover their administration costs etc.

 

Exactly how cheap do you want it to be? Any cheaper then they wont exist at all and that would affect a lot of people.

 

They've capped the maximum amount it will ever go to and the default fee at £15. Someone above mentioned I cannot believe they're saying default fees are OK, but if you don't repay your loan on time they have every right to charge something, just like a bank does if you miss a direct debit payment. £15 is better than the hundreds they're charging at the moment.

 

It seems like the only solutions people on here would be happy with is either them all shutting up shop and the industry disappearing or them charging 0% interest with no default fees.

 

I personally think the FCA are doing a great job and are really coming down on them in the way it should have been done years ago. All of these brokers that are dipping into peoples accounts - who in my opinion are worse than payday lenders - will be out of business in a few months.

 

Payday loans are now dead in the water IMO. Nobody will be offering these loans anymore, come Feb/March it will all be installment loans as they're more profitable. That's what people need to watch out for, borrowing more than they need just to get a loan.

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