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Tougher rules for payday lenders take effect - July 2014 (current at 22.09.2015)


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Don't know how these were missed.

 

http://www.fca.org.uk/news/tougher-rules-for-payday-lenders-take-effect

 

 

Firms offering high-cost short-term credit must now follow additional rules on rollovers, continuous payment authorities and risk warnings.

 

These rules apply to agreements in place on 1 July 2014 and entered into after this date.

 

Rollover restrictions

 

Where a borrower cannot afford to pay back a loan many lenders offer the opportunity to ‘rollover’ or extend the loan.

 

While a rollover may work well for some borrowers, we are concerned that loans that are repeatedly rolled over can lead to an unsustainable debt burden for many borrowers.

 

Payday lenders and other firms offering high-cost short-term credit must now limit the extension of loans to two rollovers.

 

Where a high-cost short-term loan has been rolled over twice, including before 1 July 2014, lenders will not be able to rollover the loan again.

 

Before rolling over a loan these lenders will also have to give the borrower an information sheet that explains where and how to get free debt advice.

 

 

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