which payday loan companies have been closed down
A crackdown on the payday loan industry has resulted in four more lenders shutting down. the office of fair trading (oft) sent the competition commission a referral to investigate regulations for the payday loan market .since then, 19 out of 50 firms have been investigated and have decided to pull out of the payday loan industry.an additional four lenders announced that they would be leaving the market two weeks ago. of the 19 companies which no longer plan to operate as payday lenders, 15 have said they wish to continue to trade in other areas. the main concerns raised are that lenders fail to carry out appropriate affordability checks, meaning that those who cannot afford to pay back their loans on time, end up facing escalating debt which they struggle to pay back. the commission stated:“regardless of whether they are sold online or in stores, the pricing of payday loans is not straightforward, potentially involving daily or monthly interest, fixed fees and charges for late payments.”the market is largely controlled by the three largest payday loan companies, wonga, cash america (owners of pounds to pocket and quick quid), and dollar financial corp (owner of the money shop and payday uk, they have around a 70pc share of the market by turnover.the commission have stated that their investigation is still in the early stages, and it had not formed any particular views concerning the case. it is likely to provide its provisional findings early next summer and a full report by the end of 2014. the names of the companies that left the market are yet to be released by the commission.payday lenders take advantage of the vulnerable and it’s reported that 9 out of 10 british people in agree that limits should be imposed on the amounts charged by payday firms, in order to ensure that the needy do not contract even more debt from lending.posted by david pilkington.God, bible, jews, israel, heaven, eternal life, religion, evolution, creation. faith check, christian help, christianity, uk christian.The way provides christian news, faith, christian views, christian questions, prayer, jesus, uk churches, christian shopping,There are no comments on this feature at present.you can add your comment here.
which payday loan companies have closed
Brighton-based payday lenders B2B International UK and Loansdirect2u.com have had their licences revoked
The Payday Lenders That Closed After 2015's FCA Cap and Onwards...
A payday loan firm, MCO Capital, has been shut down by the OFT for allowing itself to be duped by fraudsters who impersonated more than 7,000 people.
Incredibly convenient and potentially ruinous, payday loans now have to obey a new set of rules. Here's what they are and what means for you
The OFT said that two payday firms had now surrendered their licences and three were still being investigated as part of its action on the sector.
Two loan firms have been shut down as part of a national blitz on payday lenders.
Reader Qs: Newly Formed Lenders in 2015 Explored...
Tell a friend:share on facebook (opens in new window)click to share on twitter (opens in new window)click to share on linkedin (opens in new window)click to share on whatsapp (opens in new window)click to share on reddit (opens in new window)click to share on google+ (opens in new window)click to share on pocket (opens in new window)click to email (opens in new window)click to print (opens in new window)tagged with: shutting down unsavory operators, federal trade commission, payday loans, deceptive marketing, debt relief, predatory lending, bringing suit, lawsuits, complaints, kaz.It’s probably safe to assume that consumers stuck in the payday loan debt-trap have enough financial issues without being deceived by a company promising to make their debts disappear. there may be one less unsavory debt relief company around after the federal trade commission sued to stop an operation that targeted millions of consumers.Named defendants in the suit include: psc administrative, llc, formerly known as payday support center, llc; coastal acquisitions, llc, doing business as infinity client solutions; jared irby, individually and as an officer of psc administrative, llc; and richard hughes, individually and as an officer of psc administrative, llc.According to the complaint [pdf], starting in 2012 payday support center, llc – also known as psc administrative, llc – began using internet, radio, and telemarketing to entice consumers into enrolling in their “financial hardship program” by claiming they could negotiate with lenders to reduce payments or eliminate debts.
A cap on the cost of payday loans enforced by the City regulator has now come into effect, but one consumer group wants more action on credit.