Payment protection insurance (PPI) claims may be a better option for those who are looking to use a payday loan to boost their finances.Commenting after a recent Office of Fair Trading (OFT) investigation into the short-term, high interest loans, Joanna Elson, chief executive of the Money Advice Trust, said many people were being exploited."We are pleased to see the OFT tackling poor practice in an industry that has been allowed too much free rein up to now," she stated.Many unscrupulous companies were taking advantage of families and individuals who were finding it hard to make their money stretch between salary payments, commented Ms Elson.She added that many consumers find that payday loans make their finances worse and are often missold to people who have no way of paying them back on time.Recent figures from R3 show that 3.5 million adults are considering taking a payday loan next year.Amir HussainAmir specialises in personal loans, consumer debt and debt management.
Belmont Thornton Ltd. is regulated by the Ministry of Justice in respect of regulated claims management activities; our registration is recorded on the website www.claimsregulation.gov.uk number 18273
Belmont Thornton Ltd. is incorporated in England and Wales, Company number 6621233, whose head office and registered office is at Suite 2, Unit 25, The Coda Centre, Munster Road, London, SW6 6AW. VAT Registration number 945 3375 06.
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* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.