Belmont Thornton Logo
PPI Claims - About PPI

PPI Claim News

 
OFT called to act on payday loan charges

The Office of Fair Trading (OFT) is being urged to act on payday loan charges, as new figures paint a disturbing picture of what of these companies are prepared to do.

New evidence from Citizens Advice finds seven in ten customers who take out these loans are put under pressure to extend the contract.

The consumer watchdog is urging the OFT to take "tough and immediate" action against payday lenders, as new evidence reveals lenders are pressurising struggling borrowers to extend loans.

Citizens Advice found that 12 in 14 promises to treat customers fairly were broken, while three out of four people struggled with the loan charges.

Michael Ossei, personal finance expert at uSwitch.com, backed the calls for the OFT to take a tougher stance on payday lenders: "These findings highlight just how low some lenders will stoop, to squeeze as much as they can out of vulnerable consumers."

He noted that while the promise of a fast fix of cash with minimal credit checks is "tempting", people need help, support and guidance.

"It's vital that the OFT clamps down quickly on the irresponsible players in the market and provides the necessary legislation to bring them firmly back in line with other lending practices," added Mr Ossei.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801592567-ADNFCR



Bookmark and Share
Tell a Friend
blog comments powered by Disqus

Enquiry Form

First Name 
Last Name 
Mobile Phone
Home Phone
Address Line 1 
Town
County
Post Code 
Email 
Circumstances
Claim Back Mis-Sold PPI Button

Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website www.gov.uk/moj/cmr number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B16, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023.

Please note that calls may be monitored for the purposes of staff training.

* 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.

By using our web-site, you agree that we can place the types of cookies described in our privacy policy on your device.Hide