Oft report latest news on payday lenders 30th july

[Tawnyowl]

Update on progress 30 July 2013

 

http://www.oft.gov.uk/OFTwork/credit.../#.Uffit5F0Ziw

 

Fourteen lenders have informed the OFT that they are leaving the payday market. Three of these have surrendered their licences and are not required to provide an audit report. The remaining 11 continue to trade in other areas of business that require a credit licence and have been required to provide an audit report to the OFT.

 

More business for the others,but must be very welcome to many.

Moving in the right direction.

 

 

In addition to the 50 leading lenders, and since the OFT published the final payday review report in March:

 

• three firms engaged in payday lending have had their licences revoked after their appeals against OFT determinations were either dropped or struck out by the First Tier Tribunal
  
• another two payday lenders, in addition to the 50 leading lenders, have also surrendered its licence.
  

 

 

How about someone with experience of their credit file being affected by these toxic loans from the Lepers of Lending letting the OFT know about it.Some people have had mortgages turned down because they had payday loans on their credit file.Despite paying them off early or on time.The CRAs hold them at one side of their credit file.And the banks lenders,once seen say no.Warnings should be given when they are taken out.No mays,but will trash your credit file.

 

Consumer complaint form

 

The OFT gathers information from consumers regarding their experiences with payday lenders. If you would like to provide us with details of your experiences, please complete and return the complaint form below.

 

• Download the Consumer complaint form (pdf 577kb)
  

If anyone feels that way inclined.Tell them.Or any other problems,experiences.

 

I will now leave you to read the report in peace.

Edited July 30, 2013 by tawnyowl

[lee79]

I love how 14 payday lenders have left the PDL market. Isn't that like saying if we have to play nicely then we're not playing at all?

[maroondevo52]

I love how 14 payday lenders have left the PDL market. Isn't that like saying if we have to play nicely then we're not playing at all?

 

Wonder if they took their balls with them

[thorntondog]

does anyone know which ones have left???

[citizenB]

does anyone know which ones have left???

 

 

Probably smaller ones that no one has heard of !! I imagine their client list has been sold on to one of those who are in for the long haul ?

[Guest]

yes, ie prob those ones that were a subsidiary subsidiary of x. soon to reemerge as a subsidiary subsidiary of x!

[thorntondog]

Thanks a lot for that info. x

[maroondevo52]

does anyone know which ones have left???

 

The OFT said that of the 14 lenders who are leaving the payday industry, three have surrendered their licences completely.

 

It confirmed that The Payday Loan Company, which trades under several names including Cashnet, and Hamilton Management Services, which trades as Anfield Cheque Cashing Centre, have surrendered their consumer credit licences altogether.

 

The other two are cheque cashing businesses offering payday loans; B2B International UK Ltd and Loansdirect2u.com.

 

The other 11 continue to operate in other areas where they still need a consumer credit licence to trade, such as pawnbroking or debt collection.

 

OFT senior director for consumer credit David Fisher said: "We are evaluating the audit reports sent in by payday lenders and will announce any further action in due course.