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Undercover MoS film exposes top Payday Loan company preying on poor and heavy drinkers


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Undercover film reveals inner workings at loan firm The Cheque Centre

 

Reveals hard-up families on council estates are targeted by company

 

Many sold loans with interest rates of up to 3,000 per cent

 

Managers boast 'they've never turned anyone down' on camera

 

Workers instructed to cold-call previous borrowers offering new loans

 

Staff 'swipe' customers' accounts when they don't pay up

 

Comes as Financial Conduct Authority announced new rules on industry

 

Read more: http://www.dailymail.co.uk/news/article-2571091/Undercover-MoS-film-exposes-payday-loan-firm-preying-poor-heavy-drinkers-Waving-wads-cash-man-brags-lend-pay-raid-bank-accounts.html#ixzz2ulKgItm4

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At no point will i defend these companies as i have dealt with them first hand, however the whole thing about the CPA is correct from a logical standpoint by what set out. But from an ethical stance, its the complete opposite.

There is right and wrong on both sides here in that conversation. The technicalities for me is the whole thing with the CPA, Its down to the customer to check the paperwork they are given and ask questions, but at the same point, how many people understand everything being thrown at them?

 

Tough Balance here.

 

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**Fko-Filee**

Receptaculum Ignis

 

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