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OFT takes further action against unfair direct debit clauses in payday loan contracts

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  • OFT takes further action against unfair direct debit clauses in payday loan contracts

    The OFT has warned payday lenders that they must not misuse direct debit facilities to vary the amount or date of a loan repayment.

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  • #2
    Re: OFT takes further action against unfair direct debit clauses in payday loan contr

    Good stuff. The OFT really are getting some work in before the cuts lol.

    Requirements on paydayok - http://www.oft.gov.uk/shared_oft/pre...quirements.pdf

    Shame they can't do the same with Bank Charges

    The OFT believes that some lenders use this 'continuous authority' as a way to bypass proper checks on a borrower's ability to repay. The OFT is also concerned that taking money from a debtor's account when they are already in difficulty could prevent them from meeting priority debts, such as rent or mortgage payments.
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    • #3
      Re: OFT takes further action against unfair direct debit clauses in payday loan contr

      Originally posted by Amethyst View Post
      Good stuff. The OFT really are getting some work in before the cuts lol.

      Requirements on paydayok - http://www.oft.gov.uk/shared_oft/pre...quirements.pdf

      Shame they can't do the same with Bank Charges

      Yep their road to Dasmascus moment has been a long time coming

      Comment

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