oft and payday loans

[dogtired]

http://www.managementtoday.co.uk/fea...bt-collection/
Just been on the news.
sorry about the ads on above!
http://www.oft.gov.uk/news-and-updat...ss/2012/110-12


Got sucked in a lot of years ago on something very similar, now cleared but Mr Dt was tallking about Wonga the other day, said no way!

[miliitant]

Re: oft and payday loans

me thinks the OFT are about to announce sanctions against certain debt collection agencies

and i am not going to MOTORMOUTH that everywhere

[Nibbler]

Re: oft and payday loans

There is also a new section in the OFT collection guidelines regarding the misuse and cancelling of CPAs.

[dogtired]

Re: oft and payday loans

Mill, hope that includes the leeds Loosers and Mucky Hall!
CPAs? (sorry do not know what that is)x

[Nibbler]

Re: oft and payday loans

CPA = Continuous Payment Authority

[EXC]

Re: oft and payday loans

''MP demands apology from Wonga''

http://www.guardian.co.uk/business/2...y-tweets-wonga

[supermac9]

Re: oft and payday loans

I haven't read the OFT report yet, but is there a possibility that CPA's are likely to be done away with on the back of this?
I fell victim to this a while ago, when a single large payment did not go through and all of a sudden about half-a-dozen smaller payments (which amounted to the same as the missed larger payment) suddenly appeared against my account.

[dogtired]

Re: oft and payday loans

I would hope so, but it may take a while, I think.