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Government to cap payday loan costs

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  • #1

    Government to cap payday loan costs

    ''We’re going to have a cap on the total cost of credit – we’re looking at the whole package, not just the interest fee, but also the arrangement fees as well as the penalty fees.''



    https://www.gov.uk/government/news/g...day-loan-costs
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  • #2
    Re: Government to cap payday loan costs

    Are they actually adding bits to the banking reform bill then ?

    (I'm a bit lost as to why this is news again when the consultation is still in progress)
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    • #3
      Re: Government to cap payday loan costs

      http://services.parliament.uk/bills/...ingreform.html
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      • #4
        Re: Government to cap payday loan costs

        It's actually the 'Financial Services (Banking Reform) Bill' which is the same piece of legislation that included the amendment to give MOJ the power to fine CMCs.
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        • #5
          Re: Government to cap payday loan costs

          I can't see anything in Hansard since October other than odd written questions.

          Cap on cost of credit is a major issue and I can't imagine it would just be done by the FCA when they take over without it going through committee first?

          (What am I missing in this story ?)
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          • #6
            Re: Government to cap payday loan costs

            Or is it just Osbourne's made some noises about it and it hasn't yet gone to committee...... that'll be it.

            So it's not definite.
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            • #7
              Re: Government to cap payday loan costs

              As I understand it the FCA already has discretionary powers to cap interest rates (which would require Treasury approval) but the Government intends to put a duty on FCA to use the power, by approving it in advance.
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              • #8
                Re: Government to cap payday loan costs

                My question is, will this effect loans taken out prior to these new caps, or just the ones taken out afterwards. If its just the ones taken out afterwards, then it doesn't help those already victims to these payday loam sharks.
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                • #9
                  Re: Government to cap payday loan costs

                  Originally posted by Amethyst View Post
                  Or is it just Osbourne's made some noises about it and it hasn't yet gone to committee...... that'll be it.

                  So it's not definite.
                  Yes but there would have to be some backtracking if this was withdrawn now, i think that it will happen(hope really).

                  There are many other measures regarding advertising and targeting of vulnerable groups under discussion also I liked this quote in particular form Lord Foulkes

                  Lord Foulkes of Cumnock: Is the Minister aware of the disgusting practice of payday lenders of targeting their advertising at children’s television programmes? Why do my grandchildren have to be subjected to that kind of advertising when they are watching “Peppa Pig”?
                  Last edited by andy58; 25th November 2013, 16:07:PM.
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                  • #10
                    Re: Government to cap payday loan costs

                    More here

                    http://www.bbc.co.uk/news/uk-politics-25083701

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                    • #11
                      Re: Government to cap payday loan costs

                      ''Taking out a payday loan could endanger people's chances of getting a mortgage whether or not they had difficulties repaying the cash, the BBC has learned.

                      Nearly two-thirds of brokers contacted by trade publication Mortgage Strategy for Newsnight had a client turned down for a mortgage after a payday loan....''

                      http://www.bbc.co.uk/news/uk-25098810
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