The Office of Fair Trading is clamping down on payday lenders for flouting the rules
The Office of Fair Trading found widespread evidence of irresponsible lending by 50 leading payday lenders
The OFT is clamping down on the leading fifty payday lenders (including household names), which make up 90% of the payday lending market. It’s given them 12 weeks to clean up their act or they will lose their licence and won’t be able to lend. The Office of Fair Trading started investigating payday lenders after complaints from consumer and debt groups and it found – and I quote - evidence of widespread irresponsible lending and failure by the payday lenders to comply with the rules and regulations.
Figures show that more of us are taking out in-store credit. Good or bad idea?
If you’re signing up for in-store credit, make sure you know what you’re paying.
If you’re about to buy a new sofa or TV how are you going to pay for it? In cash (so you can haggle a discount)? Using your credit card to get protection in case there’s a problem? Or a ‘buy now, pay later’ deal from the store itself? Latest figures show that there was a rise of 12% in the number of in-store credit deals compared to last year. But are these deals worth signing up to, or should you steer well clear?
How much will it cost if you want to go overdrawn without asking?
Going overdrawn without asking your bank can be expensive. Avoid it if you can
If you have a current account, it’s obviously best if you can stay in credit the whole time. If you need to borrow money, it will be cheaper if you talk to your bank first and get an arranged overdraft. If you do go into the red without permission, be aware that it can be very expensive indeed. The charges can add up to far more than the amount you owe, especially if you make