Belmont Thornton Logo
PPI Claims - About PPI

PPI Claim News

 
Bank Charges: Consumer advocacy groups welcome OFT's payday lending review

A range of consumer organisations have expressed their support for the Office of Fair Trading's (OFT) review into payday lending companies.

The loan charges offered by some of these firms can make this form of credit a "very expensive way to borrow money", Consumer Focus director of financial services Sarah Brooks explained.

She noted her organisation has had concerns about this sector for a long time and welcomes it "being put under the microscope".

Problems in the industry relate to people being offered more cash or multiple roll-overs to help them cope with existing loan charges, as well as "inadequate affordability checks", the specialist declared.

Citizens Advice chief executive Gillian Guy called the review "urgently needed", pointing out people are being offered money they cannot repay.

This leaves them with "huge interest rates" and high loan charges, she remarked.

In the last few years, the number of individuals approaching the organisation with issues relating to payday lenders has quadrupled in size, Ms Guy added.

Samantha Clarke
Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801303287-ADNFCR



Bookmark and Share
Tell a Friend
blog comments powered by Disqus

Enquiry Form

First Name 
Last Name 
Mobile Phone
Home Phone
Address Line 1 
Town
County
Post Code 
Email 
Circumstances
Claim Back Mis-Sold PPI Button

Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website www.gov.uk/moj/cmr number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B16, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023.

Please note that calls may be monitored for the purposes of staff training.

* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.

By using our web-site, you agree that we can place the types of cookies described in our privacy policy on your device.Hide