Belmont Thornton Logo
PPI Claims - About PPI

PPI Claim News

 
Payday lender codes of practice 'may not protect people from their loan charges'

The new code of practice for payday lenders might not go far enough in protecting vulnerable members of the public from high loan charges, Consumer Focus has claimed.

Director of financial services at the organisation Sarah Brooks stated while the new requirements should enhance the experience of people using this funding option by providing them with clear details about the loan claim, "many of our concerns still remain".

She pointed out the codes are "silent on key issues", such as whether the approval process will require a credit check or if continuous payment authorities can be misused to repeatedly attempt to take cash out of a bank account.

The expert asked: "Will affordability checks be robust enough to ensure that companies are lending responsibly?"

Furthermore, she questioned whether or not there will be fair processes set up to assist people who fall into financial hardship after making payday loan claims.

Her statements follow news that trade organisations representing more than 90 per cent of the short-term loan and payday lending sector have published a revised codes of practice.

Amir Hussain
Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801416692-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 B11, 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