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Payday lenders warned over loan protection

Formal investigations into "aggressive debt collection" practices by a number payday lenders have been opened by the Office of Fair Trading (OFT).

It comes as the OFT warns all 240 payday loan firms over emerging concerns about loan charges, loan protection and other important consumer rights issues.

Specifically, the body is concerned over the adequacy of checks made by some lenders on whether loans will be affordable for borrowers.

The OFT is also worried about the proportion of loans that are not repaid on time and the frequency with which some lenders roll over or refinance loans.

Other concerns include the lack of forbearance shown by some lenders when borrowers get into financial difficulty and some debt collection practices.

David Fisher, OFT director of consumer credit, said: "We have uncovered evidence that some payday lenders are acting in ways that are so serious that we have already opened formal investigations against them.

"It is also clear that, across the sector, lenders need to improve their business practices or risk enforcement action."

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801493544-ADNFCR



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