Belmont Thornton Logo
PPI Claims - About PPI

PPI Claim News

Loan charges: payday lenders have new code of practice in place

Payday loan companies now have to follow a new code of practice to protect financially vulnerable individuals who use them from loan charges.

The Consumer Finance Association (CFA) has put the code in place, as well as proposing a deadline for when the firms have to adhere to the standards outlined.

It will instate a limit on the rollover of the loans to three occasions, customers can have a minimum of 30 days to tackle financial troubles and interest will be frozen for those in hardship.

This should serve to give individuals more time to pay back their high interest loans.

"While this is a significant step forward for the responsible members of the payday industry, it is far from the end of the journey," said Russell Hamblin-Boone, chief executive of the CFA.

He added that there will be an independent monitoring framework to work alongside the government and other groups to ensure high standards are met.

The code is voluntary, but if a firm does not obey it, they could face being expelled from the CFA if they do not change their ways.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801495615-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 
Post Code 
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 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