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Loan claim: OFT closes down payday lenders

The Office of Fair Trading (OFT) has shut down two payday loans companies following the revelation that one of their associates had been convicted of fraud.

Brighton-based payday loan companies, B2B International and have had their licenses revoked as part of the OFT’s investigations into the business practices of payday lenders.

Payday loans are advertised as short-term loans that can be used to help a consumer meet their financial commitments until they get paid.

The regulator has been looking into the practices of these firms after it came to light that many customers were struggling to repay their debts.

Some customers are not properly checked to ensure they can repay their loans and there have been cases where problems with the lender has stopped them from making repayments and raising the interest as a result.

In March, the OFT gave 50 payday lenders 12 weeks to change their practices.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801577070-ADNFCR

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