The BBC news team have reported today that stricter rules for high-cost, short-term lenders are expected to be announced by the government…
After a year-long investigation by the Office of Fair Trading (OFT), it is thought lenders will face advertising curbs and be under closer supervision.
The government wants to limit the number of adverts shown per hour on TV and ensure the terms and conditions are displayed more prominently.
Many payday lenders’ adverts feature heavily on television and the internet.
The loans are supposed to be of hundreds of pounds for a few weeks, but interest rates can amount to thousands of per cent on a yearly basis.
The new rules are intended to make sure that firms do not take advantage of people who are already struggling with debt.
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At Abacus, we deal with debt recovery and possession proceedings for lots of clients, with both ‘payday’ lenders and short term bridging lenders. If you feel you may be affected by the above rules or, feel you have been a victim of mis-selling, call us today and we will assess your case for free:
t: 0161 833 0044 or email email@example.com