The Financial Conduct Authority (FCA) announced on 1st December 2014 that it was banning credit brokers from charging fees to customers from January 2nd 2015 unless they comply with a strict set of conditions. Credit brokers are middlemen - they don't lend money themselves. They can offer to find any length of loan but much the most common target is payday lending. This action is an unusual … [Read more...]
Payday loans - easy to take out - hard to escape from. This page has all Debt Camel's articles about them, the most recent first.
If you think you were given a payday loan which was unaffordable - you could only repay it if you borrowed again soon afterwards, read How to ask for a payday loan refund which has step by step instructions and free template letter.
Tens of thousands of people have got a refund of the interest they paid on some of their loans using this approach!
The FCA announced on the 11th November that it will cap the costs of payday loans from 2nd January 2015: Initial cost cap of 0.8% per day. For new loans, or loans rolled over, interest and fees must not exceed 0.8% of the amount borrowed. So for a one month loan of £100, the interest and fees if the loan is repaid on time cannot exceed £24 If borrowers cannot repay their loans on time, … [Read more...]
On 2nd October 2014 the Financial Conduct Authority (FCA) announced that Wonga had agreed to compensate an estimated 375,000 customers where Wonga's "affordability" checks are likely to have been inadequate. The common reactions were first that Wonga was being made an example of to warn other payday lenders and second that this was a huge number of refunds... But should many more people get … [Read more...]
Wonga is offering write-offs to 375,000 of its current customers because its affordability assessments have been inadequate. This was agreed with its regulator, the Financial Conduct Authority (FCA) and announced on 2nd October 2014. Wonga has agreed to make significant changes to its business immediately to try to prevent these problems happening in future. Who is being compensated? The … [Read more...]