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The Case Of Payday Loan Customers
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We have been in the Citizens Advice campaign ads more stringent rules, and called on people to report on the Advertising Standards Authority irresponsible advertising.
The Commission also made a number of important and timely recommendations to the Financial Conduct Authority who will take over the supervision of payday loan industry in April next year.
The Committee recommended that the requires payday loan companies to re-submit their affordability test approval before they can continue to work in this field, and to ensure that the lender through real-time data in July 2014 to establish shared.Our evidence suggests that more than 60% in the case of payday loan customers do not ask them questions financial situation, to check that they can afford the loan, so the review of these processes is wise.The ability to assess the potential customer to repay the loan the lender, the ability to share data in real time can greatly help, because they will soon be able to see if someone apply for payday loans already have one.
The Committee also called for the a payday loan can be rolled over to the next set limits on the number of times instead of two limit their questions.We also recommend a transitional restrictions, , if customers encounter repayment to prevent financial difficulties even in a rollover accident then the best way to solve it is an affordable repayment plan does not extend loans and increasing debt.
Finally, the Committee wishes to the to ensure that payday loans to their customers at least three working days of continuous use of the payment mechanism CPA photographed before payment, the notice contains information about its cancellation notice CPA correct information.Improper use of Certified Public Accountants has been one of the biggest problems in our payday loan industry have seen, so we welcome customers notice, payment will be taken at the same time to remind them of the right to cancel the CPA.
is currently reviewing how it plans to regulate payday loans over the past few months, following extensive consultation process.We should see their rulebook finalized in February 2014, I would like to see take two citizens advice, as well as those of the Select Committee on the boat, so that the work can get payday loan market is giving a lot of demands and expectations have been long spring clean.
By the latest research, Of com published this week seem to confirm us, and many other consumer and debt counseling agency, has been saying for a long time, kids payday loan advertising goals.
Analysis of payday loans in television advertising Ofcom shows that in 2012 saw the amazing kids payday loan 596 million advertising.This means that the average child will see 70 ads this year.An average adult would see 152.
When and where are these ads?
According to the study, see the 4-15 year old payday loan is three percent of advertising on children television channels.This is about every two children per year.This is a small number, but it is still two too many, especially considering that the lender has been so adamant that they will not advertise on these channels.
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