House of Commons - Business, Innovation and Skills Committee: Payday Loans - HC 789

House of Commons - Business, Innovation and Skills Committee: Payday Loans - HC 789

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The rapid expansion of the payday loan sector has been accompanied by a significant increase in the number of people experiencing serious debt problems which suggests people should think carefully before taking out such loans. Furthermore the number of payday loan adverts seen by 4-15 year olds has increased from 3 million in 2008 to 596 million in 2012. The Committee's recommendations include: all payday loan companies should be required to resubmit their affordability tests to the FCA for approval before they can continue in the sector and the FCA should make clear that if real-time data sharing has not been established by July 2014 it will mandate its use as a condition of trading in the sector; a limit should be set of one roll-over per payday loan; Payday lenders should be required to give 3 working days notice before using a continuous payment authority [CPA] and each notice should set out the right of a customer to cancel the CPA; the FCA should discuss with the Information Commissioners Office how texts on payday loans could be disaggregated to identify the extent of bad practice and if this evidence base demonstrates inappropriate targeting or marketing, the FCA should move to ban all brokering of payday loans through email, texts and other personal mobile devices; when payday loans come under the authority of the FCA, they will be subject to a levy which should be ring fenced by the Money Advice Service solely for the funding of front-line debt advice servicesIf someone comes in to apply for a loan and they require manual checking, it might take us three hours to clear them. ... Some of the credit checks are done quickly; some customers have red flags in the approval process, which means they remain ... In fact, the London Mutual credit union has just invested in technology in order to be able to get money into peoplea#39;s ... Russell Hamblin- Boone: You have not asked the lenders how much the customer has to pay, because I think that isanbsp;...

Title:House of Commons - Business, Innovation and Skills Committee: Payday Loans - HC 789
Author: Great Britain: Parliament: House of Commons: Business, Innovation and Skills Committee
Publisher:The Stationery Office - 2013-12-20

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