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Fall in Payday Loan Problems

Fall in Payday Loan Problems

There has been a steady decline in payday loan problems since April 2014, when new regulations were introduced by the Financial Conduct Authority and the regulator took enforcement action against lenders, Citizens Advice has reported. The number of problems fell further when the Government introduced the cap on payday loans on 2nd January 2015.

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Reform of Consumer Credit industry

Reform of Consumer Credit industry
Interesting proposals for the reform of the Consumer credit industry have been set out in a new report from think tank IPPR.The report claims that a one-off levy of £450 million on Britain’s £180 billion consumer credit industry could create enough affordable lenders to take on Britain’s legal loan sharks.It also says that as well as a new legal cap on the total cost of credit, Britain needs a new generation of not-for-profit affordable lenders with enough capital liquidity and geographic coverage to compete with the main payday lenders.According to the report, not-for-profit lenders and credit unions could be hosted in a variety of locations, such as Post Office branches, and that £450 million of capital could support over one and a half million loans of up to £250 at any one time.Lenders should charge a maximum of 3% per cent a month, or 42.6% APR, says the think tank. This would mean that borrowing £100 for one month under this new plan would cost just £3, compared to a current cost of over £30 with a similar loan from one of the country’s main money lenders.IPPR also argues that payday lenders should:

·     Provide a clear ‘pounds and pence’ cost for any potential loan, plus the payment rate and the term length.

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Tough new rules for consumer credit market

New rules to govern the £200 billion a year consumer credit market, which includes approximately 50,000 firms, have been confirmed by the Financial Conduct Authority (FCA).

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