Tag Archives: fca

Are payday loans still a problem?

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Back in 2013 the payday loan market was booming. Chirpy jingles and TV puppets were advertising quick cash solutions to get you through those last few days before payday.

Many people saw payday loans as a quick and easy way to get cash for unexpected expenses. The trouble was payday loans often caused more problems than they solved.

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Debt collection company refunds & writes off £414m

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The Financial Conduct Authority (FCA) has announced that Motormile Finance, a debt purchasing and collections company, has agreed to write-off £414m of debt for over 500,000 of its customers for past failures in its collections process.

The redress will consist of £154,000 in cash payments to customers and the writing-off of £414m of debt where the firm’s been unable to provide evidence that the balance of a debt is correct and properly due to be repaid.

Bradford-based Motormile Finance are also known as MMF, MMF Debt Purchase and MMF UK.

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How much is your overdraft costing you?

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Do you know how much your bank charges if you go into your overdraft or if you go over your limit? Many of our clients pay hundreds of pounds to their bank as a result of unarranged overdraft charges. In some cases it can be more expensive to go into unarranged overdraft than it would cost to take out a payday loan.

We’ve carried out research that shows that overdraft charges are adding to the debt worries of our clients and the costs of having an overdraft might be higher than you’d expect. We believe that the FCA should take action to limit unarranged overdraft charges. Continue reading »

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Debt and money news – September 2016

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This month saw the introduction of a new plastic £5 note, changes to TV licensing laws and a payday lender ordered to refund £34m back to thousands of its customers.

Grab yourself a brew, sit back and find out the latest news from the world of debt! Continue reading »

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Payday lender refunds & writes off £34m

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This week the Financial Conduct Authority (FCA) announced that the payday lender CFO Lending has been ordered to pay a £34m ‘redress’ package to 97,000 of its customers.

The announcement came after the FCA found a number of poor practices at the firm, dating back to 2009, that had caused detriment for many of their customers.

CFO Lending were also known as as Flexible First, Payday First, Money Resolve, Paycfo, Payday Advance and Payday Credit. Continue reading »

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March’s debt and money news

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Welcome to this month’s debt and money news. As usual, a lot has been going on in the world of…well debt and money.

So, what’s on the round-up this time? Soon we’ll need a TV licence to watch ‘catch-up’ programmes on iPlayer, the FCA refuses authorisation to a debt management company, and the N244 application fee is set to rise.

Elsewhere, a report has highlighted that around four million children are living in fuel poverty, while the Competition and Markets Authority (CMA) announces plans to ‘shake up’ the energy industry.

Read on to find out more…

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‘Treating Customers Fairly’: what does it mean and how does it affect you?

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We hear the term ‘treating customers fairly’ quite a bit here at StepChange Debt Charity. It’s something we pride ourselves on, but the term as it’s been set out by the Financial Conduct Authority (FCA) may not always be easy to understand. 

That’s why our friend Rich Fenton from Doesn’t Grow On Trees is on hand to cut through the jargon and explain how ‘TCF’ really can be of benefit to you when dealing with creditors and other financial institutions. Take it away, Rich!

When we’re going about our daily business, I think it’s fair to say that as a customer we expect fair treatment to be a given, especially when it comes to banks or any company dealing with our precious money.

The Financial Conduct Authority (FCA) also believes that you should be treated fairly at all times, especially when dealing with any firm who is regulated and authorised by them. In fact any firm who is found not to be treating their customers fairly can find themselves in very hot water, and can be subject to eye-watering financial penalties.

That’s all well and good, but how does the FCA’s definition of ‘TCF’ actually benefit you? Is it just a nice ideal, or can it actually help you as a person when dealing with the banks and other financial organisations?

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