Tag Archives: payday loans

MoneyAware News: June 2017

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What are the top debt and money stories so far this month? We bring you the news that we think matters to you and your wallet!

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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 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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June’s money and debt news

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Unexpected bills, payday loan complaints and debates over credit card limit increases were all hot topics in money and debt related news this month. 

In brighter news, for those hoping to get on the property ladder, chartered surveyors predict that house prices may fall over the next three months – the first fall in six years. And the final design for the new £5 note has also been revealed, and tests show that these new notes can withstand the washing machine much better than their predecessors!

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May’s debt and money news

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This month we’ve been keeping an eye out on the latest scams, with reports of people getting suspicious-looking emails about Council Tax arrears.

Search giant Google has taken the decision to ban payday loan adverts from its search results, and do you know exactly what’s in your bank account? According to a report, two thirds of us are happy to remain blissfully unaware! It’s all here in May’s debt and money news.

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Official warning: watch out for lousy Christmas loans!

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The Financial Conduct Authority (FCA) issued a warning recently to anyone considering taking out a loan to cover costs this festive season. They have reason to believe that at least 15 firms are offering Christmas loans to UK customers without official permission or authorisation.

Almost all firms and individuals carrying out consumer credit activities in the UK must be authorised by the FCA. However, there are still some firms that act without their permission.  This leaves anyone who borrows from these firms vulnerable, as they won’t have the protection of a regulatory body to ensure they’re treated fairly.

While the sites listed by the FCA are simply not regulated, this also exposes a wider issue, that some loans could potentially be scams.

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