Originally posted by northernladuk
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Wonga no longer
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Always forgive your enemies; nothing annoys them so much. -
Originally posted by vetran View PostThe basis of the PPI scandal was that they wouldn't loan to you unless you took their insurance. It wasn't optional but they made that very clear verbally. A couple of lenders tried it on with us.
I didn't anything about not taking a loan unless you took their insurance although I can imagine it happened. That's not the root of the miss-selling scandal though. What they sold, optional or not, was not fit for purpose in most cases.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by northernladuk View PostWell that wasn't the case for my other half. Two loans from Black Horse, one with PPI and the other wasn't. Although they had all the facts in the loan documents about her then other halfs part time job and income they sold them PPI when he wasn't even eligible to claim as per the T&C's.
I didn't anything about not taking a loan unless you took their insurance although I can imagine it happened. That's not the root of the miss-selling scandal though. What they sold, optional or not, was not fit for purpose in most cases.
https://www.moneysavingexpert.com/re...urance/#plevinAlways forgive your enemies; nothing annoys them so much.Comment
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Originally posted by vetran View PostSeems now anyone who took PPI is pretty much guaranteed a payment under the Plevin Ruling.
https://www.moneysavingexpert.com/re...urance/#plevin'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by LondonManc View PostThe best news in this respect was the 2015 legislation preventing the "infinite interest" scenario, where the lenders can "only" receive double the capital originally lent as total repayment.
i.e. Mortgage rates wouldn't be allowed above 6.5% over a typical 25 year term if same rule applied, so an inadvertent hard cap on interest rates. Though if interest rates rose to anywhere near that percentage many indebted folk would be smoke long before then.Maybe tomorrow, I'll want to settle down. Until tomorrow, I'll just keep moving on.Comment
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Originally posted by Hobosapien View PostDoes that apply to all consumer loans or only specific short term ones?
i.e. Mortgage rates wouldn't be allowed above 6.5% over a typical 25 year term if same rule applied, so an inadvertent hard cap on interest rates. Though if interest rates rose to anywhere near that percentage many indebted folk would be smoke long before then.
https://www.fca.org.uk/news/press-re...payday-lendersThe greatest trick the devil ever pulled was convincing the world that he didn't existComment
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The term you’re looking for is ‘short term high cost credit’ which also covers product terms between 30 and 365 days, so not just payday.Comment
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Originally posted by barrydidit View PostThe term you’re looking for is ‘short term high cost credit’ which also covers product terms between 30 and 365 days, so not just payday.The greatest trick the devil ever pulled was convincing the world that he didn't existComment
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