MPs slam ‘timid’ OFT over ‘predatory’ pay day loans businesses

MPs slam ‘timid’ OFT over ‘predatory’ pay day loans businesses

Regulatory body have not done sufficient to tackle that is‘predatory, committee reports

Timid and regulators that are ineffective did not tackle “predatory” payday-loans organizations which leave clients with “out of control” debts, a committee of MPs has warned.

It accuses unscrupulous organizations during the “shabby end” for the credit market of focusing on susceptible individuals to remove loans which quickly mount due to high interest levels – and soon become impractical to repay. (more…)

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