Originally posted by doodab
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but friends that have fallen foul of this it will help.
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me personally nothing. only person we owe is the Bank with a mortgage which is on a rate that is so low they are paying me for having the money.
but friends that have fallen foul of this it will help. -
Wouldn't it be funny if they got their sums wrong and didn't understand that these are short term loan so end up putting a cap on it when turns out to be higher than their existing APR for the year
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Wronga!
BBC News - Payday loans: New law to cap costs
Hurrah, Gideon I owe you a pint!The government is to introduce a new law to cap the cost of payday loans.
The level of the cap, which has not yet been announced, will be decided by the regulator, the Financial Conduct Authority (FCA).
The Treasury says there is "growing evidence" in support of the move, including the effects of a cap already in place in Australia.
But the industry said the move could restrict credit, and encourage more illegal lending.
The cap will be included in the Banking Reform Bill, which is already going through Parliament.
Speaking to the BBC, the Chancellor, George Osborne, said there would be controls on charges, including arrangement and penalty fees, as well as on interest rates
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