Monthly Archives: February 2011

CCCS sees sharp rise in online debt counselling

Following on from Monday’s blog post ‘OFT clamp down on misleading debt firm‘ in which we commented about the outlook for the debt industry being one of growth and whilst more businesses and consumers are juggling and /or struggling with debt, the actions of misleading debt firms was unnerving and counter-productive in such difficult times [...]
Posted in Blog, Industry News |

OFT clamps down on misleading debt claims

The OFT has forced debt management lead generation firm Money Advice Direct Limited (MADL) to change its ‘misleading’ advertising. MADL operates by introducing people to debt management plan and Individual Voluntary Arrangement (IVA) providers via its website but the OFT was concerned about false statements and misleading content on the company’s website. The main crux of the [...]
Posted in Blog, Industry News |

Payday loan APRs in the thousands amid increased debt recovery fears

Payday loan firms are charging headline grabbing interest rates of more than 4,000% APR meaning that tens of thousands of customers of the widely advertised short-term loan providers could be spiralling into a bad debt situation. Payday loans are coming under more and more scrutiny as consumer watchdogs and action groups seek to inform consumers beyond [...]
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Consumer credit falls by 6% as families repay debt

According to recent figures, consumer credit lending fell by 6% in 2010 says the Finance & Leasing Association. December, which traditionally has always been a strong month for credit card borrowing, saw a year-on-year fall of 5%, which many cite as being reflective of consumers’ pre-Christmas reluctance to spend on the high street, and all time [...]
Posted in Blog, Industry News |