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I'm not sure if this is a step in the right direction from the FCA, or if it is a half-arsed compromise, designed to avoid a longer, more protracted, fight around the whole concept of pay day loans and the outrageously large effective interest rates that they charge.
Here's my tip on how to make millions (or a few hundred, if you're lucky)
- Take out payday loan
- Don't pay it back
- Wait until you're taken to court, and then slap the fuckers in the face with the Unfair Terms in Consumer Contracts, and the Consumer Credit Act.
- Profit
- Take out payday loan
NotThamesWater
has finding yourself staring into the yawning maw of crushing personal debt forced you into the arms of pay day loan suppliers? cheer the fuck up!
http://www.theguardian.com/money/2014/oct/02/wonga-writes-off-customer-debt