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(EMAILWIRE.COM, May 12, 2013 ) San Francisco, CA -- Two separate payday loan companies have now surrendered their licenses to trade after the Office of Fair Trading cited them for unfair practices.
The OFT has stated that it will also be investigating another three companies operating under in what they believe to be bad business practices. Those latter companies may be shut down as well, according to the OFT, who would not name the companies as of now, citing legal reasons.
The Payday Loan Company Limited, which has operations under a number of different names, as well as Anfield Cheque Cashing Center, have both been forced to hand over their consumer credit licences. Each of the companies will now no longer be able to trade after being found to create unfair business practices.
All of the action has come after last month when a consumer body sent over 50 letters to payday lenders, telling them they must overhaul their business practices. The OFT had accused each of the firms for failing to conduct themselves in the minimal levels to be considered for adequate assessments to ensure applicants could afford the loans they sought. The companies were also found to have failed to explain payment options and how payments would be collected. Each was also cited for aggressive debt collection practices, and were noted as not treating their borrowers with the appropriate level of sensitivity and patience.
According to a OFT spokesperson, the letters were given out 12 weeks prior to the closing of the two businesses. A spokesman from the OFT said: “The OFT has also announced that it has formal investigations open into the practices of three payday lenders. In addition, three payday lenders have also had their licences revoked and two others have surrendered their licenses since publication of the OFT’s review of the sector in March.”
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Source: EmailWire.com
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