Property News · May 27, 2018

Doorstep lending crackdown to save vulnerable from debt


Financial Conduct Authority to take action after schemes continue to flourish despite cap on payday loansMeasures to clamp down on doorstep lending and rent-to-own schemes are expected to be unveiled this week following concerns that they are fuelling problem debt.The action comes after warnings that vulnerable people are at risk from the schemes, which have continued to flourish after a cap was placed on payday loans, popularised by lenders such as Wonga. The cap significantly reduced the cost to borrowers, but campaigners and regulators worry that people on low incomes are drawn into unsustainable debt by other types of lending. Continue reading…

Source : theguardian.com
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