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legal updates

Some clients may come across finance companies like Reset Finance which offer a large amount of sub prime finance to customers.

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Some clients may come across finance companies like Reset Finance which offer a large amount of sub prime finance to customers. 

Among the products on offer are Payday loans (eg borrow £100 and repay £125 on the next payday) with a 1737% APR, Wonga Case on Demand (eg borrow £100 for 10 days and repay £110) with a 2334% APR.

The Office of Fair Trading have required Reset Finance to

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  • include the typical APR
  • ensure the APR is given greater prominence than other prescribed information
  • clearly state whether security for a loan may comprise a mortgage or charge on the debtors home.

Dennis ChapmanIn remembrance of Dennis Chapman 1951 -2015Read More by this author

Related Legal Updates

More of the same from the FCA

Dealing with discretionary commission arrangements and concern that customers are not getting a fair deal on GAP (Guaranteed Asset Protection) insurance products.

FCA Commission Review: Separating fact from fiction in the wake of scaremongering

Attend a complimentary seminar hosted by the FCA for first-hand information – Scheduled for Wednesday, 24 January 2024.

The FOS reports over 10,000 motor finance complaints: Are we really surprised?

The good news currently is the FCA is focussing its attention on the lender and not our members.

The Motor Ombudsman (TMO) – Is it “fit for purpose”?

It seems TMO never sought to ask that basic question and, by the time the penny finally dropped, the contract with the finance company had taken place more than six years ago

Another victory, but the problem has still not gone away!

The FOS confirmed in the article they had not yet published any final decisions on commission-related complaints.

Consumer Duty – all about good outcomes

The FCA’s website has plenty of information to help firms and they have been discussing the Consumer Duty on their Inside FCA podcasts.

Times of economic hardship lead to more complaints

When every penny counts, customers are more inclined to complain if they think they might get something for nothing.

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