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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

Mis-selling finance claims – Ignore at your peril!

Data subject access requests and various letters quoting CONC and the Consumer Credit Act are being received requesting lots of documentation to be provided.

FCA adds to “no win, no fee” compensation culture

It was found in a FCA report that car finance consumers may have been overcharged and deceived when arranging their car finance deals.

Your business should have a written complaints procedure

All businesses regulated by the Financial Conduct Authority (FCA) must follow complaint-handling rules.

Consumer credit commission disclosure – have you received a letter?

Letters are being sent to our members requesting they divulge confidential information about commission that was not requested by the customer at the appropriate time.

Shambolic claim by finance house blown out of the water by the Big Guns!

Understandably, our member was delighted with the outcome, which was a complete vindication of its long stated position.

No finance recorded on HPI but there actually was?

This article might give you several “Twitchings”.

Moneybarn fined by the FCA

You need to advise customers of the likely financial consequences of failing to keep up with payments.

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