Redress from Payday Lenders

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Redress from Payday Lenders
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• Payday firm, CFO Lending (34 million), Ariste
  Holding Limited (20 million) and Dollar
  Financial UK (15 million) made a deal to pay
  over about 65 million in redress to its
  customers. They made an agreement with the
  Financial Conduct Authority (FCA) to provide
  compensation to their borrowers for unfair
  practices.

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• The regulator expressed that, because of the
  firms negligence a number of serious failings
  took place which caused detriment for many
  customers.

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• CFO Lending traded under several brands
  including Payday First, Flexible First, Money
  Resolve, Paycfo, Payday Advance Payday Credit
  whereas Dollar Financial UK trading as The Money
  Shop, Payday UK, Payday Express Ladder Loans.

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• CFO Lending will pay redress to more than 97,000
  customers, Ariste Holding Limited will compensate
  about 92,000 of their customers and Dollar
  Financial UK will refund to more than 147,000
  customers. In August 2014, an investigation by
  the FCA found payday firms were treating their
  customers unfairly. Some of the unfair practices
  were

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• The firms systems didn't show the correct loan
  balances for customers. As a result, some
  customers ended up repaying more money than they
  owed.
• Misusing customers banking information to take
  payments without permission.

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• Applying additional fees for customers who had
  not repaid after 12 months, even though the
  required annual statement had not been provided.
• Excessive use of continuous payment authorities
  (CPAs) to collect balances from customers even
  when the firm suspected that the customer was in
  financial difficulty.

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• Failing to treat customers in financial
  difficulties with due forbearance which includes
  refusing reasonable repayment plans suggested by
  customers and their advisers.

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• Sending threatening and misleading letters, texts
  and emails to customers.
• Routinely reporting inaccurate information about
  customers to credit reference agencies.
• Failing to assess the affordability of guarantor
  loans for customers.

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• The firms acknowledged their mistakes and part
  of addressing these mistakes is making things
  right for their customers with a redress
  programme. The customers of the firms don't need
  to take any action as the firm will contact all
  affected their customers.

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• Since the FCA has taken over the regulation of
  payday lenders, many payday loan providers have
  stopped offering loans and withdrawn from the
  market.

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• Call
• 01284 724651
• Email
• claimsteam_at_redbridgefinance.co.uk
• Post to
• Redbridge Finance Limited,1 Forbes Business
  Centre,Kempson Way,Bury St. Edmunds,IP32 7AR

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• For more information, visit us

https//www.redbridgefinance.co.uk/
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