Payday Lender Stops Debt Collection Calls

Payday Lender Stops Debt Collection Calls.

Payday lender, Cheque Centre has withdrawn from the single loan repayment market, following a review and negotiations with the financial industry regulator, the Financial Conduct Authority.

One of the schemes offered by Cheque Centre was to lend people money as required but with no option to spread payments and only pay the whole debt back as one lump sum when due.

Payday lending is now regulated in the same way that financial advisers, pensions, investment and insurance companies are. As a result, one of the core principles from the FCA is that regulated firms are required to “Treat Customers Fairly”.

Comment

We understand that a number of complaints had been received and Cheque Centre moved quickly to work with the FCA on improved procedures and staff training. When a firm identifies shortfalls in its product offering or service, you can only either work within regulations or indeed work against the regulator and face the consequences.

We are sure that the FCA will self-congratulate themselves on a job well done. We applaud the move by Cheque Centre given people options to repay debts. We just wish the regulator would tackle the real financial cowboys i.e. Banking groups for poor standards, poor trading and poor selling practices.