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Letters: We want Wonga off our clubs’ websites

We are football club supporters who object to the presence of banner advertisements for Wonga.com on the websites of the clubs we follow. The clubs we support are among the 80-plus which use an otherwise excellent standard website platform – adapted with local content – provided as part of a package deal with the Football League, through their internet subsidiary, Football League Interactive.

There has been an enormous amount of adverse commentary in the press and parliament of the business practices of Wonga.com and the dozens of similar “payday loan” companies. It has been argued that these companies are doing nothing illegal – but that is only because there are at present few, if any laws, restricting their activities in UK. Their practices would not be allowed in most other European countries, or in most of the US.

The Office of Fair Trading is currently investigating the firms in this huge and growing industry. We wo

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Tags: Websites

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OFT updates guidelines for debt management firms

The Office of Fair Trading (OFT) has today published new guidelines for firms offering debt management advice or credit repair services to consumers.

Complaints about debt management firms have increased significantly in recent years; 546 complaints were made to the Financial Ombudsman Service last year compared with 463 in 2010.

The complaints included concern over the high fees charged by firms which their customers could have spent on paying off their debts.

The guidance published today give examples of the type of practices that could lead to debt management firms having their licences withdrawn, including sending unsolicited marketing information via text messages, email or voicemails.

Enforcement action could also be taken against a firm making misleading claims about the business.

Some debt management firms operate websites that look like charity or government sites rather than commercial sites, a practice that will now have to stop.

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Tags: Debt Management, Debt Management Firms, Firms, Management Firms

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How long can my creditors chase me?

A question that I often come across from people struggling to pay their debts is how long can my creditors chase me? The answer is until you have paid them what you owe. However, if communication between the debtor and the creditor s down and enough time elapses, then the debt can be un-enforceable. Let me explain…

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You have not communicated to the creditor admitting you owe the debt during the last six years.

After six years if the creditor makes contact with the debtor and asks for a payment, the debtor does not have to pay them.

These instructions do not apply to debts in Scotland. Under Scottish law, if a lender allows time to pass without receiving any payment an action for recovery may become barred under the Prescription and Limitation (Scotland) Act 1973. (For details of this Act see Gloag and Henderson 12th edition at Chapter4.). These debts are completely extinguished and cannot be enforced.

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Tags: Chase, Creditors Chase

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Will A Debt Consolidation Loan From A Bank Hurt My Credit?

In these lean times and the economy being in shambles every one is looking to have money. Many people need loans to fulfill certain obligations, friends simply cannot help anymore. Thats where loans come in but everyone is asking themselves, will debt consolidation loans from a bank hurt my credit?

Those who do not know what debt consolidation loans are lets see what they are. These are loans that would simply pay off your existing debts and loans and transfer the loan into one very easy and manageable account. This means that instead of having multiple debt areas to pay one has one to pay, which is very manageable.

The reduction of multiple loan payments to one payment does not mean that someone is gong to pay off your loan for free. This means that all your advancements are transferred to one account that will make it easier to pay. This is good as it is easier to manage and one knows exactly how much one will pay at the end of the month.

There are advantages that come with the debt consolidation loans.

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Tags: Consolidation Loan, Loan

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What are your experiences of credit unions? | John Harris

Anywhere But Westminster is now nearly 18 months old. Since late 2010, we’ve tended to focus on two different themes: changes that are adversely affecting thousands of lives, from the cuts, through welfare shakeups, to corporate restructuring; and, a little less often, how people are pointing the way to something better by taking the initiative themselves. The best example is the film and article we did about mutualised football clubs, and the case of Chester FC.

In the same spirit, we now want to shine light on credit unions, and the difference they make to communities up and down the country. In doing so, we’ll look at plenty of associated subjects: the failures of big high street banks, the credit crisis afflicting small businesses, Britain’s burdensome personal debt levels, and the companies who make the problem even worse by offering loans at cut-throat rates of interest.

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