OFT shuts down unlicensed Payday and Unsecured Loan Websites

OFT shuts down unlicensed Payday and Unsecured Loan Websites

The Office of Fair Trading have released details of 19 websites that they have shut down that were offering Payday loans and were operating without a license to operate as credit brokers. The report by the OFT demonstrated that the websites deliberately exploited vulnerable groups such as those with financial difficulties.

Some of the offending websites identified in the report were being used to sell information on to debt management companies without the users consent.

The Director of Consumer Credit at the OFT, David Fisher was quoted as saying "Websites like the ones we have shut down target vulnerable people and those who may not have easy access to credit. We advise consumers to think carefully before entering personal data into any lead generation website, in case this information is passed on without their knowledge."

The move was welcomed by Trust Deed Scotland, the leading introducer of Trust Deeds in Scotland.

An analyst for the Glasgow based group said "There are far too many financial websites operating without the correct licenses, giving bad advice and displaying a reckless attitude towards the personal details of the people who have unwittingly provided them with their details.

There are a number of so-called Trust Deed websites, Debt Management and IVA websites among the list of such websites and a number of them do not hold a valid consumer credit license.

At Trust Deed Scotland, we invest time and money into our website technology to ensure that our websites are safe and our clients details are held with strictest confidence and in accordance with the Data Protection Act. Our data protection registration number and credit consumer license numbers are clearly displayed on our website.

We would advise that anyone who is in financial difficulties seeks help from a qualified money advisory service such as Citizen Advice Scotland, CCCS or Money Scotland. Alternatively, people in Scotland can visit our website for free Trust Deed advice."

Trust Deeds are the Scottish equivalent of an IVA in Scotland. A Trust Deed works in very much the same way as an in IVA, however the minimum unsecured debt level is typical 10,000 compared to the 15,000 of an IVA. A Trust Deed would usually take 3 years to complete as opposed to the normal 5 years with an IVA.

Trust Deeds like all other debt solutions available in the UK must only be considered in extreme circumstances and an ethical firm will fully assess your circumstances before proposing whether the Trust Deed is the best solution for you.

POST COMMENT

Contrary To What The Experts Say – Making Money On The Net Does NOT Require A Web Site Minisite Graphics Secrets Review-Minisite Graphics Secrets A proven way should be to become an on-site event manager How to Drive Site visitors to a Squeeze Page How to Apply SEO to E-Commerce Websites How to Obtain Links for Your Website How To Improve Web Ranking Of Your Website How to Locate Best Bingo Sites? How to Spot a Quality Website Design Service Western Wailing Wall in Jerusalem - The Holiest Jewish Site Tee-Shirt Promotions Establishing an ecommerce website Really Cool and Funny Websites, The Most Expensive Websites on the Net