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Consolidation loan seekers may avoid payday option after 'malpractice' report
Those looking for a consolidation loan may consider their options carefully after consumer group Which? reported a number of payday loans providers for alleged malpractice.
It contacted the Office of Fair Trading with claims that Paydaykong.com is operating without a licence, while stating that Swiftmoney.co.uk does not provide details of its interest rates.
And it has referred Casheuronet UK, the operators of Quick-payday.co.uk, after its researcher was told personal details were not passed on to third parties, but then received mailing from such organisations.
Discussing such loans, executive director of Which? Richard Lloyd said: "They can be an incredibly expensive way to borrow and we've uncovered a long list of poor practice by lenders."
Britons have the "highest level of household debt in relation to income in the world," business secretary Vince Cable told the Liberal Democrat party conference in Birmingham last week.
This was one of the major contributors to Britain's current economic woes and slow recovery prospects, he stated.
It contacted the Office of Fair Trading with claims that Paydaykong.com is operating without a licence, while stating that Swiftmoney.co.uk does not provide details of its interest rates.
And it has referred Casheuronet UK, the operators of Quick-payday.co.uk, after its researcher was told personal details were not passed on to third parties, but then received mailing from such organisations.
Discussing such loans, executive director of Which? Richard Lloyd said: "They can be an incredibly expensive way to borrow and we've uncovered a long list of poor practice by lenders."
Britons have the "highest level of household debt in relation to income in the world," business secretary Vince Cable told the Liberal Democrat party conference in Birmingham last week.
This was one of the major contributors to Britain's current economic woes and slow recovery prospects, he stated.
Published: 26/09/2011
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