Wonga TV advert banned by advertising watchdog – BBC News

Posted April 9th, 2014 in advertising, complaints, loans, media, news by sally

‘A TV advert for payday loans firm Wonga has been banned after the advertising watchdog ruled it confused the public about the interest rates that applied.’


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BBC News, 9th April 2014

Source: www.bbc.co.uk

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Quarter of payday lenders may quit under tougher rules – BBC News

‘One quarter of payday lenders may pull out of the market under pressure from new regulations. The Financial Conduct Authority (FCA) is to investigate the way they treat borrowers struggling to repay loans. It has said the review will be one of its first actions when it takes over regulation of the consumer credit sector on 1 April.’

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BBC News. 12th March 2014

Source: www.bbc.co.uk

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‘Logbook lenders’ are flouting the law, say debt advisers – The Guardian

Posted February 17th, 2014 in debts, financial regulation, loans, news by sally

‘Innocent car buyers can lose their vehicles under ‘bills of sale’ rules dating back to the Victorian era.’

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The Guardian, 16th February 2014

Source: www.guardian.co.uk

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Sixty victims of loan sharks in witness protection – The Guardian

Posted January 27th, 2014 in enforcement, interest, intimidation, loans, news, threatening behaviour, victims, witnesses by sally

‘Sixty victims of loan sharks are in witness protection, according to the country’s leading official tasked with breaking the cycle of fear, intimidation and violence trapping families who have borrowed money from illegal lenders.’

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The Guardian, 24th January 2014

Source: www.guardian.co.uk

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Law students should be prepared for fierce competition after graduating – The Guardian

Posted January 22nd, 2014 in legal education, loans, news, Northern Ireland, trainee solicitors by sally

‘When it comes to securing a training contract, it’s often not what you know but who you know that matters.’

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The Guardian, 21st January 2014

Source: www.guardian.co.uk

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Payday lenders’ default fees could break the law – The Independent

Posted January 13th, 2014 in consumer protection, debts, fees, loans, news by tracey

‘Many payday lenders could be breaking the law by charging excessive default fees to borrowers who miss repayments, according to Which? An investigation by the consumer group revealed that 10 of 17 leading payday lenders have default fees of £20 or more, and four charged £25 and above, with Wonga topping the table at £30.’

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The Independent, 13th January 2014

Source: www.independent.co.uk

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Man jailed for phishing scam that targeted UK students to steal £1.5m – The Guardian

Posted December 16th, 2013 in conspiracy, electronic mail, fraud, internet, loans, money laundering, news, sentencing, theft by sally

‘A man has been jailed for nearly four years for his part in a phishing scam that targeted UK students to steal in excess of £1.5m.’

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The Guardian, 14th December 2013

Source: www.guardian.co.uk

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Government to legislate to cap the cost of payday loans – OUT-LAW.com

‘The Government will introduce legislation to cap the cost of payday loans to borrowers, the Chancellor of the Exchequer has announced.’

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OUT-LAW.com, 27th November 2013

Source: www.out-law.com

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Payday loan costs cap unveiled by George Osborne – The Guardian

Posted November 25th, 2013 in debts, interest, loans, news by tracey

‘George Osborne said the cap on the overall cost of credit was the next logical step as the coalition sought to regulate what had been a wholly unregulated market.’

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The Guardian, 25th November 2013

Source: www.guardian.co.uk

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Loan shark father and son ordered to repay £300k+ in assets – Local Government Lawyer

Posted November 25th, 2013 in assets recovery, gambling, loans, money laundering, news, sentencing by tracey

‘A father and son convicted of illegal money lending have been ordered to pay back more than £300,000 in assets.’

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Local Government Lawyer, 25th November 2013

Source: www.localgovernmentlawyer.co.uk

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Manchester loan sharks jailed after preying on young mothers – BBC News

Posted September 25th, 2013 in debts, interest, intimidation, loans, money laundering, news by sally

“Three Manchester loan sharks who charged vulnerable people 100% interest and menaced them by mobile phone have been jailed.”

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BBC News, 24th September 2013

Source: www.bbc.co.uk

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Liquidators are not data controllers under the Data Protection Act 1998 – Technology Law Update

Posted September 2nd, 2013 in bankruptcy, data protection, liquidators, loans, mortgages, news by sally

“The High Court has found that liquidators under a voluntary liquidation are not data controllers for the purposes of the Data Protection Act 1998 (“DPA” or “Act”) and so are not personally responsible for compliance with the Act.”

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Technology Law Update, 2nd September 2013

Source: www.technology-law-blog.co.uk

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In re Southern Pacific Personal Loans Ltd; Oakley Smith and another v Information Commissioner – WLR Daily

Posted August 14th, 2013 in data protection, insolvency, law reports, loans, statutory interpretation by sally

In re Southern Pacific Personal Loans Ltd; Oakley Smith and another v Information Commissioner [2013] EWHC 2485 (Ch); [2013] WLR (D) 336

“Joint liquidators of a company were not data controllers within the meaning of section 1(1) of the Data Protection Act 1998 in respect of data processed by the company prior to its liquidation.”

WLR Daily, 8th August 2013

Source: www.iclr.co.uk

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OFT forces payday lenders out of market – The Guardian

“Almost a third of the payday lenders ordered to clean up their practices have opted to withdraw from the industry, the Office of Fair Trading has revealed, as the deadline for firms to respond passed.”

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The Guardian, 30th July 2013

Source: www.guardian.co.uk

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JSC BTA Bank v Ablyazov (No 10) – WLR Daily

Posted July 29th, 2013 in banking, disclosure, fraud, freezing injunctions, loans, news by sally

JSC BTA Bank v Ablyazov (No 10) [2013] EWCA Civ 928; [2013] WLR (D) 305

“In determining the meaning of the term ‘assets’ in a freezing order, account should be taken, as part of the background and context of such orders, of their purpose, in the way that anyone construing any document should take account of the background of it. Where the words used clearly and unequivocally led to the conclusion that the term ‘asset’ included that which could not be the subject of execution, effect must be given to the words. Where they did not, the purpose of such orders would be a significant factor in determining the meaning of the term ‘asset’ in that context and a pointer against including the particular right under consideration.”

WLR Daily, 25th July 2013

Source: www.iclr.co.uk

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Woman won harrassment case against ‘bullying bank’ – Daily Telegraph

“A woman has won a case of harassment against her bank after she was plagued by more than 500 calls for missing a single loan payment.”

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Daily Telegraph, 8th July 2013

Source: www.telegraph.co.uk

The Daily Telegraph have recently introduced a limited paywall. Users will be permitted to view 20 Daily Telegraph articles per month for free, after which they will need to pay a subscription fee to access content.

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Payday loans industry to face competition inquiry – BBC News

Posted June 27th, 2013 in competition, consumer credit, consumer protection, inquiries, loans, news by sally

“The Office of Fair Trading (OFT) has referred the payday lending industry to the Competition Commission because of concerns about ‘deep-rooted problems with the way competition works’.”

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BBC News, 27th June 2013

Source: www.bbc.co.uk

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Payday loan ad banned for ‘£1,000 night out’ offer – Daily Telegraph

Posted June 19th, 2013 in advertising, complaints, disclosure, loans, news, telecommunications by sally

“The Advertising Standards Authority has banned a payday lender for sending text messages that encouraged people to borrow £1,000 for a night out.”

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Daily Telegraph, 19th June 2013

Source: www.telegraph.co.uk

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Interesting times – New Law Journal

Posted May 14th, 2013 in agreements, consumer credit, costs, interest, law firms, loans, news by sally

“In Jeffrey Jones v SoS for Energy and Climate Change [2012] EWHC 2936 (QB) the High Court considered the use of credit agreements between a law firm and its clients.”

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New Law Journal, 13th May 2013

Source: www.newlawjournal.co.uk

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Kerry Katona payday loan ad banned for being irresponsible – The Guardian

Posted May 8th, 2013 in advertising, bankruptcy, complaints, loans, news by sally

“A TV campaign fronted by former bankrupt Kerry Katona offering payday loans with the strapline ‘fast cash for fast lives’ has been banned for being irresponsible.”

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The Guardian, 8th May 2013

Source: www.guardian.co.uk

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