No wonder the lender from the newly formed Financial Control Board, the guardian of the interests of consumers strengthen this goal will take up their responsibility in the first bridging loan proposal in April of next year.However, given the outcry from the industry and welcomed the proposal put forward reformers have been leaning too far FCA seeks to maintain access to short-term loans and not enough into the spiral direction of the borrower's debt vulnerability disastrous. • Challenge FCA - it says it wants to establish principles rather than a list of actions - is to bridging loans establish the point at which risk and affordability intersect.Borrower's loan costs and the cost of default the lender must be balanced, so that the lender and the borrower to stay in business will not be left unable to pay its debts.Movement advocates both in the interest rate cap or price cap.FCA said that experience has shown that a direct attack is not the best way to deal with the problem.Instead, it wants to increase the lender's risk, so - in theory - to encourage them to put more (unknown) efforts to check whether the bridging finance is affordable.Therefore, it is recommended to limit the power of credit card lenders their money back from borrowers' bank accounts continue to be paid by institutions, which gives them priority over other people's debts.Currently, these CPA means lenders can draw accounts several times a day, and take any exists, even if it is not enough to cover the entire sum.FCA said that the number of trawling should be limited to two, and take partial payments should be prohibited.It will also be incumbent upon the lender is fair, transparent, and their customers, which would include not take cash out of proportion to their accounts, so that other can not be paid by the bill.Second, and perhaps most effective, no loan can be renewed more than twice.These loans are rolled over, attracting more and more ridiculous interest rates, is the main source of sorrow borrowers - who can see interest rates over 5000% to about 50% profit lenders, according to the latest balance sheet.
No wonder the lender from the newly formed Financial Control Board, the guardian of the interests of consumers strengthen this goal will take up their responsibility in the first bridging loan proposal in April of next year.However, given the outcry from the industry and welcomed the proposal put forward reformers have been leaning too far FCA seeks to maintain access to short-term loans and not enough into the spiral direction of the borrower's debt vulnerability disastrous.
ReplyDelete• Challenge FCA - it says it wants to establish principles rather than a list of actions - is to bridging loans establish the point at which risk and affordability intersect.Borrower's loan costs and the cost of default the lender must be balanced, so that the lender and the borrower to stay in business will not be left unable to pay its debts.Movement advocates both in the interest rate cap or price cap.FCA said that experience has shown that a direct attack is not the best way to deal with the problem.Instead, it wants to increase the lender's risk, so - in theory - to encourage them to put more (unknown) efforts to check whether the bridging finance is affordable.Therefore, it is recommended to limit the power of credit card lenders their money back from borrowers' bank accounts continue to be paid by institutions, which gives them priority over other people's debts.Currently, these CPA means lenders can draw accounts several times a day, and take any exists, even if it is not enough to cover the entire sum.FCA said that the number of trawling should be limited to two, and take partial payments should be prohibited.It will also be incumbent upon the lender is fair, transparent, and their customers, which would include not take cash out of proportion to their accounts, so that other can not be paid by the bill.Second, and perhaps most effective, no loan can be renewed more than twice.These loans are rolled over, attracting more and more ridiculous interest rates, is the main source of sorrow borrowers - who can see interest rates over 5000% to about 50% profit lenders, according to the latest balance sheet.
http://www.briskbridgingloans.co.uk