OFT to investigate three quick sale firms

Laptop Magnifying glassThe Office of Fair Trading (OFT) has confirmed they are to open investigations into three quick house sale firms, as they believe they are operating unfairly, leading customers to lose thousands. Quick house sale firms, offer to buy the seller’s house for much less than it’s worth. Generally, firms will pay between 10% and 25% less, than the current market value of the property, taking advantage of the seller’s need to sell quickly. Recently, the OFT published a report into the quick ...

Post Office to launch current account

Post OfficeThe Post Office has announced they will launch a new current account in the spring of 2013. The new current account will initially be launched in a small number of Post Offices, but will be rolled out to all 11,500 branches during 2014. The Post Office claims that the new current account will give consumers access to the UK’s largest branch network and increased opening hours, compared to traditional banks. According to figures from the Post Office, more than three million customers have accessed the many ...

Payday lenders told to clean up their act

Payday lenders told to clean up their act Payday lenders have been told to clean up their act after the Office of Fair Trading (OFT) found widespread examples of “irresponsible lending”. The OFT also plans to refer the payday loan market, worth over £2 billion per year, to the Competition Commission, after uncovering “deep rooted” problems with how companies compete for business. After investigating the largest 50 payday loan companies the OFT is giving the sector just 12 weeks to change how ...

Warning for payday loan companies

The payday loan industry faces fines and closures if it does not improve the way it does business. An interim report by the Office of Fair Trading (OFT) says that many payday lenders are not operating by the rules particularly when it comes to lending policy and the collection of debts. The full report will be published in February when the OFT has completed its’ investigations, however the interim report, published yesterday, has fuelled concerns about the practices of some payday lenders. Payday lender concerns The interim report comes after the OFT visited the 50 largest payday loan lenders, but it will be expecting ...