ABCUL supports action against dishonest loan companies

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ABCUL supports action against dishonest loan companies

Thu 2nd Jun 2011

Unfair practices adopted by some credit brokers have come under fire following the announcement of new plans by the Office of Fair Trading (OFT).

The Association of British Credit Unions (ABCUL) has welcomed new regulations created by the government body to crack down on a number of loan companies.

Following a complaint from Citizens Advice about upfront payments that customers are faced with when applying for lending, the OFT has called for new legislation concerning unsecured loans.

Businesses have targeted families facing difficult financial situations and created profit from unfair charges, remarked ABCUL's chief executive Mark Lyonette.

He added: "We're very pleased to see the OFT taking action against some of the most unscrupulous practices in the credit brokerage industry."

ABCUL has recently been acknowledged as playing a key role in the growth of the Post Office after a difficult period for the company.

The credit union has addressed its potential in involving itself in the continued improvement of the network.

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