Loan Scams To Be Stopped By OFT

The Office of Fair Trading has vowed the shutdown loan companies who ask for fees to setup loans which they don’t intend to give.

The OFT crack down follows a super complaint by the Citizen Advice Bureau who reported that some firms were cold calling people and offering loans for fees and not supplying the service but taking the client’s money.

“Our evidence suggests some businesses are deliberately taking people’s money upfront with no realistic expectation of finding them the type of loan they need,” said John Fingleton, the OFT’s chief executive.

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