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Home > ChatterBank > Could These Illegal Money Lenders Have Been Charging Much More Than Legal Lenders Like Wonga?

Could These Illegal Money Lenders Have Been Charging Much More Than Legal Lenders Like Wonga?

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sandyRoe | 00:26 Wed 13th Feb 2013 | ChatterBank
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http://www.bbc.co.uk/news/uk-northern-ireland-21429180
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Avatar Image hc4361
What rates were they charging?
What methods were they using to collect the debts?

You do know that overdrafts can be much more expensive than regulated moneylenders like Wonga?
00:28 Wed 13th Feb 2013
Avatar Image Peter Pedant
it is not the rate that makes it illegal/unlawful
but the fact they were unlicensed.

you have to be registered with your local council in order to lend money or else you can't use the courts to recover money


see here : http://www.cr.gov.hk/en/publications/docs/17-e.pdf
00:32 Wed 13th Feb 2013

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