What we have seen so far is the spiral downfall of this economy in the last year. With no surprises, this year has already started on a controversial note. There are numerous money lending companies using misleading guidelines to target users with potential debt risks.
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The Office of Fair trading has issued a warning against these companies referring to the payday lending market to the ‘Competition Commission'. They have found that the issue with these payday lending companies lies with ‘how they compete with each other in this competitive money lending market.' These companies use irresponsible money lending guildelines to trap people into cycle of debt. They take advantage by not checking their credit history and lending them money.
OFT's review of the £2 billion payday lending sector, found alarming issues all through the payday loan sector. From advertising to roll over loans and bad credit to debt collection etc. There were some particular areas OFT fou nd issues with.These were : -
Companies failed to conduct credit checks on the borrowers.
No structured documents or explanation of payment collection techniques was provided.
Applying unreasonable/unfair debt collection practices.
Not being able to hand the borrowers with financial difficulties properly.
The Office of fair trading believes that basic problem of the loan market goes way above the laws and regulations of the U.K. A complete investigation is required by the Competition Commission to identify the root cause of this rapidly growing debt issue. Some satisfactory resolutions have to be made to make this market serve its customers better.
However, it is highly possible that we may witness a modest but mirrored difference in the United Kingdom's economy in the year of 2013-2014 as compared to 2011- 2012. As per the forecasts generated through a model supplied by Oxford economics and other macroeconomic intelligence. We can say that the growth in the United Kingdom will be flat this year. It is predicted that it would not fall down anymore and may show a decent pick-up throughout 2013. There is also a chance of little improvement in the pace of the economy by 2014.
The CBI (the UK's premier business lobbying organization) predicts that there would be a growth of +1.4% in 2013, which would be a modest increase from +1.2% in August 2012. The CBI also forecasts that the GDP growth would be up to 2.0% by 2014. This in comparison is still way below the required stability that this country needs. But nonetheless, it's a start. So, we can presumably say that through the looking glass there is a change coming, to benefit this drowning economy.
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