Uncle Buck Prepares For July 1st Changes to High Cost Short Term Credit

Online, June 17, 2014 (Newswire.com) - These include limiting the number of re-finances to two, requiring an information sheet to be drawn to the customer's attention prior to re-financing, and prohibiting more than two unsuccessful attempts to collect using a Continuous Payment Authority, with certain procedures for instalment loans.

Uncle Buck Payday Loans LLP has been making amendments to its website, including its customer self-service section to ensure that our customers are made aware of these important changes and are able to make informed decisions about the options available to them, but still engage in a seamless process to get to where they need to be. In particular, the information provided about re-financing has been expanded and customers can easily link to the FCA information sheet on re-financing.

Uncle Buck recognises that many customers may choose to apply to re-finance their loan as an active step in managing their commitments and preferences, however it is made clear that an application is subject to checks and may not be approved, and if an application to re-finance is approved, this will mean the loan will cost more in total and take longer to fully pay off than as originally agreed. Uncle Buck encourages any customers seeking to apply to re-finance to pay off some of the original capital borrowed so as to minimise additional interest costs, and is clear about the application of a £10 re-financing fee, which is applied to cover the administration involved in processing a re-finance application.

The drop down option box for re-financing has also been amended. Customers showing signs of financial difficulty will continue to be signposted to the financial hardship team at Uncle Buck who can help by discussing options available.

For more information on Uncle Buck and their services, please visit http://www.unclebuck.co.uk/payday-loans-uk.html or visit their text loans application form here.