The landmark ruling was met with a resounding silence from London North Securities and other lenders, leaving consumer groups and MPs to launch an uncontested attack on the home credit market.
‘It’s time to look at the murky world of the money lenders,’ commented The Daily Telegraph (1 November), while thisismoney.com predicted an end to ‘the days of rip-off loans’ (29 October).
There was some recognition that the ruling would not signal an easy get-out for other overstretched debtors, and that over-regulation of the sector could push credit lending onto the black market and lead to even worse abuse of society’s most vulnerable. Small comfort.
With regulators swarming all over the sector, and a predicted deluge of similar cases promising to keep the loan companies in the headlines, they may have to up their PR profile a bit.
Analysis conducted by Echo Research from data supplied to PRWeek from NewsNow. www.echoresearch.com www.newsnow.co.uk