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These are standard practice in most leading financial sectors. It is good that the payday loan industry is catching up to the financial practices needed to protect the consumer. The regulation is by the trade bodies and does not cover the sector. The Financial Ombudsman covers same day loan lending and the law. Hassle free personal loans Collection Practices: If a loan becomes delinquent, attempts at collections are first conducted internally, primarily through telephone, an attempt to work out a pay-off arrangement that takes into strong consideration the financial condition of the borrower. If, after all attempts at internal collections have failed, the lending agency may send the loan to a third party collection agency in an attempt to recover the funds lent in good faith.
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