Borrowers should stop paying off payday loans

News - 15.08.2019
Borrowers should stop paying off payday loans

VR and the Consumer‘s Association (Neytendasamtökin) encourage borrowers to stop paying off payday loans unless they presented with a clear breakdown of their claims, as is their right by law. We are also examining the legal position of the borrowers due to the collection methods of Almenn innheimta ehf. (a payment and collection service), as there are many indications that the collection does not comply with the law on collection operations.

VR and the Consumer‘s Association also intend to take action on behalf of borrowers and cover the costs of litigation if borrowers do not receive the requested information or are threatened by the debt collection agencies because many borrowers have already fully repaid their debt and therefore should not pay more.
Further information can be found on the Consumer‘s Association website; www.ns.is (Icelandic only)