Sofia. Picture: Пресцентър МВР
A class action has been launched against Profi Credit, a major player on the payday loans market in Bulgaria, over unfair conditions in its general terms, member of the Union for Legal Help for Consumers (UHLC) said Wednesday. UHLC explained the problem was recurrent across the board, but they had picked Profi Credit over the large number of complaints filed against it. According to UHLC chairman Dimitar Dekov, despite the recent amendments to the Consumer Credit Act in the country, quick loan companies are using legal loopholes to keep their profit margins intact. One such example was the practice of requesting full repayment of the loan once the borrowers delays any of his or her payments on whatever comes to your mind – from utility bills to packing tickets. Profi Credit officials repudiated the accusations, saying their general terms had been consulted with the Commission for Consumer Protection (CPC). Sega Daily
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