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Mogo is also obliged to put an end to unfair commercial practices by developing and approving detailed and traceable reimbursement procedures, as well as by badessing the ability of consumers to repay their loans in accordance with the Act. Consumer Protection (PTAL). At the end of May, the CRP "Mogo" fined 12,000 euros for malpractice and deceptive marketing practices that encourage irresponsible borrowings by texting: "THANK YOU! You have a loan of 425 euros a month for one year. duration of 36 months! To confirm the loan, call: +37166900900 "
In the CRCC case, it was found that Mogo has implemented business practices that are not professional without providing the ability of the PTAL to repay credit by allowing the CRPC stresses that it is essential that the real income of consumers be taken into account when badessing the creditworthiness of a consumer without undue risk that he may engage or sell his property to repay the loan; you may need to limit your daily expenses considerably to basic needs.
In general, consumer credit is essential and consumers need a service, but solvency valuation procedures should be sufficient to prevent as much as possible. loans to consumers whose financial situation is likely to deteriorate. On the contrary, it was clear that the proposed measures could lead to a reduction in the number of Mogo borrowers, and would prevent consumers whose actual incomes exceed proven documented earnings by obtaining credits, was adopted by the CRPC. decision to stop the offense in the future and not to repeat himself.
The CRPC explains that it made a decision on May 29 of this year in case of violation of the collective interests of consumers by imposing a fine of 12,000 euros on Negod Prohibition of Trade Prohibitions and Cabinet Regulation No. 256 of October 25, 2016. 691 "Regulation on Consumer Credit" – Dissemination of Inappropriate Ads – the message above –
Mogo has sent to its customers and potential customers text messages and mobile e-mails of which the text clearly indicates that the client has received a cash loan. previously connected. Text ads and similar and similar e-mails were sent to a large number of customers or potential customers between more than 28,000 between October 31, 2017 and November 3, 2017.
The CRPC concluded that it was Receiving such an offer could have affected the client's economic behavior, as it gives the impression that he has benefited from a cash loan without the consent, application and payment. Evaluation of the solvency of the client. To know the reasons for the obligations, to know the reasons of the received information and the reasonableness, the customer could decide to visit Mogo's website, to call the indicated telephone or to take other measures which would incite him. to make a decision about receiving the loan.
Taking into account the type of presentation of the specific advertisement and evaluating its content, it was concluded that the advertising content directly misleads the consumer on the loan granted, which can have a negative influence on the economic behavior of the person. is required to act in good faith and to comply with all the requirements of its regulatory texts, including internal procedures approved by Mogo, and to badess the consumer's ability to repay the loan in accordance with the contract of Consumer credit.
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