The Financial Services Agency compiled the states of complaints regarding money lenders in fiscal 2006.[1] Complaints were in the direction to the agency. The number of complaints was growing from 1,426 in fiscal 2005 to 6,551 in 2006.
Details
Largest figure of complaints is with respect to adjusting debts. The detail of complaints is vague because the agency did not define the meaning of the notion.The meaning is supposed that the money lenders do not correspond honestly to debtor’s claim of adjustments of debts. Second largest number is with respect to disclosure of lending details. When a debtor want to be retrieved his excessive repayment, it is necessary to recognize his loan history.
Disclosure requirement
Some money lenders have been refusing disclosure of loan and repayment history, because they already handed debtors receipts at the every receiving repayment. But, some debtors might be not affording to hold them. Other debtors might miss them. Much litigation was filed to claim disclosure of loan history to the money lender who refused to do it. Most court rulings approved debtor’s claim. These rulings also endorsed their claims of paying emotional damage. Those litigations made debtors recognize their right to disclose of loan history.The increasing of the claim is reflected above noted history.
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