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15/02/2013
Citizens Advice Call For Immediate Suspension Of Payday Loan Co. Licenses
The Office of Fair Trading (OFT) are being urged to use new powers to immediately suspend the licences of four payday lenders, who Citizens Advice claim are "causing significant distress" to customers.
The powers, available to the OFT from 19 February 2013, allow it immediately to suspend the consumer credit licence of companies to protect consumers.
Currently lenders can continue trading as normal while being investigated.
The four payday loan firms involved have not been named by Citizens Advice, who said it did not want to affect any investigation, but it did state that two are household names.
The investigation is ongoing.
(H/GK)
The powers, available to the OFT from 19 February 2013, allow it immediately to suspend the consumer credit licence of companies to protect consumers.
Currently lenders can continue trading as normal while being investigated.
The four payday loan firms involved have not been named by Citizens Advice, who said it did not want to affect any investigation, but it did state that two are household names.
The investigation is ongoing.
(H/GK)
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25 October 2011
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Payday loans providing people with last minute cash before their pay check arrives is fuelling consumer debt problems, according to research by a debt charity. The survey by the Debt Advice Foundation (DAF) found 41% of those struggling with debt are saying their financial problems are the result of high-interest ‘payday’ lending schemes.
Payday Loans Fuel UK Debt Problems Says Charity
Payday loans providing people with last minute cash before their pay check arrives is fuelling consumer debt problems, according to research by a debt charity. The survey by the Debt Advice Foundation (DAF) found 41% of those struggling with debt are saying their financial problems are the result of high-interest ‘payday’ lending schemes.
02 September 2014
Increase In People Struggling With Payday Loans
The number of people struggling with payday loans is increasing, according to debt charity StepChange. In the first six months of 2014 the charity helped almost 13,000 more people with payday loan debts than in the same period last year.
Increase In People Struggling With Payday Loans
The number of people struggling with payday loans is increasing, according to debt charity StepChange. In the first six months of 2014 the charity helped almost 13,000 more people with payday loan debts than in the same period last year.
07 December 2011
Payday Loans Make Situation Worse, Says Report
Half of those taking high interest, short-term payday loans have reported it made their situation worse, according to a study published on Wednesday. The research from insolvency trade body R3 found that of those who had taken out a payday loan, 60% regret the decision and 48% believe the loan has made their financial situation worse.
Payday Loans Make Situation Worse, Says Report
Half of those taking high interest, short-term payday loans have reported it made their situation worse, according to a study published on Wednesday. The research from insolvency trade body R3 found that of those who had taken out a payday loan, 60% regret the decision and 48% believe the loan has made their financial situation worse.
05 November 2013
Lewis Slams Payday Lenders
MoneySavingExpert.com creator Martin Lewis has told MPs payday lenders are "in danger of grooming a new generation to this type of borrowing". Mr Lewis joined other consumer groups, regulators and payday loan firms at a Business, Innovation and Skills Select Committee hearing into the industry this morning.
Lewis Slams Payday Lenders
MoneySavingExpert.com creator Martin Lewis has told MPs payday lenders are "in danger of grooming a new generation to this type of borrowing". Mr Lewis joined other consumer groups, regulators and payday loan firms at a Business, Innovation and Skills Select Committee hearing into the industry this morning.
06 March 2013
Payday Lenders Risk Losing Licenses
The OFT is giving the leading 50 payday lenders, accounting for 90 per cent of the payday market, 12 weeks to change their business practices or risk losing their licences. They uncovered evidence of widespread irresponsible lending and failure to comply with the standards required of them.
Payday Lenders Risk Losing Licenses
The OFT is giving the leading 50 payday lenders, accounting for 90 per cent of the payday market, 12 weeks to change their business practices or risk losing their licences. They uncovered evidence of widespread irresponsible lending and failure to comply with the standards required of them.
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