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20/12/2013
MPs Call To Ban Payday Loan Adverts From Children's TV
Payday loan advertising on children's television should be banned, a committee of MPs have said.
A report from the Business Select Committee says that exposing children to adverts for payday loans could foster the idea that loans were "fun, easy and an appropriate way to access finance".
However, one of the major lenders, Wonga, said the idea that they advertised on children's channels and programmes a "myth".
In a report by the BBC, they reported that Ofcom, the TV regulator, revealed that in 2008 some three million payday loan adverts were seen by children aged four to 15, rising to 596 million in 2012.
However, the figures show that just 3% of these adverts were on children's channels, the equivalent to two per child over the year.
It is understood that while "irresponsible" payday loan ads can be banned, legislation would be needed to impose an outright ban.
(MH/JP)
A report from the Business Select Committee says that exposing children to adverts for payday loans could foster the idea that loans were "fun, easy and an appropriate way to access finance".
However, one of the major lenders, Wonga, said the idea that they advertised on children's channels and programmes a "myth".
In a report by the BBC, they reported that Ofcom, the TV regulator, revealed that in 2008 some three million payday loan adverts were seen by children aged four to 15, rising to 596 million in 2012.
However, the figures show that just 3% of these adverts were on children's channels, the equivalent to two per child over the year.
It is understood that while "irresponsible" payday loan ads can be banned, legislation would be needed to impose an outright ban.
(MH/JP)
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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.
25 October 2011
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.
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.
15 February 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.
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.
28 March 2012
Football Fans Call On Clubs To Stop Running Payday Loan Adverts
Fans of 18 football clubs have come together to petition their respective clubs to stop carrying advertising by payday loan company Wonga on their websites. The group, lead by Northampton Town supporter Bob Ward and grandson Dan, are also encourage fans of more than 60 other clubs to do the same.
Football Fans Call On Clubs To Stop Running Payday Loan Adverts
Fans of 18 football clubs have come together to petition their respective clubs to stop carrying advertising by payday loan company Wonga on their websites. The group, lead by Northampton Town supporter Bob Ward and grandson Dan, are also encourage fans of more than 60 other clubs to do the same.
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