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News Tag: payday loan

November 13, 2012

50% increase in Brits turning to payday loans

by Jan Harris
50% increase in Brits turning to payday loans
Research by insolvency trade body R3 has revealed that the numbers of people turning to expensive payday loans to fund essentials is soaring. Five million Britons are planning to take out a payday loan within the next six months, R3 found, 50 per cent more than a year ago. A quarter of people aged between 18 and 24 years are ...




September 17, 2012

Banks refusing to cancel pay-day loan payments

by Jan Harris
Banks refusing to cancel pay-day loan payments
The BBC has reported that some banks are refusing to cancel payments to payday loan companies when asked to do so by their customers. Bank customers have a legal right to cancel payments from their accounts under the 2009 Payment Services Directive. However some banks believe that they do not have to cancel certain types of payment. Speaking to Radio 4’s Money ...




September 12, 2012

One million people borrow to pay household bills

by Jan Harris
One million people borrow to pay household bills
One million people are turning to payday loans to pay their monthly bills and there are fears that the situation could worsen when Universal Credit is introduced next year. According to a new study by Santander more than one million people in the UK use payday loans to pay their household bills, despite the high levels of interest charged ...




July 5, 2012

Shopacheck fined £150,000 for losing customer data

by Jan Harris
Shopacheck fined £150,000 for losing customer data
Welcome Financial Services has been fined £150,000 for losing tapes containing details of loans made to 510,000 customers of its Shopacheck service. Shopacheck offers loans to people with a low credit rating, often at an APR as high as 399.7 per cent. The lost tapes also held bank account details and CV information for 20,000 of the company’s employees. The ...




May 30, 2012

Payday Bank’s ‘Jubilee loan’ slated by debt campaigners

by Jan Harris
Payday Bank’s 'Jubilee loan' slated by debt campaigners
Payday Bank’s blog article suggesting that a payday loan would be good way of funding Jubilee parties, has been called ‘irresponsible’ by debt charities. The article, which was written by a contracted third party, said: "If you want to boost your Jubilee spending pot, a same day loan could provide the cash you need." It was removed from Payday Bank’s ...




May 28, 2012

MP criticises new payday loan regulations

by Jan Harris
MP criticises new payday loan regulations
The government has gone some way to stop payday loan customers racking up unmanageable levels of debt, but MP Stella Creasy said the new rules are of ‘limited value’. Trade associations representing around 90 per cent of payday lenders have agreed to introduce new codes of practice by 25 July. Under the new regulations, payday loan companies belonging to the trade associations should ...




March 15, 2012

Debt repayment increasingly difficult says CCCS

by Jan Harris
Debt repayment increasingly difficult says CCCS
Although households reduced their debts last year they face a ‘tide’ of difficulties in repaying them, according to a study by the Consumer Credit Counselling Service (CCCS). The study of 370,000 cases handled by the counselling service suggests that youth unemployment and rising rents are key factors which cause people to fall into debt. 42% of the under-25s who sought help from ...




March 9, 2012

Payday loan company’s licence revoked

by Jan Harris
Payday loan company’s licence revoked
Credit broker Yes Loans has had its licence revoked by the Office of Fair Trading (OFT) over concern that its business practices ‘deceitful and oppressive’. Two associated businesses, Blue Sky Personal Finance and Money Worries Limited, have also been found to be unfit to hold a consumer credit licence. Following a long-term investigation, the OFT revealed that Yes Loans sold expensive payday loans to some ...




February 15, 2012

16-year olds should manage own bank accounts

by Jan Harris
Experts say 16-year olds should manage own bank accounts
Parenting expert and author Andrew Watson has added his voice to those calling for young people to learn money management at an early age. Mr Watson, who wrote a book for dads-to-be when his wife was expecting their first baby, suggests that allowing young people to make financial mistakes will help prevent them making more serious ones when ...




January 12, 2012

Wonga causes outrage by targeting students

by Jan Harris
Wonga causes outrage by targeting students
Payday loan company Wonga has removed an article from its website which suggested that students should take out a payday loan rather than a Student Loan. The article suggested that student loans, which charge around 5 per cent, encouraged students to live beyond their means. With Wonga charging around 4,000 per cent for its loans, the article provoked protests from education groups, ...




November 22, 2011

Government fails to tackle loan sharks

by Jan Harris
Government fails to tackle loan sharks
The Government’s failure to act against legal loan sharks yesterday has angered pressure groups. As part of its review on consumer credit, the Government announced a voluntary deal for High Street stores to stop offering discounts to tempt customers to sign up for store cards. However, it failed to cap the interest rate charged on store cards, which can be as high ...