Tag: payday loans

OFT to investigate payday loan companies

OFT to investigate payday loan companies

The Office of Fair Trading (OFT) is to investigate Payday lenders over concern that they may be encouraging people to take out loans without checking that they can afford to repay them. Payday lenders offer short-term loans at very high interest rates and while these can be affordable if they are paid back at the [...]

February 24, 2012 | 0 Comments More
Netmums says families in financial crisis

Netmums says families in financial crisis

The economic downturn, the rising cost of living and the government’s austerity programme have pushed over 70 per cent of UK families to the brink of poverty, according to online parenting organisation Netmums. The organisation surveyed over 2,000 of its members this month to find out how they are coping in the economic downturn and [...]

February 17, 2012 | 0 Comments More
More women experiencing debt difficulties

More women experiencing debt difficulties

Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]

Younger generation shunning credit cards

Younger generation shunning credit cards

Consumers are shunning credit cards in favour of debit cards, digital payment and payday loans, according to a new report from PricewaterhouseCoopers (PwC). Although UK households paid off some unsecured debts in 2011, the average debt was around £7,900 at the end of the year. The Ernst & Young Item Club has also reported a [...]

Payday lenders face tighter regulations

Payday lenders face tighter regulations

The government’s Financial Services Bill, which was presented to Parliament today, could see Payday loan companies facing much tighter regulation. Payday loans are designed to provide emergency funds for a short period of time. Amounts of between £50 and £1,000 are offered on weekly or monthly terms for a charge of around £30 for every [...]

Housebuyers using payday loans to pay mortgages

Housebuyers using payday loans to pay mortgages

In the last year around seven million UK house buyers have been forced to use payday loans or unauthorised overdrafts to meet their mortgage repayments, according to housing charity Shelter. With both of these sources of finance potentially carrying extremely high interest rates, this represents one in seven Britons who could be at risk of [...]

OFT clamps down on payday lenders

OFT clamps down on payday lenders

The Office of Fair Trading (OFT) is increasing its scrutiny of payday loan companies after the number of complaints about them soared. In a report to the Government, the OFT revealed that the number of complaints received by helpline Consumer Direct about payday loan companies more than doubled to 1,535 in the 11 months to [...]