Topic filter : Payday Loan

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....Banks should be required to have a duty of care towards their customers. The report highlights how regulation has been successful in battling abusive practices by payday loan companies. ... [Read full article on BBC ]
Saturday 25th of March 2017 12:08:14 AM
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.... Households have been on a borrowing binge. Consumer spending is being underpinned by debt, with an increased dependency on personal loans, payday loans, car finance and – in particular – credit cards. ... [Read full article on Guardian ]
Monday 27th of March 2017 02:29:00 PM
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....It would send an unfortunate message about British banking if the Co-op brand, which still maintains its ethical policy, were to disappear from the market. This ethical policy means, among other rules, that the bank does not invest in companies selling arms to oppressive regimes, does not support organisations offering payday loans, and has a strict approach to gambling. ... [Read full article on Guardian ]
Sunday 26th of March 2017 07:02:24 AM
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....Consumer advocates have urged the government to stamp out irresponsible payday lending by strengthening financial counselling services, funding no-interest loan schemes and urgently acting on a promise to better regulate the sector. An alliance of consumer advocates – including Choice, the Consumer Action Law Centre, Financial Rights Legal Centre and Financial Counselling Australia – will begin a lobbying effort in Canberra on Monday morning, attempting to pressure the government to act on the controversial payday loan sector. ... [Read full article on Guardian ]
Sunday 26th of March 2017 07:35:58 PM
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. The payday loan industry is using Labor’s former shadow financial services minister to lobby against stronger protections for vulnerable and low-income borrowers. ... [Read full article on Guardian ]
Monday 27th of March 2017 03:41:46 AM
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Latest Finance News related to Payday Loan

UK's borrowing binge is worrying the Bank of England image
Source : Guardian [Read Article] Monday 27th of March 2017 02:29:00 PM
.... Households have been on a borrowing binge. Consumer spending is being underpinned by debt, with an increased dependency on personal loans, payday loans, car finance and – in particular – credit cards. ...
Payday loan industry using former Labor shadow minister as lobbyist image
Source : Guardian [Read Article] Monday 27th of March 2017 03:41:46 AM
. The payday loan industry is using Labor’s former shadow financial services minister to lobby against stronger protections for vulnerable and low-income borrowers. ...
Consumer advocates call for crackdown on irresponsible payday lending image
Source : Guardian [Read Article] Sunday 26th of March 2017 07:35:58 PM
....Consumer advocates have urged the government to stamp out irresponsible payday lending by strengthening financial counselling services, funding no-interest loan schemes and urgently acting on a promise to better regulate the sector. An alliance of consumer advocates – including Choice, the Consumer Action Law Centre, Financial Rights Legal Centre and Financial Counselling Australia – will begin a lobbying effort in Canberra on Monday morning, attempting to pressure the government to act on the controversial payday loan sector. ...
Wall Street’s love affair with Trump cools as healthcare bill sows welcome doubts image
....It would send an unfortunate message about British banking if the Co-op brand, which still maintains its ethical policy, were to disappear from the market. This ethical policy means, among other rules, that the bank does not invest in companies selling arms to oppressive regimes, does not support organisations offering payday loans, and has a strict approach to gambling. ...
High cost credit products must be tackled, say Lords image
Source : BBC [Read Article] Saturday 25th of March 2017 12:08:14 AM
....Banks should be required to have a duty of care towards their customers. The report highlights how regulation has been successful in battling abusive practices by payday loan companies. ...
If big business is to thrive, it needs a strong welfare state | Phil McDuff image
.... The UK government is issuing 40-year bonds at 1. 87% and, in a fit of perversity, we’re “protecting” our children from those interest payments by forcing them to take payday loans at 1,500%. ...
Overdraft charges are elephant in the room, say MPs image
Source : BBC [Read Article] Wednesday 1st of March 2017 02:41:57 PM
....Bank overdrafts were the major source of high-cost borrowing for millions of people, the All Party Parliamentary Group on Alternative Lending concluded. The costs can exceed those of payday loans, it said in a report. ...
Payday loans complaints rise 22% despite FCA clampdown image
Source : Guardian [Read Article] Tuesday 28th of February 2017 06:01:20 AM
. Complaints to the financial ombudsman about payday loans have risen to almost 200 a week – and not all of those experiencing problems necessarily fit the image of low-income borrowers relying on short-term loans to get by. ...
Banks charging up to £180 fees on £100 borrowing, Which? finds image
Source : Daily Express [Read Article] Wednesday 8th of February 2017 09:22:00 AM
....Which? compared the cost of borrowing £100 for 30 days using an unauthorised overdraft. It found some banks charge more than seven times the maximum £24 charge on a payday loan. ...
Politicians have ignored the working class for too long | Phil McDuff image
Source : Guardian [Read Article] Monday 16th of January 2017 10:00:20 AM
.... The absolute shower that we’ve ended up with in government couldn’t find their own backsides with both hands and an atlas, let alone come up with a policy that gives a population of disenfranchised and underemployed young people a reason not to throw in with the bargain bin Oswald Mosleys of Ukip. We need politicians with the revolutionary belief that we don’t have to settle for a race to the bottom, not pandering to hucksters, to give the swollen precariat a chance to stop drowning in part-time work and payday loans. ...
Payday loans are capped. Now let’s tackle other high-cost credit | Gillian Guy image
. It’s not so long ago that newspapers were awash with horror stories of how payday loans were pushing people into dangerous cycles of debt and fuelling a raft of social problems. ...
Five-minute guide to hidden expense of catalogues image
Source : Daily Express [Read Article] Sunday 4th of December 2016 02:13:00 PM
....A CAP ON IT. Last week City watchdog the Financial Conduct Authority launched a review of high-cost credit, including catalogue credit, amid reports that it may introduce price caps similar to those imposed on payday loans in January last year. ...
Regulator targets high-cost credit deals on consumer goods, loans and overdrafts image
. A wide range of high-cost credit – from catalogue loans to overdrafts – is to be reviewed by the Financial Conduct Authority in a move that could herald price caps similar to those imposed on payday loans. ...
Price cap on rent-to-own goods possible, says FCA image
Source : BBC [Read Article] Tuesday 29th of November 2016 07:00:32 AM
.... . The FCA said that it would be prepared to consider a cap in the rent-to-own market, but added that in the case of the payday loan sector it had been a "last resort". ...
Shop around to avoid racking  up a catalogue of pricey debt image
Source : Guardian [Read Article] Monday 28th of November 2016 07:00:23 AM
.... If you fail to pay off your borrowing in time the interest is usually backdated to day one – not the date the interest-free period ended. Much like payday loans, the rates are high because non-payment issues are more common. ...
What the autumn statement means for you, plus Black Friday bargains image
Source : Guardian [Read Article] Thursday 24th of November 2016 12:53:49 PM
....Savings protection limit to go back up to £85,000. Credit score ‘catch-22 pushes millennials towards payday loans’. ...
Loans boss paid hackers to attack consumer website, court told image
Source : Guardian [Read Article] Monday 21st of November 2016 03:48:44 PM
. The boss of a payday loans company hired computer hackers to try to sabotage a consumer rights website after it had carried customers’ complaints about his business. ...
Credit score 'catch-22 pushes millennials towards payday loans' image
Source : Guardian [Read Article] Sunday 20th of November 2016 04:47:44 PM
. Millennials are missing out on the boom in cheap credit and using expensive payday loans, because poor credit scores lock them out of the best deals. ...
Where to buy the must-have Xmas toys, plus the power to reduce energy bills image
Source : Guardian [Read Article] Thursday 17th of November 2016 12:06:08 PM
....St Ives moves step closer to restricting second home ownership. 25 texts and emails a day: how payday loan firms hound borrowers. ...
25 texts and emails a day: how payday loan firms hound vulnerable borrowers image
Source : Guardian [Read Article] Saturday 12th of November 2016 07:00:43 AM
.... It passes (or “pings”) your request on to many other firms. Although the rules around payday loans have been tightened, it seems some lenders and brokers are still playing fast and loose with people’s contact details. ...
Cash Converters to refund $10m in unfair payday loans after Asic ruling image
Source : Guardian [Read Article] Wednesday 9th of November 2016 02:14:03 AM
....The basis for the undertaking was that Asic’s investigation found that 118,000 small amount credit loans had been issued to people who were deemed unsuitable. “Asic is seeking to protect financially vulnerable consumers, many of whom are recipients of welfare payments, from falling victim to unsuitable payday loans,” said Asic’s deputy chairman, Peter Kell. ...
Bank overdraft cap could be re-examined, says FCA image
Source : BBC [Read Article] Thursday 3rd of November 2016 10:28:03 AM
.... . "Regulators have acknowledged the need for caps in other markets, including credit cards and payday loans, and there is a clear need for the FCA to set a monthly maximum charge cap for overdrafts," said Mike O'Connor, chief executive of the debt charity StepChange. ...
FCA to investigate bank overdraft and loan fees image
Source : Guardian [Read Article] Thursday 3rd of November 2016 08:58:44 AM
....The Financial Conduct Authority (FCA) announced it would include overdraft fees in a review into high interest loans in its response to the Competition and Markets Authority’s two-year investigation into high-street banks, which was completed in August. The CMA stepped back from imposing a cap on overdraft fees – which campaigners such as Labour MP Rachel Reeves argue cost more than payday loans – and instead said banks should publish their monthly maximum charge (MMCs) for going over the limit. ...
Over half a million in UK have their debt written off over 'unfair practices' image
Source : Guardian [Read Article] Wednesday 2nd of November 2016 01:17:52 PM
....These individuals became customers of debt purchase and collections firm Motormile Finance UK, which has agreed to write off £414m of debt after the Financial Conduct Authority (FCA) criticised the way it was pursuing people for the sums it said they owed. Motormile, which also trades as MMF, MMF Debt Purchase and MMF UK, describes itself as “one of the leading debt purchase companies in the UK,” and specialises in buying up old payday loans and other debts, and then attempting to recover this money. ...
Are YOU getting a refund? 750,000 mortgage customers set for compensation image
Source : Daily Express [Read Article] Wednesday 19th of October 2016 04:14:00 PM
....The practice - known as automatic capitalisation - is not transparent and can harm bill payers, added the watchdog. For example, customers could have been hit with high credit costs such as needing to service a payday loan or a credit card debt because of the situation they were put in by their mortgage lender. ...
BrightHouse admits affordability checks are hurting business model image
Source : Guardian [Read Article] Tuesday 4th of October 2016 05:54:53 PM
.... The all-party parliamentary group on debt and personal finance said people using the repayment plans offered by the likes of BrightHouse were often paying three times as much as they would if they could have bought the same items outright. Citizens Advice said last week that the number of people struggling with debts to rent-to-own firms and on guarantor loans rose by 16% in the second quarter, as borrowers no longer able to get payday loans move to other, less heavily regulated forms of borrowing. ...
Street UK short-term lender expands to London and Manchester image
Source : BBC [Read Article] Tuesday 27th of September 2016 11:44:57 PM
....Since January 2015, short-term lenders have been limited to the amount they can charge. Citizens Advice said that since then, the number of people having problems with payday loans has fallen by more than half. ...
Rent-to-own debts rise as Citizens Advice warns on new types of loans image
Source : Guardian [Read Article] Tuesday 27th of September 2016 08:58:29 AM
. The number of people struggling with debts to rent-to-own firms and on guarantor loans rose by 16% in the second quarter, as borrowers no longer able to get payday loans move to other, less heavily regulated forms of borrowing. ...
Archbishop's prayers answered as payday loan firms brought to book image
Source : Guardian [Read Article] Tuesday 20th of September 2016 07:08:59 PM
.... CFO, which traded under brand names Payday First, Money Resolve and Flexible First, will have to hand money back to nearly 100,000 victims of its unfair practices. Citizens Advice said complaints about payday loans have collapsed by 86% between 2013 and 2016. ...
Payday firm CFO Lending forced to repay £35m to borrowers image
Source : BBC [Read Article] Monday 19th of September 2016 11:12:22 AM
...."'It is vital that pressure continues to bear down on this industry to help challenge the mistreatment of customers," she said. "For too long they have been squeezing millions of people who have been caught up in the spiral of debt payday loans create. ...
Consumers 'don't stand a chance' of finding best deal on overdraft image
Source : Guardian [Read Article] Tuesday 6th of September 2016 07:25:20 PM
....However Andrew Tyrie, who chairs the Treasury select committee, said yesterday that these proposed remedies “don’t appear robust enough to deal with this serious problem” and that the committee would be asking the CMA to justify its conclusions in the autumn. At the moment going overdrawn on a current account without permission can be several times more costly than taking out a payday loan. ...
New students face tricky choice of bank image
Source : BBC [Read Article] Friday 2nd of September 2016 09:06:38 PM
....Older students, those studying healthcare, and parents in education were most at risk of financial difficulties, the National Union of Students said. A "significant minority" turned to short-term, high-cost payday loans in order to cover expenses, it added. ...
CMA report on UK banking industry is weak and disappointing image
Source : Guardian [Read Article] Tuesday 9th of August 2016 12:24:49 PM
....The people who really need help from the CMA are the less well off; those who struggle to make ends meet and slide into the red. Banks charge penal rates for unauthorised overdrafts, which can be more expensive than payday loans. ...
Banks STILL able to charge exorbitant fees after competition investigation, blast critics image
. Despite the sector probe and package of measures released today by the Competition and Market Authority (CMA), banks can charge eye-watering fees higher than payday loan charges to people going over their official overdraft limit. ...
It’s borrower beware when it comes to student loans image
Source : Guardian [Read Article] Saturday 16th of July 2016 05:59:03 AM
.... It says on its website that its mission “is to enable our customers to invest in their futures by delivering secure, accurate and efficient assessment, payment and repayment services”. In July 2014 it was accused of using controversial tactics akin to those of payday loan company Wonga after the Daily Mail revealed it had been sending out letters from what appeared to be an independent debt collection agency called Smith Lawson & Company. ...
'He haemorrhaged money': the bereaved parents taking on the gambling industry image
.... But on the day he died, Ryan transferred all he had left to his father’s bank account – £300. After looking at their son’s bank statements and post, John and Alison started to put together a troubling picture: a payday loan of £1,000 from a company called Pounds to Pocket, an account with a pawn shop and that final, heart-rending transaction. ...
Call for cold-calling ban on loans image
Source : BBC [Read Article] Wednesday 13th of July 2016 10:37:15 AM
....Credit should be "bought, not sold", a debt charity has said, adding that cold calls offering high-risk financial products should be banned. StepChange said high-cost credit, such as payday loans and fee-charging debt management services, should not be sold via unsolicited calls. ...
Unplanned overdraft fees 'four times costlier than payday loans' image
Source : Guardian [Read Article] Saturday 9th of July 2016 06:00:09 AM
. Going overdrawn on a current account without permission can now be up to four times more costly than taking out a payday loan, according to new research from consumer body Which?. ...
Overdrafts more expensive than payday loans, says Which? image
Source : BBC [Read Article] Friday 8th of July 2016 09:26:59 PM
. Borrowing money on an unarranged overdraft from your bank can be more expensive than taking out a payday loan, says consumer group Which?. ...
'Speak out' plea as rogue lettings agent is jailed image
Source : BBC [Read Article] Friday 8th of July 2016 09:23:34 PM
....He was in financial trouble himself. Analysis of bank accounts showed that he had taken out numerous payday loans, and victims such as Miss Casey are concerned that little will come in terms of refunds or compensation. ...
Rent-to-own firms 'selling to vulnerable people' image
Source : BBC [Read Article] Sunday 3rd of July 2016 11:05:20 PM
....But Mr Miliband, who has campaigned against rent-to-own companies and supports credit unions, thinks this does not go far enough. He wants the firms to be regulated in a similar way to payday loan companies, and see a cap on the total amount they can charge for a product. ...
With a $55,000 debt, you learn to appreciate the little things | Stephanie Land image
.... But I went home that night to an apartment I could barely afford, even with a roommate, to the room I shared with my daughter, and put my cap and gown on the portable crib I’d already set up, unsure of our future. Related: US proposes new rules for payday loan industry to curtail borrower debt. ...
US proposes new rules for payday loan industry to curtail borrower debt image
....The US government announced plans on Thursday to regulate the controversial $38. 5bn payday loan industry. ...
Doubt cast over future of Wonga  image
Source : Daily Express [Read Article] Sunday 29th of May 2016 03:36:00 PM
.... . It said that the surge in complaints reflected the high public interest in payday loans and that many of the people who had contacted the FOS said they could not repay their loans and should never have been given them in the first place. ...
Pension plan complaints jump 25 per cent as customers baffled by deals image
Source : Daily Express [Read Article] Thursday 26th of May 2016 03:09:00 PM
.... Aside from pensions there was a 40 per cent spike in complaints for credit products. Gripes about payday loan tripled, which the body said reflected people's growing awareness over their rights. ...
Payday loan complaints to financial ombudsman nearly triple in a year image
Source : Guardian [Read Article] Thursday 26th of May 2016 06:01:03 AM
. Complaints to the financial ombudsman about payday loans have almost tripled in a year, despite tougher regulation of the controversial sector, figures show. ...
Costs of overdrafts to fall as part of UK banks overhaul image
Source : Guardian [Read Article] Tuesday 17th of May 2016 06:36:13 AM
....Smith said the proposed saving to customers over five years of £1bn was based on an increase in the number of customers switching their current accounts each year from 3% to 4%. The move on overdraft charges was welcomed by Gillian Guy, chief executive of Citizens Advice, who said the charity helped with 55,000 overdraft problems a year, where in some cases consumers are charged more than they would be for a payday loan. ...
Two cheers for Google’s ban on payday loan ads image
Source : Guardian [Read Article] Saturday 14th of May 2016 06:01:29 AM
....Successive British governments refused to cap super-high interest rates, which is how we allowed Wonga to charge its poor borrowers up to 5,853%. Then this week Google shocks everyone by banning adverts for payday loans above 36% APR. ...
'Dangerous' payday loans join guns and drugs on Google's banned ad list image
Source : Guardian [Read Article] Wednesday 11th of May 2016 05:17:26 PM
....Banning ads from payday lenders is a big move for Google, the most visited website in the world, against a massive and mostly legal market. Payday lending is a $46bn industry, and there are more payday loan storefronts in the US than McDonald’s and Starbucks combined. ...
Wonga losses more than double image
Source : Guardian [Read Article] Wednesday 4th of May 2016 07:56:56 AM
. The controversial lender Wonga saw losses more than double in 2015 as tougher regulation of the payday loan sector led to a sharp fall in the number of loans taken out by UK consumers. ...
Wonga losses more than double image
Source : Guardian [Read Article] Wednesday 4th of May 2016 07:56:56 AM
. The controversial lender Wonga saw losses more than double in 2015 as tougher regulation of the payday loan sector led to a sharp fall in the number of loans taken out by UK consumers. ...
New rules ‘will crack down’ on exploitation of gambling addicts image
Source : Guardian [Read Article] Saturday 9th of April 2016 03:00:19 PM
.... Westminster and Manchester councils are launching online mapping tools, developed by Bath-based Geofutures, that show areas where people may be at higher risk of harm from gambling. Users can spot bookmakers that set up shop near Gamblers Anonymous meeting places, payday loan shops or unemployment blackspots, and thus risk compounding existing social problems. ...
Port Talbot workers urge government to rescue site and save jobs image
Source : Guardian [Read Article] Wednesday 30th of March 2016 07:04:24 PM
....Like many in the town, Evans spent more than 30 years at the works, and recalls the plant’s better days in the 1960s, when more than 20,000 worked there. Port Talbot was a town with virtually full employment when the plant was operating at its peak, but the effect of its decline is evident in a town centre that has a significant number of charity shops and payday loan stores offering ‘cash for gold’. ...
Customers await payday loan refunds image
Source : BBC [Read Article] Monday 15th of February 2016 12:23:06 AM
. Millions of pounds of payday loans refunds are still to be handed back, a lender has said. ...
Payday lenders and credit firms to pay for 'illegal money' enforcement teams image
....Announcing the levy, the chancellor George Osborne said: “I am absolutely determined to protect customers from abuse and sharp practice in the consumer credit market. “That is why I capped the total cost of a payday loan, it’s why we’re taking further action today to tackle illegal loan sharks by ensuring that enforcement teams have the funding, from the industry, that they need to protect consumers from those that would do them harm. ...
‘Life’s on hold’: Port Talbot’s steelworkers face up to a darkening future image
....The decline of the steelworks has been reflected in Port Talbot. Station Road, once its bustling commercial hub, is now stuffed with betting shops, payday loan stores and charity outlets. ...
Tata Steel's last attempt to revive Port Talbot image
Source : Guardian [Read Article] Monday 18th of January 2016 03:18:53 PM
.... The town, and the steelworks, are way past their 1960s peak when almost 20,000 people were employed in the plant and Station Road was the bustling commercial hub of the community. It is now a tumbleweed town, full of charity shops, payday loan stores and greasy food eateries. ...
New year brings financial headache for millions of British families image
Source : Guardian [Read Article] Monday 4th of January 2016 11:03:58 AM
....My youngest children know not to let anyone they don’t know into the house in case the bailiffs come round. Shelter has various tips for dealing with rent and mortgage debt, including asking for help early and prioritising mortgage or rent payments over credit card and payday loan company demands. ...
750,000 families with children 'struggling with serious debt' image
Source : Guardian [Read Article] Thursday 10th of December 2015 06:59:17 AM
....For too many, he warned, credit is used as part of a coping strategy, which often has dangerous consequences. The rise in the payday loans industry since 2009 has thrived on the back of the conditions set out in the report. ...
Non-Standard Finance heads for the high street with Everyday Loans deal image
Source : Telegraph [Read Article] Friday 4th of December 2015 10:45:35 AM
.... . The regulatory squeeze on consumer finance providers from the Financial Conduct Authority, particularly on payday loan firms that have been hit by caps on fees and interest rates, have left Everyday Loans a chance to grow further, NSF said. ...
You only live once… so DON’T buy the dress - warning impulse buying will drive you to debt image
....Britons splash nearly £2,000 a year buying items justified with "you only live once (YOLO)" attitudes, according to the Money Advice Service (MAS). However, almost a quarter of such items are bought with credit cards, payday loans and other means of debt that can make the item more expensive in the long term. ...
Financial Times and Guardian 'conspired' in delivery turf war image
Source : Telegraph [Read Article] Saturday 28th of November 2015 08:00:00 PM
.... The FT had been in business with 2 the Door as its main customer and a 30pc shareholder since it began operating in 2006. The majority owner was Aaron Gershfield, a serial entrepreneur previously embroiled in payday loan scam allegations in the US. ...
Payday credit checking firm pulls out of the UK image
Source : Telegraph [Read Article] Monday 16th of November 2015 08:00:42 PM
.... . Following the introduction of new rules at the start of 2015 to cap fees and charges on payday loans, the FCA expects just a handful of short-term lenders to remain in business. ...
Poverty premium: why it costs so much more to be poor image
Source : Guardian [Read Article] Tuesday 10th of November 2015 07:03:01 AM
....And while there is a price war on loans for the most-creditworthy borrowers, interest rates for those on low incomes or with poor credit histories remain high. The crackdown on charges for payday loans – which included a cap on rates – has made a big difference to the cost of that form of short-term borrowing and stopped loans spiralling out of control. ...
QuickQuid owner to write off unaffordable loans image
Source : Guardian [Read Article] Wednesday 4th of November 2015 12:07:50 PM
....The firms operate online and offer short-term loans to borrowers. The Financial Conduct Authority (FCA) took over regulation of the payday loans sector in April 2014 and has been working with firms to improve their lending practices. ...
Payday lender agrees to refund £1.7m image
Source : BBC [Read Article] Wednesday 4th of November 2015 11:15:45 AM
. A payday loan company has agreed to refund thousands of customers who took out loans they could not afford. ...
The Money Shop forced to refund £15m to customers after financial watchdog investigation image
....”. It marks the latest in a series of clampdowns on the payday loan industry. ...
Money Shop owner to pay £15m in refunds image
Source : BBC [Read Article] Monday 26th of October 2015 12:23:10 PM
.... . "While the number of people coming to us with payday loan debt problems is falling, we continue to see problems with unaffordable lending and people struggling with multiple loans. ...
Payday lenders fear hard-pressed regulator will delay licenses image
Source : Telegraph [Read Article] Sunday 25th of October 2015 09:51:18 PM
.... . Demand for payday loans typically jumps at Christmas, when demands on customers' wallets are high  Photo: PA. ...
Forget payday lenders – there’s a much better way to borrow image
Source : Guardian [Read Article] Saturday 24th of October 2015 06:00:12 AM
....Its CUOK. uk arm also offers payday loans at a fraction of the cost of commercial operators, but still promises an instant loan decision and same-day payment. ...
Can the US improve financial services for the poor using lessons from developing countries? image
....86 million customers who made one or more transactions within a 30 day period in the same timeframe. Meanwhile, the poor or unbanked in the US often end up depending on alternative financial services – like payday loans with exorbitant interest rates – that ultimately lead to even greater economic insecurity. ...
Scams involving fake services to block nuisance calls prolific in UK image
Source : Guardian [Read Article] Sunday 11th of October 2015 11:01:01 PM
....The NTS also warned that energy scams, such as those fraudulently selling solar panels, were likely to increase as government funding for the Green Deal comes to an end – similarly, investment scams are likely to increase following changes to pensions that came into effect earlier this year. Other areas of concern for the NTS are an increase in fraudulent deals or faulty and fake products sold via social media sites, loan sharks targeting those vulnerable to financial problems as they get to grips with universal credit and the cap on payday loans, and unauthorised sellers of fake or duplicate tickets. ...
Teenager killed himself hours after Wonga cleared out his account image
Source : Guardian [Read Article] Friday 25th of September 2015 03:56:18 PM
. A disabled teenager killed himself on the same day that the payday loans company Wonga cleared out his bank account, it has been revealed. ...
Call for payday loans overhaul after teenager killed himself on the day Wonga emptied his bank account image
. A coroner has called for an overhaul of the rules on payday loans after a mentally ill teenager killed himself on the same day that lender Wonga emptied his bank account, leaving him destitute. ...
Young increasingly face 'stifling' debt image
Source : BBC [Read Article] Thursday 24th of September 2015 10:41:44 AM
....It found that 45% of the rise in debts was attributed to student loans. The average debt in "formal" bank or payday loans among this age group rose from £969 to £4,577 between 2006 and 2012. ...
Problem debt: number of households affected rises by a quarter image
Source : Guardian [Read Article] Monday 7th of September 2015 11:01:03 PM
.... Among 18 to 34-year-olds it rose from 2% to 10%. The report said this was not down to student loans, but because of borrowing on credit cards and via personal loans, overdrafts and payday loans. ...
Cash for old iPhones boosts pawnbroker H&T image
Source : Telegraph [Read Article] Tuesday 18th of August 2015 10:57:15 AM
.... • Gold price fall: there's worse to come . Mr Nichols said the business withdrew from the payday loan market after finding the model employed by Wonga unsustainable. ...

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