Citizen's Advice latest to go after payday loans

5 August 2013

payday loan Citizens Advice have called on vulnerable borrowers in a bid to flick two fingers up at payday loan companies, after they said that they think three-quarters of lenders are "mistreating" customers.

The CAB are dealing with increasing numbers of people who have been stung by loan firms, and have urged people to report the firms to the ombudsman responsible for financial services, after they estimated that 76% of cases it examined, borrowers had grounds to take a complaint higher.

And today, they'll be launching a month-long campaign calling for payday customers "not to let predatory lenders get away with treating them unfairly."

They also drew up a list of activities by loan firms which are grounds for complaint, including out-and-out fraud, people being chased for loans they had not taken out, pestering calls and texts, scandalous levels of debt and hardship caused by some lenders and more.

Citizens Advice chief executive Gillian Guy said: "The level of debt and hardship caused by some payday loans is absolutely scandalous and people often feel completely powerless to do anything about it."

Complaints can be made to the Financial Ombudsman Service consumer helpline on 0300 123-9123 or 0800 023-4567 or emailed to [email protected]

TOPICS:   Debt   How To Guides


  • Kevin
    And the legitimate payday lenders will say 'they are adults who signed a contract that they agreed to without duress and with all the information needed to make an informed decision'. Of course it's bloody awful that people feel they have to (or indeed DO have to) go to these people but the point is it's someones personal choice to do so and you take the responsibility for that action. You can't legislate against personal freedom to make mistakes. Better to go and try and take out the illegal lenders and people that are licensed and controlled.
  • fibbingarchie
    Citizens Advice has an investment in Wonga...indirectly....probably. Everyone else does, and why wouldn't you? 5000% pa return is cracking! Even better than the days of the old property bubble 'my house earns more than me' shit.

What do you think?

Connect with Facebook, Twitter, or just enter your email to sign in and comment.

Your comment