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Results for Payday loans tag

January 2014

Which? response to Competition Commission payday loan research

31 January 2014

Richard Lloyd, Which? executive director said: “Our research shows that a million households a month are using payday loans, often to cover essentials or repay other debt. If a third of all loans aren’t repaid on time that means thousands of borrowers are paying default fees, pushing them further into debt. “Payday lenders must justify the level […]

Statement: Consumer, credit, Financial services, Payday lenders, Payday loans, Which?

Which? calls on payday lenders to cut high fees

13 January 2014

Following a new Which? investigation we believe that payday lenders are acting unlawfully by charging excessive default fees. Ten of 17 leading payday lenders we looked at have default fees of £20 or more, and four charged £25 and above, with Wonga topping the table at £30. Which?’s legal opinion is that excessive default fees […]

Press Release: Consumer, credit, customers, Financial services, government, Money, Payday lenders, Payday loans, Personal Finance, Which?

December 2013

Which? response to the Information Commissioner’s Office (ICO) issuing a fine to payday loan company, First Financial, for sending millions of unlawful spam texts

17 December 2013

Richard Lloyd, Which? executive director said: “Consumers need the regulators to get tough to stop companies persistently bombarding us with unwanted calls and texts so the ICO fine is another welcome step to keep the pressure on firms who break the rules. “The Government must make it easier for regulators to take enforcement action and we […]

Statement: Calling Time, Consumer, credit, Financial services, Payday lenders, Payday loans, Personal Finance, Technology, Which?

November 2013

Financial firms should ring the changes on costly calls

17 November 2013

Which? is calling on financial firms to cut off costly calls after finding nearly three-quarters (73%) of the phone numbers used for customer service or complaint lines are high rate telephone numbers. We looked at phone numbers used by companies for eight financial services including current accounts, loans, insurance and credit cards and found that […]

Press Release: Banking, Banks, Business, Consumer, credit, customers, Financial services, government, Insurance, Money, Mortgage, Payday lenders, Payday loans, Personal Finance, Public Services, Which?

Which? statement ahead of giving evidence at the Business, Innovation and Skills Select Committee on the payday loan sector

5 November 2013

Which? executive director Richard Lloyd said: “Millions of people are increasingly reliant on high cost loans to pay for essentials or to repay other debts but the Government and regulators must go further to clean up the wider credit market. “We support the Financial Conduct Authority’s plans to get tough with rogue payday lenders, however action […]

Statement: Consumer, government, Money, Payday lenders, Payday loans, Personal Finance

October 2013

Which? response to the StepChange report ‘Got their number’

29 October 2013

Responding to the StepChange report Got their number, Which? executive director, Richard Lloyd, said: “We launched our Calling Time campaign after we found that nuisance calls and texts are making people’s lives a misery, with many discouraged from answering their phone and others feeling intimidated. It is especially worrying that financially vulnerable consumers are being encouraged to take out […]

Statement: Calling Time, Payday loans

Which? response to Labour’s announcement that it would impose a levy on payday lenders to fund alternative credit providers

17 October 2013

In response to Labour’s announcement that it would impose a levy on payday lenders to fund alternative credit providers, Which? executive director, Richard Lloyd, said: “Millions of people are increasingly reliant on high cost credit to pay for essentials or to repay other loans, pushing them into a vicious cycle of debt. We urgently need […]

Statement: Payday loans

Which? says it time to clean up credit

14 October 2013

Which? is today launching a  new campaign to clean up the entire credit market after new Which? research finds that other forms of credit can be as expensive as payday loans. The payday loans market has rightly attracted criticism for some of the worst practices in the credit market, but our new research finds that […]

Press Release: Banks, Consumer, credit, customers, Financial services, Money, Payday lenders, Payday loans, Personal Finance, Which?

Which? response to new payday loans regulations from the FCA

3 October 2013

Responding to the new payday loans regulations set out by the Financial Conduct Authority (FCA), Richard Lloyd, Which? executive director, said: “Our research shows millions of people are increasingly reliant on high cost loans to pay for essentials or to repay other debts, so it’s good to see the Financial Conduct Authority planning to take tough […]

Statement: Payday lenders, Payday loans

July 2013

Which? response to the Office of Fair Trading’s payday lending update

30 July 2013

In response to the Office of Fair Trading’s payday lending update, Which? executive director, Richard Lloyd, said: “The fact that many lenders would rather leave the market than face scrutiny from the regulator shows just how bad practice has been in this fast-growing industry. People are increasingly turning to high cost credit just to pay […]

Statement: Payday lenders, Payday loans, Personal Finance

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