Results for spiral of debt tag

In response to the announcement today from the Office of Fair Trading (OFT) on the payday loan sector Which? executive director Richard Lloyd said: “We’re pleased the Government and regulators are planning tough action to crack down on irresponsible lending, especially on high-cost lenders that exploit consumers struggling to get by in tough economic times. “Which? research has […]

Which? executive director Richard Lloyd said: “We found half of people with payday loans were unable to repay debts and, alarmingly, a third were hassled by debt collectors in the last year. So we’re pleased the Office of Fair Trading (OFT) will investigate the aggressive debt collection practices of some payday lenders. “We have already warned that too many people with payday loans […]