Which? response to interim findings of the OFT’s review of payday lending sector
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 are getting caught in a spiral of debt by rolling over or taking out more loans. The OFT must now take action and crack down on irresponsible lending by ensuring payday lenders conduct proper affordability assessments and make their charges clearer.”
Statement: debt collectors, office of fair trading, OFT, Payday lenders, Payday loans, spiral of debt, Which?