Category Archives: Payday Loans

“It completely destroyed my life”: James’ story

posted by in Client stories, Credit cards, Income shocks, Payday Loans 1 Comment

Lots of people use credit in their day-to-day lives, and because they’re keeping up with the payments, trouble never seems like it’s round the corner. But that’s the thing about credit – it’s not a problem, until one day it is.

James* from Bristol had always stayed on top of his debts. He had a credit card with a small credit limit, and a car loan, which he regularly made payments towards. But things changed quickly when James developed a back problem which meant he was signed off work for months at a time. When his period of sick pay ran out, he started to receive Statutory Sick Pay.

Continue reading »

Tags

Know your rights – December’s debt news

posted by in Debt, Debt advice in Scotland, Payday Loans 1 Comment

Know your rights - December's

Know your rights – December’s debt news

The Christmas decorations are packed away and many of us might be packing a bit more padding than we were this time last month.

One thing’s for sure however; money never takes a break from making the news, even during the festive season.

There’s been some pivotal changes by the Financial Conduct Authority (FCA) in how much interest payday lenders can charge their customers, and they also took a closer look at complaints procedures for financial firm customers.

Let’s look at all the latest goings on…

Continue reading »

Tags

Our 10 most read blogposts of 2014

posted by in Bailiffs, benefits, Credit Files, Debt, IVA, Money maximising, Payday Loans Leave a comment

firework display in sky

Happy New Year!

We can’t believe it’s 2015 already; doesn’t time fly? A little too fast if you ask me. Actually, very suspicious, but we won’t get into that now.

It’s been a hectic year for us with our busiest days ever on the blog, not that we’re complaining of course. We love the attention!

It also means we’re proving useful to people and that’s always our aim. After all, the MoneyAware team are dedicated to bringing you the best budgeting tips, advice and debt news, and we’ve been doing so for over four years now.

It’s become a tradition for us to reflect on the past year and have a look at what you, our readers, thought were our most popular posts. The first week of 2015 seemed like the ideal time to do it, so let the countdown begin!

Continue reading »

Tags

The new payday loan rules: what are they?

posted by in Debt, Payday Loans 7 Comments

Payday loans neon sign

Payday loans are still very expensive

Today the new payday loan rules, introduced by the Financial Conduct Association (FCA), come into place. While it may seem like an odd thing to celebrate, we’re rather happy about it as finally we can say good riddance to bad practice.

The past few years have seen loan shops popping up on the high street and some lenders using adverts with friendly characters and catchy jingles to encourage people into taking them out. Payday loans quickly became the ‘norm’ and many used them to get a quick fix of cash. Unfortunately, things could spiral out of control pretty quickly if you were late on repayments, with interest and late fees adding up, sometimes leaving you in a worse situation than when you started.

Recognising cases of irresponsible lending and debt inflation in the market, the FCA has introduced new rules to come into place from today. Hopefully these will help to keep the payday loan industry under control and clamp down on unfair lending.

Continue reading »

Tags

Know your rights – October’s debt news

posted by in Debt, Dodgy practice, Payday Loans Leave a comment

Know your rights - September's debt news

Know your rights – October’s debt news

Looming internet plan price hikes, tax refund scam emails and the mounting cost of debt problems in the UK – with all this doom and gloom flying about, it’s little wonder that so many of us are struggling to sleep at night.

There is some good news however for those of you on the lookout for a better energy deal. Also, if you owe money to Wonga you may have received a letter telling you that your debt will be written off due to mistakes made in the past.

It’s been a busy month for debt news, so let’s take a look at these top stories and more…

Continue reading »

Tags

Payday loan problems? Watch the latest video from the Ombudsman

posted by in Payday Loans 1 Comment

Payday loan Financial Ombudsman

Payday loans often add to your worries

Taking out a payday loan to deal with a money problem can be tempting but we know that it can lead to a slippery slope of debt and stress.

That’s why it’s great to see the Financial Ombudsman Service’s new video, aiming to highlight the dangers of taking out a payday loan.

As the video says, a payday loan might give you short term relief but often only postpones the problem and the loan becomes an extra thing to worry about. We talk to people who’ve fallen victim to this all too often. Continue reading »

Tags

We’re calling for ban on payday loan nuisance calls

posted by in Debt, Payday Loans 4 Comments

We want to call time on unsolicited contact

We want to call time on unsolicited contact

A third of our clients have had nuisance calls offering them payday loans. That’s the shocking finding from our latest research into the scale of nuisance calls to those in debt. (Source: Nuisance calls survey with StepChange Debt Charity clients, 2014)

Tempting offers of easy-to-apply-for payday loans can be a real source of stress for many people, and today we’re asking for unsolicited calls and texts offering high-cost credit to be banned.

Continue reading »

Tags