Tag Archives: high cost credit

Nuisance calls: 5 things other countries do that should happen here

posted by in Living with debt 1 Comment

The telephone rings. You pick it up, and at the other end of the line is somebody trying to sell you a payday loan, or help you reclaim PPI, or telling you how to get money for an accident that wasn’t your fault (and, amazingly, one you didn’t know you’d had).

Annoying isn’t it?

But it’s not just annoying. It’s also harmful. These calls can leave those in financial difficulty vulnerable to making decisions that will make their situation worse. That’s why in October 2013 we launched our Got Their Number campaign; to increase the level of protection offered to hard-pressed families.

So how have things progressed over the past 18 months? And what do other countries do to stop the scourge of nuisance calls that we should do here?

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The new payday loan rules: what are they?

posted by in Archive 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.

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