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PPI Claim: 'Consider all options before' pay day loans

Payment protection claims and credit card refunds could be a useful option for those families who are finding it hard to make their income cover their expenditure from one wage packet to the next.

The Money Advice Trust (MAT) stated that consumers should check all the financial options available to them before they resort to using a payday loan.

According to the group, many companies can charge up to 1,000 per cent APR for the credit and missing a payment can cause a household budget to come under severe strain.

"There are a wide range of borrowing options; consider them all before you make a borrowing decision, and make sure you choose the most suitable option for you," said a spokesperson for MAT. 

Recent research from R3 stated that 45 per cent of the UK population are currently finding it difficult to make their wages last to payday; however, 60 per cent of consumers who have used a pay day loan regret the decision.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801233748-ADNFCR

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