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PPI Claims: Payday loans 'are an expensive form of borrowing'

Payment protection insurance (PPI) claims or loan refunds may be a better option than payday loans for those people who are finding it hard to make their income cover their monthly expenditure.

Lyn Jones from National Debtline told the BBC Radio 4 Money Box podcast that the high-interest loans are causing a lot of concern among the British public.

She stated that the charity now gets around 1,200 calls a month about problems which have been attributed to payday loans.

"We are coming across situations where people just cannot afford to pay those loans back and they are very expensive if you have to keep paying to roll them over," Ms Jones added.

The expert explained that firms charge a roll over fee to consumers who cannot repay and it becomes a very costly form of borrowing.

Consumer Focus recently called for the industry to become better regulated to help prevent many of the issues associated with the loans.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801234703-ADNFCR

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