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PPI refunds may be more effective than payday loans

Payment protection insurance (PPI) claims may be a better option for those who are looking to use a payday loan to boost their finances.

Commenting after a recent Office of Fair Trading (OFT) investigation into the short-term, high interest loans, Joanna Elson, chief executive of the Money Advice Trust, said many people were being exploited.

"We are pleased to see the OFT tackling poor practice in an industry that has been allowed too much free rein up to now," she stated.

Many unscrupulous companies were taking advantage of families and individuals who were finding it hard to make their money stretch between salary payments, commented Ms Elson.

She added that many consumers find that payday loans make their finances worse and are often missold to people who have no way of paying them back on time.

Recent figures from R3 show that 3.5 million adults are considering taking a payday loan next year.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801240937-ADNFCR

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