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Loan charges: Struggling consumers 'should talk to bank'

People struggling with loan charges and credit card claims ought to speak to their bank and explain their situation.

According to Your Mortgage Decisions director Dominik Lipnicki, lenders are generally understanding if one of their customers calls them to say they will be late with a payment or will only be able to cover a portion of it.

He suggested this is better than the customer making a payday loan claim, which could end up with them "borrowing money just to serve the debt".

Payday loan charges can be 25 per cent of the money a borrower takes out every month, the expert pointed out.

However, these lenders are set to deliver improved consumer protections from July 25th, following discussions between ministers and four trade organisations representing more than 90 per cent of the industry.

Mr Lipnicki also recommended that people set up emergency funds that can cover their outgoings for a few months.

This is "just in case something happens", he added, admitting saving cash in this way is "easier said than done nowadays".

Jennifer Haines
Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-801408859-ADNFCR

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