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Loan charges: Citizens Advice welcomes payday loan charter

Consumer protections for people making payday loan claims have been welcomed by Citizens Advice.

Chief executive of the national charity Gillian Guy said the "much-needed" charter is welcomed by her organisation.

Many people have been provided with credit that they cannot repay and are being offered rollovers with "huge interest rates" and loan charges, the representative stated.

She revealed Citizens Advice has seen the number of people coming to it with problems relating to payday loans quadruple in the last few years.

Typically, the people struggling are those who have a number of other debts and are in "long-term financial difficulty", Ms Guy revealed, arguing these individuals turn to payday lenders "as a desperate way to try and stay afloat".

"The test will be the extent to which [the customer charter] actually changes practice," she declared, stating that Citizens Advice will be monitoring its impact "closely".

Four trade organisations that represent at least 90 per cent of the sector drew up the charter following discussions with consumer affairs minister Norman Lamb.

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate financeADNFCR-2776-ID-801415612-ADNFCR

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