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Loan charges: CAB investigates four payday lenders

The Citizens Advice Bureau is calling on the Office of Fair Trading (OFT) to suspend the licenses of four payday lenders.

It has gathered evidence on all four organisations to show that they have been acting unfairly and even exacerbating existing debt problems.

Citizens Advice chief executive Gillian Guy said: "The OFT must take immediate action to investigate and suspend these companies. These firms pose a real risk to people looking to get a short term loan to help tide them over.”
Problems highlighted by the OFT include inflated fees and charges, continuing to take payments when debts are cleared, harassment and abusive staff.

More worryingly, the OFT also found evidence that the lenders prevented people from paying for debts online and on the phone, but then applied late fees.

“With a ten-fold increase in people struggling with payday loans we are keeping a very close eye on the industry and will be reporting any other lenders to the OFT found to be using deceitful tactics,” Ms Guy said.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801541781-ADNFCR

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