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OFT called to act on payday loan charges

The Office of Fair Trading (OFT) is being urged to act on payday loan charges, as new figures paint a disturbing picture of what of these companies are prepared to do.

New evidence from Citizens Advice finds seven in ten customers who take out these loans are put under pressure to extend the contract.

The consumer watchdog is urging the OFT to take "tough and immediate" action against payday lenders, as new evidence reveals lenders are pressurising struggling borrowers to extend loans.

Citizens Advice found that 12 in 14 promises to treat customers fairly were broken, while three out of four people struggled with the loan charges.

Michael Ossei, personal finance expert at, backed the calls for the OFT to take a tougher stance on payday lenders: "These findings highlight just how low some lenders will stoop, to squeeze as much as they can out of vulnerable consumers."

He noted that while the promise of a fast fix of cash with minimal credit checks is "tempting", people need help, support and guidance.

"It's vital that the OFT clamps down quickly on the irresponsible players in the market and provides the necessary legislation to bring them firmly back in line with other lending practices," added Mr Ossei.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801592567-ADNFCR

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