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(London.CityRegions.com, August 02, 2013 ) Manchester, UK -- In a statement by the Office of Fair Trading on Tuesday, 15 of the 50 lenders it wrote to about operating within legal standards will no longer be operating to prove they are working to operate their businesses up to code. The OFT has been been carrying out a deep probe into the problems within the payday lender industry, encouraging struggling borrowers to roll over loans they can not afford so that the debt balloons.
Last month, it referred to the probe as a full blown investigation by the Competition Commission, when the Archbishop of Canterbury had told Wonga, one of the best known payday lenders in Britain, that the Church wanted to “compete” it out of existence to help expand credit unions.
Step Change, a debt charity program that helps people get out from underneath payday loans, said the payday problems continue to worsen. The company helped 6,663 people with five or more payday loans just in the first half of this year, which was almost the same number it saw for the entire year of 2012.
Citizens Advice is preparing to start a month-long campaign next Monday to encourage people who feel they have been mistreated by a payday lender to report the problem to the Financial Ombudsman Service, to help them claim their money back.
Executive director for the consumer group Which?, Richard Lloyd said that while people are increasingly turning to high-cost credit to pay for their everyday essentials, it is vital that the government steps in and regulate the irresponsible lenders to protect all consumers.
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Customer Service
0800 567 7444
support@swiftmoney.org
Source: EmailWire.Com
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