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Citizens Advice welcomes new customer charter on payday lending

25 Gorffennaf 2012

25 July 2012

Citizens Advice welcomes new customer charter on payday lending

Gillian Guy, Chief Executive at national charity Citizens Advice said:

"We welcome this much-needed customer charter on payday lending and look forward to its implementation as soon as possible. The test will be the extent to which it actually changes practice.

At CAB we see four times more people coming to us with payday loan problems compared to a couple of years ago. These problems are usually from people already in long-term financial difficulty with other debts, using payday loans as a desperate way to try and stay afloat.

As more and more people are being offered loans they can'tafford to repay and put onto rollovers with huge interest rates and charges, we hope that this charter ensures they get better protection and clearer information before deciding whether a payday loan is appropriate for them.

We will be monitoring the charter's impact closely as vulnerable consumers struggle to cope with increasing money problems."

Notes to editors:

  1. The Citizens Advice service comprises a network of local bureaux, all of which are independent charities, the Citizens Advice consumer service and national charity Citizens Advice. Together we help people resolve their money, legal and other problems by providing information and advice and by influencing policymakers. For more see the Citizens Advice website.
  2. The advice provided by the Citizens Advice service is free, independent, confidential, and impartial, and available to everyone regardless of race, gender, disability, sexual orientation, religion, age or nationality.
  3. To find your local bureau in England and Wales, visit citizensadvice.org.uk. You can also get advice online at adviceguide.org.uk
  4. You can get consumer advice from the Citizens Advice consumer service on 03454 04 05 06 or 03454 04 05 05 for Welsh language speakers
  5. Citizens Advice Bureaux in England and Wales advised 2.3 million clients on 5.4 million problems from October 2013 to September 2014. For full 2013/2014  service statistics see our quarterly publication Advice trends
  6. Citizens Advice service staff are supported by more than 21,000 trained volunteers, working at over 3,000 service outlets across England and Wales.