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Payday lenders’ failure to treat customers fairly sparks Parliamentary action

17 Mehefin 2013

Evidence from Citizens Advice found payday lenders are not keeping to their own promises including checking if people can afford to pay back loans, freezing interest rates and charges for those struggling to repay and not pressuring people into extending loans.  Paul Blomfield MP is now introducing a Private Members Bill to protect people from payday lenders.

Citizens Advice Chief Executive Gillian Guy said:

“Citizens Advice has exposed the shocking failure of payday lenders to stand by their own commitments to treat people fairly.  Instead people who can’t afford to pay back loans are handed one after the other, resulting in many customers drowning in debt as interest rates and charges exacerbate problems.  

“Celebrity endorsement, cartoon characters and football sponsorship deals lucratively advertise payday loans as a short-term fix, masking the long-term hardship that often follows.  

“This Private Members Bill is a step towards protecting people from predatory practices and overcoming the problems payday lenders failed to address by breaking their promises to customers.”

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.