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Steep rise in payday loan claims – but 1,000s are being stung by unnecessary fees - MSE News

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Steep rise in payday loan claims – but 1,000s are being stung by unnecessary fees - MSE News

edited 17 May 2019 at 12:25PM in Loans
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MSE_Chris_DMSE_Chris_D MSE Staff
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MSE Staff
edited 17 May 2019 at 12:25PM in Loans
The number of complaints against payday loan firms soared by 130% in the past year, new figures from the financial watchdog show. But the majority of claimants are using claims management firms, meaning they won't get the full compensation payout if successful. If you've been mis-sold, here's how to claim for free...
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'Steep rise in payday loan claims – but 1,000s are being stung by unnecessary fees'
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  • TakmonTakmon Forumite
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    So not only did they make a poor financial decision by taking out a Payday loan they couldn't afford. They are now making poor decisions by using claim management companies which isn't really surprising.
  • edited 17 May 2019 at 12:57PM
    Willing2LearnWilling2Learn Forumite
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    edited 17 May 2019 at 12:57PM
    I don't think anyone comes out of this looking good. PDL companies making bad business decisions to target and lend to vulnerable people. If there had been stringent affordability and income checks, it would have clearly shown that a significant proportion of their target borrowers would not be able to afford the repayments. No responsible financial company, in their right mind, should allow a borrower to roll-over more than 100 loans...

    To recap, PDL companies lent money irresponsibly to their target market of the most vulnerable in society. Likewise, borrowers took out loans they clearly could not afford.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
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