Author Archives: Matt

Payday loans companies appear to be breaking new industry regulations put in place to protect vulnerable customers, according to a new investigation. In May, new legislation was introduced which meant that lenders need to advertise at least one price comparison Read more…

A new poll has revealed that public sector workers are the most likely to turn to payday loans to make ends meet. The poll was conducted by Readies.co.uk, the UK’s largest independent loans comparison website. They surveyed 8,000 anonymous visitors Read more…

Despite new regulations brought in to limit interest charges, there has been a sharp rise in complaints about payday loans for the second consecutive year. During the 2016-17 financial year, the Financial Ombudsman Service (FOS) received more than 10,000 new Read more…

The Financial Ombudsman Service (FOS) received 5,095 complaints about payday loans in the second half of last year, which was a 22 per cent increase on the number of complaints in the first half of the year. “All walks of Read more…

New research has found that the number of people who applied for payday loans during the first week of January was double the number for the first week of December. The Money Platform, a peer-to-peer payday loans company, commissioned a Read more…

Wonga, the largest payday loans company in the UK, double-charged 7,000 of its customers last Friday. Customers who had taken out Flexi loans – loans which need paying off over three months, in three instalments – with the company were Read more…

CFO Lending, a payday loans company banned from lending by the Financial Conduct Authority (FCA) earlier this year, has been ordered to repay £35m to its customers. This is due to “unfair behaviour” and “serious failings” by the lender, such Read more…

Approximately 1.6 million households in the UK are living in extreme debt, as a direct result of a decrease in the value of pay, according to a report released by TUC and Unison. Excluding mortgages, total unsecured debt rose from Read more…

Following the historic vote to leave the European Union in the recent Referendum, the pound fell to its lowest level in more than three decades. This will have an effect on the finances of many people, but in what way? Read more…

Despite the introduction of new lending regulations in January 2015, there was a 178 per cent increase in the number of disputes about payday loans in the year to March, according to annual statistics from the Financial Ombudsman. In that Read more…