Citizens Advice Welcomes Customer Charter on Payday Loans
By BudePeeps | Wednesday, July 25, 2012, 12:42
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.
Bude Citizens Advice at Neetside
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't afford 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."
Bude Citizens Advice is situated at Neetside and opens on Mondays, 10am - 2pm