Today I'm launching The End High Cost Credit Alliance
Without action, hundreds of thousands of people risk being stuck in ongoing cycles of borrowing. The time has come for the FCA to cap unarranged overdraft charges and look at the large scale problem of persistent overdraft debt.
'This ban puts payday loans in their rightful place.'
Short-term money lenders provide flexible small loans for those unexpected bills, emergency shortfalls, or just a small cash injection for those who do not want to enter into a long-term financial commitment. They are only intended to cover temporary shortfalls and should not be viewed as part of a long term financial solution.
Yes, I think Stella was wrong this time. But, to me, the fact that she was prepared to take the backlash, the abuse, the threats of deselection, damnation and death was actually worth more. It was exactly that determination and bravery that made me support her in the first place. It was the same integrity that she showed when she stood up for people like me against pay day lenders or spoke for the victims of domestic violence, or refused to back down to internet trolls.
Short-term lenders have proven themselves to be committed to responsible advertising, continual improvement and consumer protection. Yet some guarantor lenders and other credit providers still advertise widely, using many of the techniques that payday lenders have been told are unacceptable.
The apparent 'economic recovery' of the UK of May 2015, can be seen in the extremely dubious terms set by the formerly incumbent Conservative-led coalition government, and none more so than in the widespread use of food banks and payday loans by the unemployed, and 'working poor' alike.
Everyone in the UK who reads a newspaper (or catches TV or radio news) has heard of payday lender Wonga. That company has had its fair share of negative publicity in recent years for astronomic interest rates and dubious business practices.