This was also a popular response: Payday lender Wonga has slumped into the red after revenues slumped by almost £100 million
However, the thematic review should have been much clearer about when non-compliance was identified and whether the firms responsible are still trading. Until we tackle the institutional misrepresentation of the industry it will be difficult for consumers to break free of out of date financial services and embrace new technology and new attitudes to financial management.
Debt is a serious problem. It is not just a problem for those unfortunate enough to be struggling with financial difficulties, but for all of us - debt costs society £8.3billion. These costs come in the form of additional health care costs, increased welfare spending, and reduced workplace productivity.
A student who took a fatal overdose of slimming pills was plagued with money worries after a payday loan he had taken out
Wonga has lost its third chief executive in a year after Tim Weller left after just six months in the role. Weller took over
Should responsible borrowers be rewarded for their good financial management with access to increasingly cheaper forms of finance? A new report says 'yes', but not everyone thinks they should be allowed to climb the credit ladder.
Controversial payday lender Wonga has agreed with Newcastle United to remove its logo from all children's replica shirts
So many vulnerable people have fallen victim to payday loan companies and if these proposals stop that happening in the future, then I for one will be very happy. Payday loan companies need to be more careful about who they lend to so that those most in need are not punished.
The first payday loans shop especially for children has opened in London. Pocket Money Loans offers youngsters advance loans
I make the distinction here between 'consumer' and 'business' debt. Yes, they're different, but some of the effects of catastrophic corporate failure can have a similar impact on the personal lives of those caught up in a business collapse.