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25/07/2013
Church Of England Go Into Business Against Wonga
The Church of England is set to go to battle with online payday loan company Wonga.
The Archbishop of Canterbury, Most Reverend Justin Welby, has announced a plan for the CoE to expand credit unions as an alternative to payday loan vendors.
Payday loan companies have been accused of creating more debt through their use of short-term high-interest loans.
Archbishop Welby is a former financier who also sits on the board of the Parlimentary Commission on Banking Standards. He previously lobbied for a cap on how much interest loan companies could charge.
Speaking to Total Politics magazine, Welby said: "I've met the head of Wonga, and we had a very good conversation.
"I said to him quite bluntly that 'we're not in the business of trying to legislate you out of existence; we're trying to compete you out of existence'."
(MH/CD)
The Archbishop of Canterbury, Most Reverend Justin Welby, has announced a plan for the CoE to expand credit unions as an alternative to payday loan vendors.
Payday loan companies have been accused of creating more debt through their use of short-term high-interest loans.
Archbishop Welby is a former financier who also sits on the board of the Parlimentary Commission on Banking Standards. He previously lobbied for a cap on how much interest loan companies could charge.
Speaking to Total Politics magazine, Welby said: "I've met the head of Wonga, and we had a very good conversation.
"I said to him quite bluntly that 'we're not in the business of trying to legislate you out of existence; we're trying to compete you out of existence'."
(MH/CD)
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05 November 2013
Lewis Slams Payday Lenders
MoneySavingExpert.com creator Martin Lewis has told MPs payday lenders are "in danger of grooming a new generation to this type of borrowing". Mr Lewis joined other consumer groups, regulators and payday loan firms at a Business, Innovation and Skills Select Committee hearing into the industry this morning.
Lewis Slams Payday Lenders
MoneySavingExpert.com creator Martin Lewis has told MPs payday lenders are "in danger of grooming a new generation to this type of borrowing". Mr Lewis joined other consumer groups, regulators and payday loan firms at a Business, Innovation and Skills Select Committee hearing into the industry this morning.
25 October 2011
Payday Loans Fuel UK Debt Problems Says Charity
Payday loans providing people with last minute cash before their pay check arrives is fuelling consumer debt problems, according to research by a debt charity. The survey by the Debt Advice Foundation (DAF) found 41% of those struggling with debt are saying their financial problems are the result of high-interest ‘payday’ lending schemes.
Payday Loans Fuel UK Debt Problems Says Charity
Payday loans providing people with last minute cash before their pay check arrives is fuelling consumer debt problems, according to research by a debt charity. The survey by the Debt Advice Foundation (DAF) found 41% of those struggling with debt are saying their financial problems are the result of high-interest ‘payday’ lending schemes.
25 June 2014
Payday Loan Firm To Pay £2.6m For Fake Legal Letters
Payday lender firm Wonga is to pay customers over £2.6 million for unfair and misleading debt collection practices. The Financial Conduct Authority said around 45,000 customers in arrears were sent letters from non-existent law firms threatening legal action.
Payday Loan Firm To Pay £2.6m For Fake Legal Letters
Payday lender firm Wonga is to pay customers over £2.6 million for unfair and misleading debt collection practices. The Financial Conduct Authority said around 45,000 customers in arrears were sent letters from non-existent law firms threatening legal action.
02 September 2014
Increase In People Struggling With Payday Loans
The number of people struggling with payday loans is increasing, according to debt charity StepChange. In the first six months of 2014 the charity helped almost 13,000 more people with payday loan debts than in the same period last year.
Increase In People Struggling With Payday Loans
The number of people struggling with payday loans is increasing, according to debt charity StepChange. In the first six months of 2014 the charity helped almost 13,000 more people with payday loan debts than in the same period last year.
15 February 2013
Citizens Advice Call For Immediate Suspension Of Payday Loan Co. Licenses
The Office of Fair Trading (OFT) are being urged to use new powers to immediately suspend the licences of four payday lenders, who Citizens Advice claim are "causing significant distress" to customers.
Citizens Advice Call For Immediate Suspension Of Payday Loan Co. Licenses
The Office of Fair Trading (OFT) are being urged to use new powers to immediately suspend the licences of four payday lenders, who Citizens Advice claim are "causing significant distress" to customers.
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