Uswitch comments on FCA review of payday lenders

In response to the latest FCA paper revealing customers in arrears are still being pursued for debts even when they’ve provided legitimate evidence from debt advisors, David Mann, Money Expert at Uswitch.com, says:

“It’s shocking that vulnerable people are still being hounded, even when they’re taking steps to get their debts under control. It’s clear that more needs to be done to protect those trapped in a vicious circle of debt.

“There is a need for short term credit, but payday loans can be a very expensive way to borrow money. We need high street banks to step up and offer robust short term lending solutions.

“For those looking for quick access to cash, there are other, potentially cheaper options like using your authorised overdraft or even borrowing money from friends or relatives. If you find yourself struggling with mounting debts, charities such as StepChange can help you take control of your finances and manage your debt.”

FOR MORE INFORMATION

Katherine Moss

Phone: 020 3021 5893

Email: katherine.moss@uswitch.com

Twitter: @uswitchPR

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