Debt problems with payday loans

Published on 22/01/2013 12:30

Leighton’s Citizens Advice Bureau is seeing a worrying increase in the number of serious debt cases related to payday loans,

The Bossard House, West Street-based CAB provides specialist help to people with multiple debts who need help over a period of time.

Kate Cook, money adviser, said: “In my own casework the number of clients with payday loans has risen from 2 in 2011 to 28 in 2012.”

The CAB also helps a much larger number of people with payday loans through its generalist advice service.

Advice given by the CAB includes which debts to prioritise, a client’s right to stop payday lenders taking money straight out of their bank account and negotiating a manageable repayment plan with the lender on a client’s behalf.

In November last year a new payday lending Customer Charter was issued. This charter gives customers enhanced protections when taking out a payday or short-term loan.

Citizens Advice is calling on people who have taken out payday loans since November to take part in a national survey to monitor whether payday lenders are sticking to their self-regulating charter.

A link to the survey plus more information about payday loans can be found at: http://www.adviceguide.org.uk//pay_day_loans.

Citizens Advice will report initial findings from the survey later in the year.

Anyone who is experiencing difficulties with a payday loan, considering taking one out, or who has other debt problems, is encouraged to visit the CAB and seek advice.

Leighton’s opening hours for drop-in clients are Monday to Friday 10am to 1pm and also on a Monday only 4pm – 6.30pm.

Or go to www.leightonlinsladecab.org.uk for more details.

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Debt problems with payday loans

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