Citizens Advice supports OFT’s Review into Payday Lending
24 February 2012
Gillian Guy, Chief Executive at national charity Citizens Advice said: This review is urgently needed.
"Four times more people are coming to us with payday loan problems compared to a couple of years ago. Worryingly, more and more people are being treated unfairly, being offered loans they can't afford to repay and put onto rollover loans with huge interest rates and charges.
"People in long-term financial difficulty with other debts are much more likely to take out a payday loan to try and deal with these problems.
We're very pleased the OFT is taking steps to clamp down on unacceptable practices in the payday lending industry. We want to see them take swift action to root out the rogue lenders once and for all."
Notes to editors
- The Citizens Advice service comprises a network of local bureaux, all of which are independent charities, and national charity Citizens Advice. Together we help people resolve their money, legal and other problems by providing information and advice and by influencing policymakers. For more information in England and Wales see www.citizensadvice.org.uk
- The advice provided by the Citizens Advice service is free, independent, confidential, and impartial, and available to everyone regardless of race, gender, disability, sexual orientation, religion, age or nationality. For online advice and information see www.adviceguide.org.uk
- Citizens Advice Bureaux in England and Wales advised 2.1 million clients on 6.9 million problems from April 2011 to March 2012. For full 2011/2012 service statistics see our quarterly publication Advice trends
- Out of 22 national charities, the Citizens Advice service is ranked by the general public as being the most helpful, approachable, professional, informative, effective / cost effective, reputable and accountable (nfpSynergy’s Brand Attributes survey, May 2010).
- Most Citizens Advice service staff are trained volunteers, working at around 3,500 service outlets across England and Wales.