Payday loan companies do not treat their customers fairly. Despite the payday loan industry promising to clean up its behaviour, our evidence shows that payday lenders have broken their promises [ 43 kb]. We have been calling for payday lenders to be properly regulated and for them to stop irresponsible advertising.
"The lender uses an automated phone system to call you when you are in arrears. Despite having emailed several times to say I had been made redundant and was having various medical examinations I received these calls every day which made me feel very boxed in and stressed.
My emails were ignored and my phone calls - which I made several of - were not followed up or recorded on my account so each time I got a new email I had to call and explain my situation all over again." Caroline, 27, Liverpool
Every year we help thousands of people just like Caroline who have had problems with their payday loans.
From 1 April 2014, the Financial Conduct Authority (FCA) is going to impose tough new rules on payday lenders including restrictions on the use of continuous payment authority and rollovers, more stringent affordability checks and a health warning on adverts.
The fantastic efforts from our network of bureaux and supporters over the past two years have secured this amazing success. Actions like contacting your MPs and councillors, raising awareness locally and promoting our survey and film all contributed. We now need to continue this great work to ensure these new rules are enforced.
We are still calling for payday lenders to stop using irresponsible advertising practices so don’t forget to get mad about the ad.
Are you mad about an ad?
If you see an advert for a payday loan that you think is irresponsible or misleading, take action to get it taken down.
- Share your ad using #paydaywatch on Twitter OR our Facebook page.
- Fill in our simple form and we can send your complaint to the Advertising Standards Authority.
- Tell your friends and colleagues what they can do to support our campaign.
The rules about the advertising of payday loans are quite complicated so we've made a handy guide of top tips [ 150 kb] to help you out.
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#paydaywatch news 2014
1 April – Gillian Guy's latest blog
13 March – It’s Mayday for payday lenders in Plymouth
28 February – The FCA publishes finalised rules for payday lenders
26 February - How Hannah fought a bad ad....and won!
13 February - Taking on the loan sharks…and the kangaroos
6 January - How cooperation with the FCA can help consumers
3 December - Citizens Advice submits response to the FCA consultation on regulating payday lenders: Will new FCA proposals make payday lenders change for the better?
26 November - Marking one year of the payday loan industry’s customer charter - Few happy returns for payday loan customers.
Do you need help with your payday loan?
If you need help with your payday loan we can help:
- visit Adviceguide to get more information
- call our consumer helpline 03454 04 05 06
- go and speak to someone in your local Citizens Advice Bureau.
If you've taken out a payday loan you can also take our survey.You can find out if you have cause for complaint and it will help us collect information on how payday lenders are treating their customers.