StepChange Debt Charity welcomes BIS payday reports

Published: 3 October 2013

In response to the Department for Business Innovation and Skills reports into payday lending compliance, StepChange Debt Charity’s head of policy Peter Tutton said:

“Today’s report is welcome and confirms that the payday lending industry has failed to address a number of key problems that continue to cause unnecessary harm to consumers.

“The case for reform of the payday loan industry is as clear as ever. We continue to see increasing numbers of people seeking help with payday loan debts, increasing numbers of people with multiple loans and client with debts that have often spiralled out of control through rollovers and excessive charges. This is not indicative of an industry that is functioning well for consumers.”

In response to the Department for Business Innovation and Skills reports into payday lending advertising, StepChange Debt Charity’s head of policy Peter Tutton said:

“This report serves to reinforce the need for responsible lending by payday loan firms. Consumers often do not identify themselves as financially vulnerable and overestimate their ability to repay loans, it is therefore crucial that firms do not exacerbate the problems of financial vulnerable consumers by making loans that people cannot afford to pay back.”