StepChange Debt Charity response to latest payday lender consumer redress scheme

4 November, 2015

In response to today’s Financial Conduct Authority (FCA) announcement of a £1.7m consumer redress scheme for almost 4,000 customers of CashEuroNet UK LLC, trading as Quick Quid and Pounds to Pocket, Mike O’Connor, Chief Executive of StepChange Debt Charity, said:

“It is good to see another payday lender change its practice following work with the FCA.

“Although we have been seeing a fall in the number of payday loan debt problems, we still see far too many people struggling with multiple loans and unaffordable lending.

“We need better forms of credit to help people when they need it, better precautionary savings measures to help households build financial resilience and better protections for people when they fall into difficulty.”