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StepChange Debt Charity welcomes FCA announcement on Dollar

14 July, 2014

Following the Financial Conduct Authority’s announcement that Dollar, trading as the Money Shop, has agreed to repay £700,000 of interest and default charges to consumers, Peter Tutton, head of policy for StepChange Debt Charity said:

“We welcome today’s announcement and are hopeful this and other recent actions taken by the FCA indicate that the payday loan industry is finally being brought under control.

“Despite the payday lending industry’s repeated assurances that it was lending responsibly and that poor practice was a thing of the past, we have continued to see thousands of cases where people have been trapped in unsustainable and unaffordable cycles of high-cost borrowing, as loans are rolled over and borrowers take on multiple debts.

“Today’s announcement is further evidence that payday loan companies have failed to act in the best interests of borrowers.”

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Helping you become debt free...

“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

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