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StepChange Debt Charity response to FCA payday review

10th March 2015

Following the release of the Financial Conduct Authority’s review into the treatment of customers in arrears by payday lenders, Mike O’Connor, Chief Executive of StepChange Debt Charity, said:

“Today’s findings come as little surprise to anyone who has dealt with the fallout of the payday lending industry’s bad practices in recent years. For too many payday loan firms the poor treatment of customers has been the basis of their business plan.

“Not only were these firms giving loans to people who could not afford them, they then then compounded borrowers’ problems by treating them badly when they fell into difficulty. When people experiencing financial problems are treated poorly by their lender it adds stress and anxiety to an already difficult situation and more often than not makes a bad financial situation even worse.

“We are starting to see signs of improvement in the payday sector, and we will continue to work with the FCA and the industry to ensure that borrowers get the protections that they need.”

If you are having problems with payday loans, we can help you. 

StepChange Debt Charity news contacts

Contact the the StepChange news team on:

Tel: 0207 391 4598

Mobile: 07985 404153

Email: press@stepchange.org

Follow our press team on Twitter: @StepChange

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.

*This is the average rating of our service on Feefo by DMP and DRO clients three months into their solution.

© StepChange Debt Charity 2016