We aim to make our website as accessible as possible. However if you use a screen reader and require debt advice you may find it easier to phone us instead. Our phone number is 0 8 0 0 1 3 8 1 1 1 1. Freephone (including all mobiles).
StepChange Debt Charity logo

Free advice on problem debt
based on what's best for you

0800 138 1111 Freephone (including all mobiles)

Problems with payday loans are “endemic”

5 November, 2013

Following his appearance before the Business, Innovation and Skills Select Committee, StepChange Debt Charity’s head of policy Peter Tutton said:

“Problems within the payday loan industry are endemic. Despite the introduction of a new code of practice and repeated assurances from the sector that it understands the need to improve standards, very little appears to have changed.

“We continue to see sharp increases in the number of people seeking help with payday loan debts, and there is no evidence that this is set to change in the immediate future. Poor lending practices, unaffordable rollovers and multiple borrowing are pushing many vulnerable people into an unsustainable cycle of borrowing.

“There is an obvious an urgent need for reform. The problems with the payday sector are well established, yet despite this, we are still in a position where widespread harm to consumers is taking place. Unless there is a clear evidence of improvements in the payday loan sector within the next year, both the industry and regulators will have failed vulnerable consumers.”

StepChange Debt Charity news contacts

Contact the the StepChange news team on:

Tel: 0207 391 4598

Mobile: 07985 404 153

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