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Payday loan debts on the increase
6:30am Friday 7th December 2012 in News
TAUNTON & District Citizens’ Advice Bureau has seen a worrying increase in serious debt cases relating to ‘payday loans’.
Staff are giving clients advice about which debts to priorities, their rights to stop payday lender taking money straight from their bank account and negotiating a manageable repayment plan.
Following the launch of a payday lending customer charter, Taunton CAB is asking people to take part in a national survey to monitor whether payday lenders are adhering to their self-regulating charter.
Fiona Cope, advice services manager at Taunton, said: “We want our clients to help us hold payday lenders to account.
“This type of loan is a fast but dangerous way to borrow money.
“We have seen problems relating to payday loans rise significantly in Taunton bureau over the last four years and we are worried that this will only increase as more people feel the squeeze.
“Christmas can be a particularly expensive time, but as January approaches we urge people not to get stuck with a Christmas debt hangover and to seek budgeting advice from us.
“Anyone experiencing difficulties with a payday loan or considering taking one can visit the bureau and seek advice.”