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A £100 loan left Plymouth man £6,000 in debt


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A YOUNG office worker has told how a £100 loan ended up costing him £6,000.

Nick Ellis' finances spiralled out of control after he says they were "hijacked" by high-interest online loan firms.

 

  1. 4179957.jpg
    Nick Ellis

 

A top money expert today launched a scathing attack on 'payday lenders' and likened the industry to the drug trade.

Recession-hit Brits flock online to borrow £1billion each year from the booming payday loan industry.

But behind the glossy TV adverts and catchy company names are "merchants of misery" who prey on the young and vulnerable, according to Plymouth-based Steve Meakin, chairman of the Institute of Money Advisers.

 

The leading cash expert spoke out amid fears of a ballooning crisis of debt-riddled youngsters in the city.

"Debt, like drugs, destroys lives," Mr Meakin said.

New research from the Plymouth Citizen's Advice Bureau (CAB) reveals how around one in five disadvantaged under-25 year-olds in the city has already taken out a payday loan – and half admit to money worries.

 

The paperwork-free loans can land in a borrower's bank account within minutes – but often come with astronomical interest rates and pricey penalties for missed repayments.

"There has been a huge explosion in the use of payday loans," said Mr Meakin, money advice coordinator at the CAB.

 

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I don't normally watch the ITV local weather for our area because the 'local' Plymouth studio (although I don't live near Plymouth) was closed and the local news and weather now come from Bristol, but for some reason I caught the end of a local bulletin last week. I was astounded to see that the local weather was sponsored by 'Quick Quid' .

 

Rob

 

EDIT: substituted 'Quick Quid' for 'Wonga' - equally obnoxious.

Edited by robcag
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It seems I was wrong about naming 'Wonga' in post#2 above. I googled and found a result which showed someone had similar concerns and had tweeted about 'Quick Quid' sponsoring ITV WestCountry weather, here; http://de.twitter.com/SaveWiltsMind/status/245092606139305984

 

It seems 'Wonga' sponsors other ITV programs.

 

Rob

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