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Payday loan firms caught threatening customers, grabbing cash without permission and rolling over debts 12 times

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Payday loan companies have been caught threatening customers, grabbing cash without permission and rolling over debts as many as 12 times.

 

A devastating report has revealed how these controversial firms, which offer short- term instant loans with annual interest of up to 14,000 per cent, are leaving customers struggling with massive debts and unable to buy food or pay bills.

 

Payday lenders claim they are performing a public service — making it easier for borrowers who can’t get easy credit from banks to pay bills. They say their customers are generally satisfied.

 

But the investigation by the Office of Fair Trading (OFT) revealed an 800 per cent jump in the number of complaints about such companies in just two years.

It also discovered these firms were dipping into customers’ bank accounts without asking — leaving borrowers unable to meet essential living costs.

 

A spokesman for debt charity StepChange said: ‘This report reveals the systemic failures at the heart of the payday loan industry. This is its last chance to show that it’s serious about protecting customers from the rogue elements with which the sector appears to be riddled.’

 

The OFT found some lenders were actively encouraging customers to delay paying off their loans in a process called rolling over.

 

 

 

 

 

 

http://www.dailymail.co.uk/money/news/article-2235892/How-payday-loan-bullies-stealing-cash.html


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