Payday lenders

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Payday lenders

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We call upon the Home Secretary to commission an inquiry into the practice of payday lenders and those 'agencies' who target young people and customers who due to their circumstances find it difficult to obtain credit. Specifically the occasions of contact offering services should be restricted, agency fees related to searching for credit should be abolished or at least carefully regulated to be more transparent and refunds for cancellation during the cooling off period or due to rejection should be within a prescribed time frame with penalties for companies who fail to meet it. Additionally customers should be able to seek agreements with the company where they are unable to meet repayments without first being forced to default and incur additional charges that compound their financial difficulties.

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