Payday Loans

MPs will today debate whether regulators should have greater powers to tackle payday loan firms.

Payday loan firm QuickQuid has left consumers worried after a huge gaffe which saw it wrongly email people demanding cash, including those who aren't even customers. Our message is not to be concerned — just ignore the offending email.

MoneySavingExpert.com has called for tougher action to protect people from unscrupulous payday lenders at a crunch Government-led summit today. Meanwhile, payday loan companies could be banned from advertising, the new financial regulator also warned.

Avid payday loan campaigner and outspoken critic Stella Creasy has not been invited to attend a crunch summit about the controversial industry on Monday.

Controversial payday loan firms will face the scrutiny of the Competition Commission after a watchdog found widespread abuses.

Payday lenders, charities and Government ministers will get together next week to discuss "widespread" issues in the industry.

Text messages promoting a payday lender have been banned for suggesting loans are suitable for funding a social life.

The National Union of Students is urging colleges and universities to ban advertising from controversial payday lenders on their campuses.

A group of MPs has slammed the Office of Fair Trading (OFT) for failing to take tough action against "predatory" lenders who leave vulnerable customers struggling with spiralling debts.

Customer dissatisfaction with financial firms has reached record levels with half a million new complaints dealt with in the last year, the Financial Ombudsman Service said today.