Payday Loans

MoneySavingExpert.com is asking you to email us copies of any letters you've received from fake lawyers chasing debts – whether for energy firms, banks or payday lenders – after claims it may not just have been Wonga that has used these sneaky tactics.

Thousands of Wonga customers are due compensation after the payday lender pressured 45,000 customers into repaying loans by sending letters from non-existent law firms chasing debt, and overcharged thousands more following "technical errors".

Martin Lewis, our boss and founder and editor of MoneySavingExpert.com, has tonight been awarded an OBE for services to consumer rights and charitable services in the Queen's birthday honours list. This is a message from me on behalf of the staff at MSE following the news (he has no idea we’re even writing this).

The Church of England has released a rap song featuring MoneySavingExpert.com creator Martin Lewis which warns of the dangers of taking out payday loans. It comes as a regulator criticises the industry for lacking competition.

A Private Members' Bill calling for payday loan adverts to only be broadcast after the 9pm watershed has been heard in Parliament.

A flyer that enticed families into payday loan firm Speedy Cash's shops with the promise of "free photos with Santa" has been branded "socially irresponsible" by the Advertising Standards Authority (ASA)

Payday loan brokers are posing as credit unions in an attempt to lure new customers, a real credit union is warning.

The financial regulator is to scrutinise whether competition in the UK's £150bn credit card market is working well for borrowers, in particular those in financial difficulty.

The Financial Conduct Authority (FCA) has promised "tough and decisive action" against payday lenders that don't follow strict new rules, after taking over regulation of the consumer credit market from the Office of Fair Trading (OFT) today.

The Government has rebuffed MoneySavingExpert.com's calls to ban payday loan adverts from children's TV.