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.

Over six million people could boost their chances of getting credit by joining the electoral register.

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.

£424 million was paid out to victims of payment protection insurance (PPI) mis-selling in April this year — bringing the total bill across the industry to over £10 billion so far.

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.

Lloyds Banking Group has admitted to "issues" with how it handles payment protection insurance (PPI) complaints after an investigation alleged staff were told to ignore possible fraud.