Payday Loans

The Financial Conduct Authority has branded a claim that it will be raising the price cap on payday loans as "complete fiction".

Complaints about payday lenders more than tripled in the last year, according to the latest Financial Ombudsman Service (FOS) annual report.

Payday lender Wonga is investigating an "illegal and unauthorised access" to data which could affect around 245,000 customers in the UK customers and a further 25,000 in Poland.

The introduction of the universal credit benefit is "a terrible move for financial inclusion" for those who struggle to manage their monthly budgets, according to MoneySavingExpert.com founder Martin Lewis, who has told Parliament that ring-fencing should be introduced to protect vulnerable people.

Payday lender Wonga has double-charged up to 7,000 customers following a technical glitch, leaving some unable to pay their bills – but while the firm will provide refunds and pay costs incurred by those left out of pocket, it won't commit to paying borrowers interest on the money which was wrongly taken.

Payday loan company CFO Lending has agreed to pay more than £34 million of redress to 97,000 customers after it was found to have acted unfairly, the Financial Conduct Authority (FCA) has confirmed.

The falling value of people's earnings since 2007 has left 3.2 million households in "problem debt," spending at least a quarter of their earnings on repayments, while 1.6m of these in the most "extreme" type of debt are losing at least 40% to repayments, a report published today has warned.