Guest Post
The UK government has promised to ramp up regulations around the short-term loans industry to stop ruthless and lending practices that demand disproportionate levels of interest.
Fears are growing among debt management companies and debt consolidation companies who offer fair IVA deals that the industry’s customers – Britain’s lower earners – are being sucked rapidly into a downward spiral of unmanageable debt due to borrowing from unscrupulous short-term loan companies.
Financial Times Investigation
The Financial Times (FT) has been investigating Britain’s reliance on the so-called ‘payday loans’ industry, which has grown exponentially as borrowers have come to rely on these high-cost, short term solutions amid recent austerity measures, lower wages and inflation – and at a time when they can no longer easily access fairer, more reasonably-priced bank loans.
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