Clywd South MP Susan Elan Jones signing the Charter to Stop the Payday Loan Rip-off.

Drowning in Debt

Irresponsible 'Loadsadebt' lenders are creating a tidal wave of misery by exploiting people on low incomes.​

Watch this short video produced by our partner organisations Thrive Teesside and Church Action on Poverty, which explains the problems caused by the irresponsible behaviour of high-cost lending companies.  Visit Church Action on Poverty's website for more information and resources. 

 

TCC is calling for MPs to back the Charter to Stop the Payday Loan Rip-off, and we're really pleased that Clwyd South MP Susan Elan Jones has already done so.  Susan has been very supportive of TCC's work on payday loans in the past, speaking passionately at TCC's last public assembly.  

 

The Charter calls for tougher regulation of payday lenders and is supported by some of Britain’s biggest debt, consumer and anti-poverty organisations – including Which?, Citizens Advice, StepChange Debt Charity, Church Action on Poverty, and the Centre for Responsible Credit.

 

MPs from all parties and campaigners are urging the Financial Conduct Authority to back the Charter and introduce tougher regulation of payday lenders to stop millions of people being ripped-off.  You can can add your support by signining the charter now.  

 

“Enough really is enough on this issue. It is totally wrong how in this country we let payday lenders rip millions of pounds off people, trapping them in spirals of debt. We need proper regulation that sorts this out once and for all, or the misery will continue. The Financial Conduct Authority’s proposals for regulation are a step in the right direction, but we need to go much further. Australia, many European countries and lots of US states have shown this can be done and it's high time we did it over here." “I’d encourage every local resident who cares about this issue to call for tougher regulation of payday lenders by signing the Charter at change.org/paydayloancharter.” Susan Elan Jones MP.

 

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