New regime sees significant reduction in problems being reported says Uncle Buck
According to Citizens Advice, the number of payday loan problems being reported to it across England and Wales between January to March 2015 has fallen by 45% on the same period in 2014, to 5,554 down from 10,155.
The organization has welcomed the fall in payday loan problems but said it is important to keep a “watchful eye” on the industry.
Citizens Advice chief executive Gillian Guy was reported as saying: “The drop in the number of problems reported to us about payday loans is good news for consumers and demonstrates the impact a strong stance against irresponsible lending can have on people’s lives.”
Uncle Buck welcomes these findings. In recent years reporting problems with payday lending has gained a higher profile and it has been difficult to understand whether there genuinely has been an increase in issues and problems or whether consumers are simply becoming more aware of the routes and options to complain, or are becoming more engaged at an earlier stage in attempting to resolve issues with repayments. For Citizens Advice to record a significant fall in the volumes of payday lending issues it is approached about, this must be evidence of standards being raised throughout the industry.
As a responsible lender, Uncle Buck wants its customers to repay what they borrow without undue financial strain. Its short term instalment products, meet all three of the price capping requirements (initial cost cap, default fee cap and total cost of credit cap) and allows customers more flexible repayment options.
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