PPI Claim Company Logo
PPI Claims - About PPI

PPI Claim News - 9/12/2011

 
PPI Claims: Payday loans 'are an expensive form of borrowing'

Payment protection insurance (PPI) claims or loan refunds may be a better option than payday loans for those people who are finding it hard to make their income cover their monthly expenditure.

Lyn Jones from National Debtline told the BBC Radio 4 Money Box podcast that the high-interest loans are causing a lot of concern among the British public.

She stated that the charity now gets around 1,200 calls a month about problems which have been attributed to payday loans.

"We are coming across situations where people just cannot afford to pay those loans back and they are very expensive if you have to keep paying to roll them over," Ms Jones added.

The expert explained that firms charge a roll over fee to consumers who cannot repay and it becomes a very costly form of borrowing.

Consumer Focus recently called for the industry to become better regulated to help prevent many of the issues associated with the loans.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801234703-ADNFCR



Bookmark and Share
Tell a Friend
blog comments powered by Disqus

Quick Claim

First Name 
Last Name 
Mobile Phone
Home Phone
Address Line 1 
Town
County
Post Code 
Email
Circumstances
Claim Back Mis-Sold PPI Button

Belmont Thornton Ltd. is regulated by the Ministry of Justice in respect of regulated claims management activities; our registration is recorded on the website www.claimsregulation.gov.uk number 18273

Belmont Thornton Ltd. is incorporated in England and Wales, Company number 6621233, whose head office and registered office is at Suite 2, Unit 25, The Coda Centre, Munster Road, London, SW6 6AW. VAT Registration number 945 3375 06.

Belmont Thornton Ltd is registered with the Information Commissioners Office to ensure compliance with the Data Protection Act 1998 registration number Z1728023 and holds a Credit Consumer License issued by the Office of Fair Trading license number 634655.

Please note that calls may be recorded and email traffic monitored for the purposes of security and staff training.

* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.