Can Payday Lenders Survive
Posted on 27 April 2015
According to an article on the BBC website, one of the best known payday lenders, Wonga, has announced losses of £37.3m for 2014 with expected further losses for 2015.
These losses are set again a payday market that has rapidly contracted with approved loans having dropped an estimated 75% since their peak in 2013. This contraction together with the implementation of the Financial Conduct Authority's (FCA) tougher rules capping the costs of payday loans looks likely to reduce the number of players in the market.
In recent years payday loans have come under severe criticism for their very high rates of interest and punitive charges for late payment, in addition there has been criticism that the loans have been targeted at the most vulnerable, already overburdened with debt and those who can least afford the repayments.
I always recommend clients requiring specialist insolvency advice speak to Byrne Associates as I am confident that they will receive, empathetic and appropriate advice, reflecting well on my practicePeter (PB accountancy )
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