Media comment: New rules for payday lenders

1 July 2014

Commenting on the new payday lending rules which come into force today, Caroline Rookes, CEO of the Money Advice Service says:

“We are pleased that the FCA is taking a tougher stance on rollovers of payday loans, but with two rollovers still allowed, they continue to pose a threat to consumers. If you’re struggling with unmanageable debt and your lender suggests you rollover your payday loan, you should say no, seek debt advice and agree a repayment plan that you can afford with the lender.

“If you don’t know where to turn for debt advice, the Money Advice Service has a brand new Debt Locator Tool at www.moneyadviceservice.org.uk/debt, which will help you locate high quality online, phone and face-to-face debt advice in your local area.

“There are always alternatives to payday loans available. Our Payday Loan Advice tool can help you to find alternatives – since it launched on April 1st, over 15,000 people have used it every month.”

For more information, please contact: The Money Advice Service press office on 020 7943 0593 or pressoffice@moneyadviceservice.org.uk