Decision comes a week after Niall Wass, who replaced Damelin as chief executive, quit role A founder of the payday lender Wonga, Errol Damelin, has quit as a director of the company, just seven months after stepping down as chief executive. His decision to go leaves the UK’s biggest payday lender without a permanent chief […]

Continue Reading Wonga founder Errol Damelin quits as company director

Energy firms under pressure to cut bills as wholesale price drops and business secretary urges banks to reduce mortgage sizes Hello and welcome to this week’s Money Talks a round-up of the week’s biggest stories and some things you may have missed Continue reading…

Continue Reading Money talks: payday loan customers overpay and courts face surge in flight delay claims

Competition and Markets Authority says hard-pressed borrowers paying the extra costs can be those least able to afford it Borrowers who take out payday loans could be overpaying by more than £45m a year, the competition regulator has found. The Competition and Markets Authority (CMA) said the industry’s focus on speed rather than price and […]

Continue Reading Payday loans: UK borrowers overpaying by more than £45m a year

ASA says Speedy Cash was wrong to promote a Christmas-themed event aimed at children in a store offering loan services Payday loan company Speedy Cash has been criticised by the advertising watchdog for offering treats and free photos to children in an in-store event designed to attract families. Speedy Cash promoted the Christmas-themed event with […]

Continue Reading Payday loan company criticised for 'socially irresponsible' Santa ad

Former chief City regulator heads campaign for archbishop of Canterbury to prevent vulnerable people falling into debt Hector Sants, the former chief City regulator, has introduced a national network of churches, communities and credit unions that aims to take on payday lenders. Sants, who headed the Financial Services Authority until 2012, is leading a task […]

Continue Reading Hector Sants introduces network of credit unions to rival payday lenders

Loan sharks will move in unless people in poorer communities can borrow from legitimate local sources like credit unions It appears that half of all payday lenders have pulled out of the UK market in the last 18 months, according to news reports. The increased focus by the Financial Conduct Authority (FCA) on the business […]

Continue Reading If payday lenders are quitting Britain, what comes next? | Jennifer Tankard