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Pay day loans: just what action has been taken?

The federal government therefore the pay day loans industry say actions are increasingly being taken up to protect borrowers, but customer Focus claims it’s all not enough, far too late. Channel 4 Information appears at what exactly is taking place.

The problem of short-term, high interest loans is raised in a study from MPs from the company, innovation and abilities choose committee.

Utilizing the economy in the doldrums, the committee claims action is necessary to stamp the abuse out of clients who will be “over-indebted, vulnerable and in need of help” – and danger losing their domiciles when they cannot manage to repay their loans.

Customer Affairs Minister Norman Lamb told Channel 4 Information the national federal government ended up being undertaking an assessment, that was due to report during summer, but he warned businesses “breaching requirements of appropriate behaviour” which they could lose their licences.

The MPs want the national federal government to restrict the rolling over of pay day loans, by which interest keeps mounting up.

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