Payday Loan firm used £1.2m pension liberation scheme to pay debts

Three directors of an insolvent payday loan firm which received cash from pension liberation schemes have been disqualified. (SEL), used £1.2 million from private investors via the schemes to meet its existing debts.

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Payday loan firms offering customers up to £1,000 if they convince friends to lend cash with huge interest rates

But consumer watchdogs have blasted companies such as Amigo Loans and BrightHouse for the ‘unethical’ practice.

Lenders are offering customers cash to lure friends and family onto their books.

High-interest firms such as Amigo Loans and …
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Number of Brits Turning to Payday Loans to Cover Rent More Than Doubles

LONDON–(BUSINESS WIRE)–The number of Brits turning to short term loans to cover their rent or mortgage has more than doubled, new figures reveal.

In the past two years the amount of people applying for …
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UK debt ‘will not fall to pre-2008 levels for 50 years’

Resolution Foundation condemns two decades of wage stagnation and says productivity worst since Napoleonic war.

Britain faces the longest fall in living standards since records began – and its public debt will not fall below pre-crisis …
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Nurses struggling to pay bills as more and more take out payday loans

6% of nurses have been forced to take out one of the high interest rate loans.

More than one in 20 nurses have been forced to take out a payday loan to cover their everyday …
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Litigation over unpaid consumer debt tops 2008 levels

Unsecured UK borrowing passes £200bn for first time since financial crisis.

Consumers who refuse to repay their debts are increasingly being taken to court, with litigation at levels last seen in the run-up to the …
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Council bailiff use jumps 14%

The use of bailiffs to collect debts owed to local authorities in England and Wales has jumped 14 percent in two years, according to new research by the Money Advice Trust.

The new research paper, Stop …
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SSE to merge with npower

SSE has confirmed plans to create a new independent household energy company by merging with big six rival npower.

SSE will separate its household and business services ahead of the merger, to enable npower and the …
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