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Charity warns of payday lender calls

Charity warns of payday lender calls

 



Video transcript

Payday lenders are bombarding people with calls in order to try offer short-term pay day loans to them.

Debt charity StepChange has found that a third (32 per cent) of the people contacting its helpline receive the unsolicited marketing calls. It`s not just one or two either - on average, these people have been receiving ten each week.

Fifteen per cent of those who get the calls end up taking out a payday loan to the tune of £980, on average. That`s a lot of money to borrow when there`s no guarantee that you`ve had the time to seriously consider your financial options.

StepChange puts these calls and their regularity down to two main things - poor data protection means that these people`s data can be bought and sold at will, while the existing rules leave a loophole that allow for these calls to happen, but not for other financial products like mortgages.

Commenting on the findings, the charity`s chief executive, Mike O`Connor, notes that `for those in financial difficulty, the offer of an easy, no-questions asked loan can seem like a financial lifeline, [but] the reality is that it can be a financial noose around the neck of vulnerable people and their families`.

There is no need to rush financial decision making, yes things may need to be adjusted or dealt with but firstly get a proper handle on what you owe to who. Sometimes you may be able to adjust your own finances to meet payments on debts and gradually bring them under control. If you cannot move the debt down and wish to a refinance loan may be an option. These can be unsecured or secured but be aware that secured loans carry the same risks as a mortgage if you do not keep up the repayments. If you still think you have to do something to improve your cash flow and by consolidating your unsecured debts then explore your borrowing options.

To bring payments down and still clear the capital you will probably need to use a longer term for the loan. Secured loans allow from 3 to 25 years terms, unsecured loans offer around 1 to 7 year terms. Either may well mean that you pay more in interest payments over the course of the secured loan, but we`ll seek to minimise that by searching out the best deal we can find for you and offering free quotations so you can see the figures and have a think about what to do.

Discover more at firstchoicefinance.co.uk, telephone us on 0800 298 3000 or dial 0333 003 1505 from your mobile. 

Homeowner Secured Loans
Rates From 7.1% APRC Representative Example £30,000 over 72 months @ £679.90 repayments. Total payable of £49,949. 20.1% APRC including £2,975 intermediary fee and a £995 lender fee. Loans secured on property. First Choice are tied to certain loan providers.

Mortgages & Remortgages
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Representative Example: Borrow £80,000 over 25 years At 4.6% Variable, £461.95 for 300 months.
Total Payable £138,585. Total Cost Of Credit £58,585 (incl £1360 fee).


Unsecured Personal Loans
REPRESENTATIVE 49.9% APR (VARIABLE)
First Choice are tied to certain unsecured lenders.


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Security is required on immovable property.



Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home

First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected 2014.


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