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Exactly just How pay day loan companies hound vulnerable borrowers

The industry continues to act irresponsibly by lending to people in financial difficulty despite tougher regulation. We talked to a single target

Despite having an IVA, one debtor found he had been in a position to remove brand new loans from two loan providers, neither of who asked him to disclose past cash dilemmas. Photograph: Suzanne Plunkett/Reuters

Neither of whom asked him to disclose previous money problems despite having an IVA, one borrower found he was able to take out new loans from two lenders. Photograph: Suzanne Plunkett/Reuters

A lex Jones* needs to switch their phone down at the job and so the text that is constant try not to distract him. He gets around 20-25 a from payday lenders and brokers offering high-cost loans of up to ВЈ1,000 a time day.

“Need cash? We’ve reviewed the application …” a text that is typical. “A loan of as much as ВЈ900 is preparing to finish,” claims another. “We’ve received your loan inquiry. Is it possible to just take our call? Answer YES …”.

His e-mail inbox is simply as complete, with spam communications from agents and loan providers showing up as much as every 5 minutes at some points in the day. The same loan provider might deliver communications at 10.59am and 12.39pm, while two for similar broker come one after another. Using up any of the provides of credit wouldn’t be inexpensive – all of the companies provide short-term high-cost borrowing, frequently at yearly prices in excess of 1,000per cent.