Payday lenders’ default fees could break the law – The Independent

Posted January 13th, 2014 in consumer protection, debts, fees, loans, news by tracey

‘Many payday lenders could be breaking the law by charging excessive default fees to borrowers who miss repayments, according to Which? An investigation by the consumer group revealed that 10 of 17 leading payday lenders have default fees of £20 or more, and four charged £25 and above, with Wonga topping the table at £30.’

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The Independent, 13th January 2014