The behaviour of the loan shark – sorry, payday loan firm – seems reprehensible here. While I’m sure it is no comfort to people already in debt to these companies, I recommend talking to credit unions before going to loan sharks. There’s an article about this on Vox Political at https://mikesivier.wordpress.com/2013/08/18/barefoot-banking-to-support-people-on-the-edge/

Ann McGauran

Clients at this London Trussell Trust food bank have few material resources to draw on, but if at all possible they still want to buy a few presents for their loved ones and grandchildren at Christmas.

But receiving her employment and support allowance (ESA)  a week earlier than usual before Christmas left grandmother Debbie without enough money to buy food this month. There wasn’t enough cash for that in her account when the standing orders came out. This included her regular standing order for a loan repayment to payday loan company Oakam. She had taken out a loan of £200 for Christmas presents at a mind-blowing APR of 676.6% to pay for Christmas presents. Oakam billed for one month’s repayment (£64, including £4 of extra charges) instead of two weeks (£30), with no warning, says Debbie, of the extra payment. How can Oakam seriously advertise on its website that it…

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