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CAS comments on collapse of last big payday lender

Citizens Advice Scotland has commented on the collapse of the last big payday lending company, QuickQuid.

CAS spokesman Mike Holmyard said: 

“Payday lenders used to be a huge part of the casework brought to the CAB service. Too many lenders were charging extortionately high interest rates without being clear about these at point of sale, and this led hundreds of thousands of people into the misery of debt.

“CAS and others fought for better regulation of the industry and this has reduced the numbers of people caught out by payday lenders in the last few years.  

“However the fact that we are seeing fewer payday loan cases does not mean that debt itself is less of a problem. People who need money are seeking other ways of finding credit, and debt remains one of the biggest issues we see at the Scottish CAB network.

“As the biggest provider of free debt advice in the country we  urge anyone with debt problems to seek our free, confidential and impartial advice.”

ENDS

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