WEEKLY INDUSTRY RECAP: WEEK ENDING 20 JAN 2013
If you’re still on the fence about whether or not payday advance lenders are horrid, here’s one story that will have you hopping down – and hopping mad.
It turns out that one father of two that had been driven to an actual suicide attempt after being hounded by one particular payday loan provider over his inability to repay his debts. In fact, the poor man was actually rung up whilst in hospital by the persistent lenders, even after speaking to the man’s wife and learning of the man’s whereabouts.
The firm behind the horrid behaviour – The Cheque Centre – assured the man’s wife that they would leave off with any repayment business until her husband recovered, only to turn around and take cash from the man’s account not once or twice in one day but three times. Can it be any wonder that the poor man was so distraught from dealing with people of his ilk that he sought to find a way out?
Meanwhile, debt collectors from The Cheque Centre plagued the man by ringing up his mobile whilst he was in hospital, trying several times until getting through. Once they did, debt collectors reportedly harangued the man, telling him he needed to come in and clear his debt, despite the fact that the man quite literally would have rather died than have to deal with the lender for one more moment.
When approached for comment on the lender’s dastardly behaviour, payday loan critic and Labour MP Stella Creasy remarked that lenders such as The Cheque Centre are absolutely out of control. Payday lenders do astounding amounts of damage to low income earning families, Dr Creasy added, and she fears that even more Brits will fall into the payday lending trap as the cost of living continues to rise over the next year.
A Cheque Centre senior manager, when approached for comment, remarked that the matter will be investigated. However the manager was quick to state that the lender – which has a massive £615 million in turnover from the past five years alone – has processes and systems in place to ensure fair treatment of all its customers.