Payday loan advert banned for encouraging Brexit fears

Payday loan advert banned for encouraging Brexit fears

This month, the payday loan short-term credit provider Peachy.co.uk most recent advertisement campaign has been banned by the Advertising Standards Authority (ASA). The reason behind this was that its advert was seemingly capitalising on consumers fears about the outcome of the Brexit referendum. What was in the advert? The email advertisement by Peachy.co.uk (which is part of Cash on Go Ltd) promoted short-term loans to people with the specific aim of those hoping to purchase stockpiling goods should the outcome of Brexit be a no-deal scenario. It featured in bold text 'IN CASE OF EMERGENCY PRESS HERE' whereby if you [...] Read more »
Wage Day Advance and Juo Loans collapse into administration

Wage Day Advance and Juo Loans collapse into administration

It has been recently revealed that at the end of February the company that owns payday lenders Wage Day Advance and Juo Loans, CURO Transatlantic Limited, has now gone into administration. This follows on from the huge collapse of UK payday lender Wonga, in August of last year. What has led to their collapse? The collapse of these payday lenders is similar to the reasons why Wonga ended up going bust in August 2018. Wage Day Advance had been processing thousands of compensation complaints, after being accused of having irresponsibly lent a staggering £18 million. This has been argued to have [...] Read more »
Wonga still damaging borrowers finances

Wonga still damaging borrowers finances

Despite Wonga going into administration in August last year, it is still gravely affecting the finances of 10,500 borrowers as a result of its collapse, according to  MPs in a recent Treasury Committee meeting. Thousands of customers who were the victim of mis-sold, eye-wateringly expensive payday loans could end up losing thousands of pounds in compensation as a consequence. But why is Wonga struggling to readdress the issues that have resulted due to its closure? We take a further look, and how this will affect its payday loan borrowers.   A surge in compensation claims One of the main factors […]

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