Liverpool lawyer calls on government to remove payday loan ads
A Liverpool lawyer has demanded that advertisements for payday loans be banned on daytime television to protect vulnerable young people.
Following the government’s recently announced review of pre-watershed gambling promotions, attorney Sean Rogers is calling for the same type of review to be applied to short-term loan announcements – which it says him, can put young people in “difficult financial times”.
Sean runs the Old Hall Street-based Refund You Solicitors, which are seeking compensation for the large number of young people who have been badly sold on payday loans.
He said, “Payday loans can look appealing to young people, especially on glossy daytime ads.
“But we see time and time again that payday loan companies have made loans to such vulnerable people without the proper controls and procedures in place.
“In many cases, lenders kept asking whether a young person could afford the repayments once other commitments were taken into account.
“Loans were made to young people, many of whom may already have had bad credit histories.
“In many cases, this leaves people in dire financial straits because they were stuck in very high interest rate loans with no hope of paying them back.
“And in light of that, I would ask the government to focus its attention on payday loan announcements before the watershed, and not just on gambling.”
Sean is also calling for better lessons on personal finance to be reinforced in schools in Merseyside, so that young people have a better understanding of borrowing money and the factors to consider.
His appeals were backed by The Children’s Society charity, which says much of the payday lending advertising targets young people and the government is “getting around the problem.”