QuickQuid, the biggest payday lender in the UK, has collapsed.
QuickQuid – which is closing its operations in the UK – is facing compensation claims from customers who said they were given loans they could not afford to repay.
“It is what they’ve done catching up with them,” reckons Helen Barnard, deputy director of policy and partnership at the Joseph Rowntree Foundation.
She told the BBC: “I think what’s happened is that a bit of a head of steam has built up about saying ‘you know what, there is a section of the credit industry that is not behaving reasonably so we’ve had some new rules bought in’.
“The Financial Conduct Authority has started at least to try and get a grip on this sector. I actually think this is unreasonable behaviour that has been going on for a time but the people involved never felt that they had any power to complain.”
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