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  • 2 years ago
Pay day loan redress, Insurance premium tax

Pay day loan redress, Insurance premium tax

Payday lender Dollar Financial UK - which operates under four brands: The Money Shop, Payday Express, Payday UK and Ladder Loans - has been ordered by The Financial Conduct Authority to repay customers £15.4m after lending money it knew they couldn't repay. Some customers were also double charged an administration fee - and then charged interest on the extra fee. We'll talk to Paul Blomfield MP who launched a 'charter to stop the payday loan rip off' in 2013 and Russell Hamblin-Boone, Chief Executive of Consumer Finance Association who represents 10 different payday businesses who make up 60-70% of the market.

From 1 November the Insurance Premium Tax will increase from 6% to 9.5% for everyone with car insurance, pet insurance, home insurance and health insurance. This is a 58% increase expected to cost customers an extra £1.5 billion a year. What can people do to keep their premiums down? Louise Hanson, Director of Advocacy at the Association of British Insurers talks us through the