Today more and more people are struggling with debts for guarantor loans and rent to own credit products, Citizens Advice reveals. The charity states there is a change within the cost that is high market once the amount of people looking for assistance for difficulties with these sub-prime services and products has risen by 16per cent over the past year (from 1,962 between April and June 2015 to 2,272 in identical duration this present year), whilst the amount of people with cash advance financial obligation dilemmas has decreased. During the last year people guidance aided 7,500 individuals with lease your can purchase financial obligation issues, 1,100 with guarantor financial obligation issues and 460 with logbook loan dilemmas.
Because the introduction of a price-cap on payday lending in January 2015, the sheer number of individuals coming to Citizens guidance for assistance with pay day loan debts has dropped by significantly more than a half (53%). The cap means you won’t pay back more than twice the amount you originally borrowed if you take out a payday loan.Read More