Shelter: Someone faces losing home every two minutes in UK

Tony Gosling tony at
Sat Jan 7 21:49:26 GMT 2012

One million Britons use risky payday loans to help pay mortgages and bills
Nearly one million turned to credit to help cover 
their rent or mortgage in the past year.
Many people are struggling to keep up with the 
payday loan interest rates (Picture: Alamy)
Nearly one million people say they took out at 
least one payday loan to keep a roof over their 
heads, according to Shelter, which called its findings ‘shocking’.
With some lenders charging 4,000 per cent APR, 
the charity warned this type of short-term 
finance was ‘totally unsustainable’ and urged the vulnerable to seek help.
Shelter's chief executive Campbell Robb explained 
the risks that payday loans pose on family's and 
individuals financially, telling The Economic 
Voice: 'It can quickly lead to debts snowballing 
out of control and can lead to eviction or 
repossession and ultimately homelessness.
'Every two minutes someone in Britain faces the 
nightmare of losing their home. We urge every 
single one of these people now relying on credit 
to help pay their rent or mortgage to urgently seek advice.'
The current economic climate will see an increase 
in taxes and inflation, leading more people to rely on loan sharks for credit.
Martin Lewis of, said 
Shelter's findings were 'The UK is the crock of 
gold at the end of the rainbow for the world's 
payday lenders,' explained Martin Lewis of
'They've been regulated out of other countries 
and jump for joy at our lax supervision. That's 
why these 4,000% APR lenders are exploding across British high streets.
'Yet these astronomical APRs aren’t the real 
danger – that comes from the rollover. This is 
where people can't repay at the end of the month 
and compound interest kicks in.'
Businesses are being reviewed by The Office of 
Fair Trading, to ensure that they are keeping 
close to the lending rules applied within the payday loan sector.

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