5 News

Payday loan despair – one woman describes getting into crippling debt

Steve Doran tells those who face the same situation to seek advice and support.

Steve Doran

On the day the Financial Conduct Authority published new rules on payday lending ahead of them taking over regulation next April, we spoke to one woman who faced the anguish of payday debt.

Steve Doran told Channel 5 News: “I was constantly anxious because what they say is true – everything costs money...

“It started keeping me up at night, I ended up with stomach cramps, I would ground my teeth, I was very isolated from a lot of my friends because I couldn’t afford to see them.”

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The FCA will limit the number of times payday loans can roll over and the amount of attempts that lenders can try to take money out of accounts.

Doran advised others in her position to talk to people who can offer support.

“I would have asked for help a lot earlier,” she said.

- Simon Vigar reports: