Payday lenders have refused to act following our legal letters to reduce their default fees. We're now calling on the financial regulator to intervene.
We're calling on the Financial Conduct Authority (FCA) to get tough with the payday lenders we believe are charging excessive fees for late payments. We wrote to the lenders in January 2014 but have received no commitment for action from the lenders themselves.
Which? executive director, Richard Lloyd, said: 'It's outrageous that lenders are charging excessive fees which tip people into further debt.'
Find out more about our Clean up Credit campaign