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.'
Drivers are being stung with a range of additional fees when they come to renew their car insurance or even to change details on their policies, according to new Which? research.
We looked at the additional charges levied by 37 car insurance providers and found that some punish loyal customers, or put you out of pocket if you move house, change car or get married.
Of the policies we analysed, you'll be likely to have to pay £19 on average if you need to change some details on your policy. Just over 20% of the insurers we looked at, including AXA and Swiftcover, let you do this for free.