Islington Council teams up with Debt Hacker to help people take on payday loan firms in UK first
- Credit: Archant
A trailblazing initiative between Islington Council and non-profit Debt Hacker aims to help people get compensation from payday lenders and fix their credit scores.
To launch the campaign and let people know where they can get help, town hall finance chief Cllr Andy Hull joined workers and volunteers from Debt Hacker in Finsbury Park on Monday.
Debt Hacker allows people who have taken out a high-interest payday loan to find out if they are entitled to compensation, recouping unfair or unaffordable charges and interest.
Similar campaigns by profit-making claims management firms brought down payday loan giant Wonga, but this collaboration between a council, a non-profit and local voluntary sector organisations is the first of its kind.
It’s part of a wider effort to help people in Islington struggling with the cost of living. The council promotes affordable alternatives to payday lenders, such as London Capital Credit Union, as well as providing advice and information on managing money, budgeting and debt.
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Cllr Hull said the payday loan industry does “a lot of harm”.
He said: “This joint initiative is an important step, holding payday lenders to account and helping people deal with problem debt. Alongside Debt Hacker, we are supporting residents to reclaim money from firms which ripped them off and giving them information about alternative, responsible lenders.”
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Visit debthacker.co.uk/get-money-back to see if you are entitled to compensation.