1. Self regulation: what does it really mean for consumers? Hannah Hollingworth Campaigns Officer, Citizens Advice

2. The problem

3. And

4. Examples

5. The Rules Payday lenders must: hold a credit licence follow Office of Fair Trading Guidance

6. Self regulation Good practice customer charter Payday and short-term loans

7. Holding payday lenders to account

10. How it works Answer survey Answer No to any questionsAnswer Yes to all questions Complain? Thank you YesNo Making a complaint Thank you & FOS

11. What we have found so far 3179 responses by the end of August 2013 Some positive results: 80% were clear about total repayment costs 85% were clear about how to repay their loan

12. Less positive results 38% were asked questions about their finances and whether they could afford the loan; 76% had problems repaying their loan

13. Of those who had problems repaying 18% felt the lender dealt with them sympathetically and positively 17% were offered a freeze on interest and charges if they made payments under a reasonable repayment plan Only 9% of respondents were told about the availability of free debt advice

14. ‘Almost sure I'll have to take another out next month to be able to afford food and heating.’

15. ‘They left recorded messages on my mobile Xmas Eve, Xmas Day and Boxing Day to get me to check my emails and then phoned me at work demanding payment when I had already told them I couldn't pay and had gone to a Debt Management Company, then phoned me 10 minutes later on my mobile demanding payment.’

16. ‘I’ve asked to cancel the CPA and agreed a planned repayment schedule yet they raid my bank account on an almost daily basis which my bank immediately disputes and refunds.’

17. What has changed? 19 payday lenders have left the market The FCA are consulting on a new rule book OFT has referred the payday loan industry to the Competition Commission. 13 payday lenders, have provided Citizens Advice Bureaux with escalation numbers

18. The FCA rulebook The consultation includes rules for: tighter affordability checks limits on loan rollovers limiting the use of Continuous Payment Authorities borrowers being signposted to free debt advice controls on advertising

19. How can we make things better for consumers now and post July 2014?

20. What can I do? Ask your clients to fill in our survey Promote our film about Neil's payday problems Take action against irresponsible and misleading advertising

21. www.citizensadvice.org.uk/paydaylenders hannah.hollingworth@citizensadvice.org.uk