'NEED EXTRA CASH FOR XMAS?': Payday loan firms send out Xmas texts to lure the ...
A debt charity is urging consumers to share spam texts from fee-charging debt management companies and loan firms to help expose the dirty marketing techniques used to prey on financially vulnerable people.
Firms send marketing text messages offering loans or 'debt advice' at random - but the services come at a price.
'Payday' loans are designed to tide consumers over until their next wage installment but they come with high levels of interest.
In one example, the LoansToYou website texted random recipients offering a loan that charges £25 in interest for every
£100 borrowed per 30 days.
So for example, if you were to borrow £300 for 30 days, you would need to repay £375. An annual percentage rate of 1,737 per cent. If you fail to payback your loan within the agreed time you will also incur further charges.
Free debt advice is available but many commercial firms charge for guidance.
People who need help with their debts are urged to contact free services and avoid using high cost interest loans.
However, with text messages designed to target those struggling the most, the Consumer Credit Counselling Service (CCCS) is concerned that spam text messages are not helping.
The CCCS has launched a campagin on Twitter asking users to share unsolicited text messages they receive from firms.
Matt Hartley, a member of the media team at the CCCS, started the hash tag #debttext on the social media site after receiving a text from a payday loan firm, www.LoanToU.com.
The CCCS estimates that there are over 6.2million financially vulnerable households in the UK and that this type of marketing technique is cynically targeted to prey on those whose wallets are tightest.
Matt Hartley, from the CCCS, said: 'How many of these households are receiving these unsolicited texts? Surely 2012 is going to be hard enough as it is without fee-charging debt management companies and loan firms preying on people like this.
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The CCCS is urging consumers to share unsolicited text messages from fee-charging debt management firms and loan providers In one example, the LoansToYou website texted random recipients offering a loan that charges £25 in interest for every £100
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