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My life has been ruined by payday loans

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Earlier this month, the government agreed to clamp down on payday loan companies by allowing the new Financial Conduct Authority (FCA) to set a cap on extortionate interest rates.

And as a result, three of our clients appeared in The Sun on Sunday talking about how they took out payday loans to fund Christmas and ended up in thousands of pounds worth of debt – as they struggled to meet the astronomical interest rates.

Incredibly, some of the payday loan companies were charging more than 4,000 per cent APR.

All three of our clients, Luke Martin, 22, Sandra Hopkins, 34, and Sarah Craggs, 19, are now to their eyeballs in debt and wanted to share their experiences to warn other people. Terrifyingly, Luke and Sandra started receiving dozens of threatening calls and messages from bailiffs a day when they defaulted on payments.

Luckily, Sandra and Sarah contacted a debt relief company and their debts were consolidated and a repayment plan was set up. Unfortunately, Luke is still in £10,000 debt and is currently trying to pay it off.

If you’ve been in trouble with payday loans and would like to share your story, email

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