Samantha Carr spoke of her grief after he father killed himself when he racked up £18,000 debt through payday loan firms.
A new crackdown on loans costs aims to protect customers, yet will put 30 per cent of lenders out of business and be cheered by loan sharks.
A rap song inspired by the Archbishop of Canterbury's warnings about payday loans has been released - complete with music video.
Prior to announcing proposals for a new cap on the costs of taking out loans from payday lenders, the FCA conducted a survey of 2,000 representative customers.
The results identify the level of financial difficulties those borrowing endure.
The head of the Consumer Finance Association, which represents the industry, has urged people to consider the full consequences of a crackdown on the high costs and charges enforced by payday lenders.
– Russell Hamblin Boone, chief executive of the Consumer Finance Association
Anyone who thinks that a price cap is good news for borrowers should have a thought for those many people who will be turned down for loans because the best lenders will have to reject those with the worst credit records.
We support a cap that allows the industry to operate profitably with the right protection in place for vulnerable people. With new regulations and tighter affordability checks, critics must now face up to the fact that most people use, need and like short-term credit and the measures in place are more stringent than for any other form of consumer credit.
For a lot of people borrowing from a payday lender "is not a good idea" and they can find themselves getting further into debt, a finance chief told Good Morning Britain.
Financial Conduct Authority (FCA) chief executive, Martin Wheatley, admitted the interest cap on payday loans would "restrict the availability of loans to some people" but it would keep customers away from toxic debt.
The Financial Conduct Authority's proposals for a cap on payday lending mean that from January interest and fees on new loans, including those rolled over, must not exceed 0.8% per day of the amount borrowed.
Payday lenders will lose £420m in revenue a year as a result of the rate and costs cap being brought in from January 2015, ITV News Business Editor Joel Hills has tweeted:
FCA estimates that as a result of their cap payday lenders will lose £420m in revenue per year.
The Financial Conduct Authority's cap on the interest charges and fees set by payday lenders will ensure customers will never be hit with loan costs higher than the amount borrowed.
ITV News Business Editor Joel Hills has tweeted the FCA's key proposals:
FCA caps interest charges on payday loans and default fees. Overall cost of payday loan "will never exceed 100% of amount borrowed".
FCA says cost of borrowing a £100 payday loan for 30 days (repaid on time) will never exceed £24. It's currently £30.
FCA says default charges "cannot exceed £15". Wonga's was £30 but was recently lowered to £20.
The Financial Conduct Authority has announced plans to impose a price cap on payday lenders from January 2015.
The FCA confirmed earlier this year it planned to cap the total cost of credit for all payday loan firms from early next year following pressure from the Government.
Restrictions on the amount payday loan companies can charge on interest are expected to be announced by the industry watchdog later today.
The Financial Conduct Authority (FCA) will impose severe restrictions on the amount of interest which each company can charge, as concerns over the excessive cost of fast credit spiral.
FCA chief executive Martin Wheatley will set out details of an industry consultation which will lead to a cap being in place by the start of next year.
Payday loans have proved a controversial business model, with many accusing companies like Wonga of "legal loan sharking" and exploiting those struggling to make ends meet.