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'Tougher rules' for payday firms

Tougher controls on payday lenders have been unveiled by the City regulator today as it sets out plans to oversee the consumer credit market from next year.

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Payday borrower describes feeling 'trapped for life'

Alan Hardman retired 18 months ago and was forced to borrow money after a delay in getting his pension. He paid back the short-term loan a fortnight later, but his pension was short of his expectations and he was forced to take another one a few weeks later.

He describes being caught up in a trap of borrowing more to pay back his interest, and said he thought the loan would be like a bank loan, but soon became aware of what he had inadvertently taken on, and wants to warn others to avoid falling into the trap he did. He said:

"It's just an ongoing, ongoing thing, and it grows and grows and you can't get out of it."

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