Payday lenders 'allow borrowers to run-up big debts'

Representatives of the UK's biggest payday lenders have been accused, by the Consumer Minister, of failing to get their house in order.

It follows an admission that they don't always share data with each other, meaning borrowers can run-up debts by taking out multiple loans. The lenders were speaking at a one-off session in Parliament.

ITV News Consumer Editor Chris Choi reports

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Miliband's payday loans attack

Labour leader Ed Miliband has attacked payday loan lenders, claiming that "the Wonga economy is one of the worst symbols of this cost of living crisis." A Wonga executive has told MPs his firm's practice compares 'favourably' with credit cards.