The Citizens Advice Bureau (CAB) has issued a press release stating the number of problems reported to their branch offices about payday loans has almost halved compared to the prior year.  CAB put the reduction in volumes down to enforcement action by the FCA against lenders and the price cap on payday loans implemented on 2 January 2015.

At the same time as the volumes of payday problems tumbled there was an increase in the number of problems seen with other high cost credit products such as logbook and guarantor loans.