Payback time

Long overdue but welcome none the less, the City Regulator has moved to control payday loans as of January 2015 so that no more than 100 per cent can be charged on the original loan amount and a maximum of 0.8 per cent interest per day.

This will help take the pressure off those in desperation being sucked into an easily available loan but with up to an exorbitant 2000 per cent interest charge.

As a direct result of these controls being introduced, many payday loan companies will disappear from our high streets, but there will be few tears shed with their demise.

Dennis Forbes Grattan

Mugiemoss Road

Bucksburn, Aberdeen