Payday Loan Debt Suicide

              SCOTT OLLIE COMMITS SUICIDE OVER PAYDAY LOAN SHARKS 






THE devastated parents of a teenager who committed suicide have said the 18-year-old took his life because of the spiralling debts he owed payday loan companies. Now Geoff and Dawn Scott are calling for a cap on sky-high interest rates charged by lenders such as Wonga. Bright IT apprentice Oliver — known as Ollie to his mates — committed suicide in September, seven months after admitting to his family he had become addicted to gambling at bingo halls. To fund his habit, Ollie used his smartphone to access a series of quick-fix loans — some with interest as high as 4,214 per cent — with the money in his account in less than 30 minutes. His mum Dawn said: “I think you’re not mature enough at 18 to borrow. Kids with computers and iPhones can just touch a button. It’s not real. “When I wanted a loan for a car when I was starting off I went and saw a bank manager.” Ollie — who was a popular and exceptionally clever lad, passing at least 14 GCSEs — took loans out with payday loan providers Wonga, Cash Genie and Toothfairy Finance. Read more:

http://www.thesun.co.uk/sol/homepage/news/money/city/4345867/.html#ixzz2DPvCXXV1