Self-made millionaire Dave Fishwick – who showed up the bankers and successfully fought the regulators to open his own small ethical bank in BAFTA nominated series Bank of Dave – will take on the payday loan companies for a brand new Channel 4 documentary feature.
Dave said: “I have seen first hand the misery that pay day loans can bring and in this programme I’m determined to do something about it.”
Payday lenders have become an increasingly common sight on high streets and TV screens. They are often accused of taking advantage of Britain’s light touch regulatory regime to market high interest, easy access loans to people who can’t really afford them.
For this one hour special Dave will tackle some of the worst payday loan companies and examine a business model that is largely built around people who are not able to pay back high interest loans on time. The poorest and most vulnerable 20% of borrowers who rollover their loans month after month provide half of the profits of the payday industry.
In his own audacious and jovial style, Dave is determined to expose the worst lenders and help some of the victims out of their cycle of debt.
Commissioning Editor, Nick Hornby said: “When Dave said he wanted to take on the payday loan industry we knew that he’d be taking us on a passionate personal journey into an important subject. But the story he’s uncovering sounds even more bonkers than the banks he took on in Bank of Dave”.
The programme title and air date are yet to be announced.