Dave Fishwick takes on pay-day loan firms
It will be David Fishwick versus Goliath again as the Burnley banking rebel takes on the giant payday loan industry for a new TV show.
The “Bank of Dave” star is back on the small screen to tackle the problem of “predatory” payday money lenders.
The businessman, who took on the big banks to set up Burnley Savings and Loans in his hometown, vowed to change the industry which he says is piling misery and crippling debts on thousands of hard-up families.
The new one-off special “Dave: Loan Ranger” will see the minibus millionaire employ his trademark pluck and common sense to helping the country’s poorest people.
Mr Fishwick, who runs David Fishwick Minibus Sales in Colne, explained it came after dozens of desperate people were turning up at his “tiny bank” in Burnley for help with mounting debts.
He said: “I had many young people coming to me at the bank in real trouble and stuck in a spiral of debt.
“I had people from all over the country calling up so I thought there must be a real problem.
“The Citizens’ Advice Bureau said the payday loan companies were lending to people who were under 18, had mental health issues or were even drunk at the time. They said the companies were out of control and a law unto themselves.
“One vicar said that in life some things are just wrong, and payday loans are just wrong.
“What I needed to do was come up with a solution.”
The Channel 4 show will see the Sabden entrepreneur test out a series of high-risk loans for people who have got into payday loan problems.
Mr Fishwick’s business partners are unwilling to take on the risks, but David and his team decide to lend around £25,000 to take on the payday debts of struggling families in Burnley and beyond.
He also tries to learn more about the payday loan industry and hears from a former employee of two companies, who reveals the methods she says she was instructed to use to target the most vulnerable customers.
Mr Fishwick said: “It is a really interesting show. I like fighting the people’s corner.
“We try to make a difference by using a bit of common sense and finding a solution and then take that to the powers that be.”
The show will be aired on Monday at 10pm on Channel 4.