'The Bank of Mum and Dad will run dry'
Families will be unable to provide the extra financial support needed by their loved ones if lending from credit firms is choked off, a trade body has warned.The Consumer Credit Trade Association said its members were under pressure having been "carpet bombed" with compensation demands from claims firms.Less lending would mean people turned instead to family for loans, it said.But claims companies say that lenders would not be in trouble if they had treated customers fairly in the past. Wonga: Where have all the borrowers gone? Why Wonga ran into trouble When payday lender Wonga collapsed into administration at the end of August, it blamed the surge in compensation claims over legacy loans for its demise. The industry said at the...