WITH “widespread problems” in the payday loans market, we want to know what your experiences of these lenders have been and what your views on them are.

Debt charities, politicians and the Office of Fair Trading have all raised serious concerns about the £2 billion payday sector, with lenders accused of being "out of control" by granting loans to people who cannot afford to repay them, emphasising the speed of loans rather than the cost and hounding people for debts.

Charities have raised concerns that penalty fees and charges piled on top of interest can mean that the cost of the debt balloons out of proportion with the original loan for a struggling borrower. In one case seen by debt management charity StepChange, a client faced a total debt of £1,830 for an initial loan of £120.

Trading watchdog the OFT published a damning report into the sector in March, in which it outlined the evidence of "widespread irresponsible lending"

The OFT found ''deep-rooted'' problems such as lenders encouraging customers to roll over expensive loans and sink further into debt. It said the issues raised were industry-wide, causing ''misery and hardship'' for borrowers.

It said that payday lenders appeared heavily reliant on struggling customers who are in a ''weak bargaining position'' and cannot afford to pay their loans back on time. It found that around half of lenders' revenues come from loans which had been rolled over or refinanced.

Consumer minister Jo Swinson is hosting a summit today to discuss whether plans in the pipeline for tougher regulation of the sector will be enough.

Ms Swinson said: "Evidence of significant widespread problems in the payday market is concerning.”

She said the industry needs to do “so much more to get its house in order”, particularly in terms of protecting vulnerable consumers in financial difficulty.

Have your resorted to using a payday loan firm before? Was your experience good or bad? Do you agree with the concept of payday loans offering people a quick fix to a temporary financial problem or do you think lenders are guilty of preying on the vulnerable and forcing people into longer-term debt with unmanageable interest rates? Add your comments below.