However they are simply the « tip for the iceberg ».

The Financial Ombudsman provider (FOS) has revealed that complaints about pay day loans have significantly more than doubled within the last 2 yrs.

Into the 2013/14 economic 12 months the FOS took in 794 new complaints regarding pay day loans; in 2011/12 that figure endured at 296, which means that there is a 268per cent increase in complaints within two monetary years.

In addition to this, the Ombudsman advised so it should already have gotten a lot more complaints, arguing so it has most likely only seen the « tip regarding the iceberg ».

Resolving dilemmas

Worryingly, the most common cause for issue had been individuals stating that that they hadn’t applied for the mortgage into the place that is first. Payday loan providers happen dogged by reports of fraudsters taking out fully pay day loans various other individuals names, with much critique regarding the lax identification checks employ that is many. That the Ombudsman has received a lot of complaints concerning this shows it’s still a problem that is big.

Other complaints included bad service and management, loan providers being reluctant to aid those struggling to settle and aggressive commercial collection agency techniques. Continuer la lecture de « Complaints to your Financial Ombudsman provider about payday loan providers have rocketed »