Massive increase in payday financing and home loan complaints

There has ben a rise that is massive the sheer number of complaints towards the Financial Ombudsman provider (FOS) about payday advances and home financing.

How many pay day loan complaints has risen by 64per cent into the year that is last professionals think that the increase could suggest individuals are perhaps perhaps not being addressed fairly, despite brand brand brand new laws being in position to safeguard them.

Year complaints about home credit, sometimes called doorstep lending, rose even higher with a 146% increase on last.

Increasing volumes

FOS accessibility consultant Lauren Garrett stated: “Over the past few years we’ve highlighted the increasing volumes of individuals telling us they’ve had trouble after borrowing cash. (more…)