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Payday loans complaints soar by almost two-thirds in one year

Concerns raised as high-cost credit complaints hit record levels

Payday loans complaints soar by almost two-thirds in one year

The number of complaints made in the last year about consumer credit reached its highest level on record, according to data released today. 

The Financial Ombudsman Service (FOS) received more than 17,000 payday loan complaints, an increase of 64% compared with the year before.

The FOS says that it upheld six in 10 of those payday loan complaints, raising serious concerns about how lenders are treating financially vulnerable customers.

If you’re having trouble repaying a payday loan or are unhappy with the way you’ve been treated, knowing who to speak to is essential. Our payday loan guides can help you complain.

In recent years, regulators cracked down on payday loans and in 2015 they were capped at 0.8% a day.

How to complain about a payday loan lender

If you think a lender isn’t acting responsibly, you can make a complaint to the company itself.

Once you’ve exhausted the company’s internal complaint processes and still haven’t reached an outcome you’re happy with, you can make a complaint to the Financial Ombudsman.

That process can be confusing but we can help walk you through how the Financial Ombudsman Service works.

We also have a free step-by-step guide about how to make a complaint to the Financial Ombudsman.

Debt problems can cause substantial distress and worry. Find out how to deal with debt, and how you can reduce and better manage your debts.

Sneaky fees and charges

Two thirds of us think that companies use fees or charges to trick us into thinking that the cost is cheaper than it is. We’re calling for all financial fees and charges to be upfront, fair and easy to compare.

We want companies to take action and the Government and regulator to conduct a thorough review.

Stop sneaky fees and chargessign the petition.

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