The number of people who complain about payday loans or lenders made to the FOS (Financial Ombudsman Service) has skyrocketed over the past year. Only a few for the complaints are about payday advances that have been applied for ahead of the FCA overran the legislation of this industry through the OFT (workplace of Fair Trading).
The FOS revealed that nearly 40,000 complaints were made about payday lenders in the year up to March 2019 in their official figures. They certainly were the next many reason that is common consumers to whine into the FOS (after mis-sold PPI and present records).
An FOS representative called this 130% increase on the year that is past startling and unsatisfactory. For those who have lent funds from a payday lender, are you experiencing a explanation to grumble and might you be eligible for some payment?
Why are so many people Whining about Payday Lenders?
The major reason why borrowers are whining about payday loan providers would be that they think that there have been trivial or non-existent affordability checks about their capability to really make the loan repayments. Read more