Massive increase in payday lending and home loan complaints

Massive increase in payday lending and home loan complaints

There has ben an enormous increase in how many complaints towards the Financial Ombudsman provider (FOS) about pay day loans and home financing.

How many cash advance complaints has increased by 64per cent within the year that is last specialists believe the increase could mean individuals are perhaps perhaps not being addressed fairly, despite brand brand brand new laws being in position to guard them.

Complaints about house credit, often called home financing, rose also greater having a 146% enhance on this past year.

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.

“On one hand, this reflects moving preferences in just exactly how people elect to purchase things. But, we’re worried that some loan providers simply aren’t doing sufficient to make sure people’s borrowing is sustainable – or aren’t responding constructively with their clients’ concerns.Continue reading