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 associated with the complaints are about payday advances which were applied for prior to the FCA overran the legislation associated with industry through the OFT (workplace of Fair Trading).
Inside their formal numbers, the FOS revealed that nearly 40,000 complaints had been made about payday loan providers when you look at the 12 months as much as March 2019. These were the next many reason that is common consumers to whine towards the FOS (after mis-sold PPI and current reports).
An FOS representative called this 130% rise within the year that is past startling and unsatisfactory. You have a reason to complain and could you be entitled to some compensation if you have borrowed money from a payday lender, do?
Why are folks Whining about Payday Lenders?
The reason that is main borrowers are whining about payday loan providers is they think that there were trivial or non-existent affordability checks about their capability to really make the loan repayments.
An affordability check takes under consideration your income, your concern debts (such as for instance housing and bills) and just about every other debts that are pre-existing. Read More