Three-Quarters Of Complaints Against Payday Lenders Upheld By Ombudsman
Debt charity Debt Advice Foundation is warning consumers of the dangers of taking out payday loans after new data from the Financial Ombudsman Service revealed they topped the table for the percentage of complaint decisions made in favour of the consumer.
In the last three months of 2011, almost three quarters of complaints about payday loans were upheld. The Financial Ombudsman Service received 75 new complaints about payday loans from October to December last year – 25% more than they received for the whole of 2010/11.
Debt charity Debt Advice Foundation is warning consumers of the dangers of taking out payday loans after new data from the Financial Ombudsman Service revealed they topped the table for the percentage of complaint decisions made in favour of the consumer.
In the last three months of 2011, almost three quarters of complaints about payday loans were upheld. The Financial Ombudsman Service received 75 new complaints about payday loans from October to December last year – 25% more than they received for the whole of 2010/11.
During that quarter, 73% of payday loan complaint decisions were made in favour of the consumer, the highest percentage of all 62 categories of financial services for which it publishes figures (all those with more than 30 complaints).
More here on this story.
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