Credit, Collections & Insolvency News
Complaints about consumer credit rose by 89%. 25,984 complaints received about consumer credit. 8% of all complaints involved consumer credit.
Caroline Wayman, Chief Executive and Chief Ombudsman of the FOS said “The most striking story has been the rise in contact we’ve had from people having trouble with credit. We’ve seen around three times last year’s volumes of complaints about payday loans. And over the same period – while the numbers involved are smaller – complaints about instalment loans and guarantor loans have risen by 318% and 182% respectively.”
“The FCA’s action on high-cost shortterm credit has had an impact – and we’re generally looking into complaints about borrowing that pre-date its tougher rules. However, taken together with wider insight into consumer indebtedness, it’s clear that financial difficulties and financial exclusion – and the vulnerability they can both bring and result from – remain very current issues.”
Ppayment protection insurance (PPI) still continues to be the highest complaint accounting for 168,769 of the total 321,283 complaints, or 53%.
Biggest rise changes in complaints