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New Report Details Sharp Increase In Complaints Against Pay Day Loan Businesses

New Report Details Sharp Increase In Complaints Against Pay Day Loan Businesses

The Financial Ombudsman provider, the UK’s official conduct that is financial, claims that more than 10,000 complaints had been lodged against cash advance businesses between 2016 and 2017, a growth of 227per cent from 2015 to 2016 .

How many pay day loan complaints had been disclosed within the Financial Ombudsman Services’ yearly review for 2016-2017. They come despite tough new regulations presently and soon-to-be imposed on ‘high-cost short-term’ loan businesses by the Financial Conduct Authority (FCA). Complaints pertaining to PPI nevertheless topped the charts by amount once more this 12 months at almost 170,000 recorded between 2016 and 2017 payday loans online direct lenders only no teletrack missouri.

Megan Webster, Policy and Communications Manager when it comes to FOS, told DIGIT: “One associated with biggest tales of the season could be the amount of people who’ve contacted us with dilemmas about short-term credit and debt including loans that are payday. In a variety of ways, it is a positive thing that folks are coming ahead to express they need help and don’t feel they’ve been addressed fairly.”

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