Ombudsman inundated with complaints about loans

Industry News | 09/11/20

Complaints to the financial ombudsman about guarantor and other high-cost loans soared between July and September as borrowers struggled with repayments amid the pandemic.

The Financial Ombudsman Service said that complaints about loans that are underwritten by friends or family members rose 296 per cent to about 4,000 in the period compared to the previous three months. The service upheld 88 per cent of the complaints.

Source: The Times