Payday loan complaints reach five-year high
Industry News | 15/05/19
Complaints against payday lenders have soared to a five-year high, the industry watchdog has said.
There were nearly 40,000 new complaints brought last year, up a “startling” 130% on the 17,000 the previous year, the Financial Ombudsman Service said.In too many cases people have been left to struggle with debt, it said.
Short-term lender industry body the Consumer Finance Association (CFA) said most of the complaints dated back a number of years.
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