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BBC News – Payday loan middlemen complaints ‘more than double’

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  • BBC News – Payday loan middlemen complaints ‘more than double’

    Complaints about payday loan middlemen – so-called credit broking websites – have more than doubled in the last year, according to new figures.The Financial Ombudsman Service FOS said it had been contacted by more than 10,000 people since January this year.In the worst cases, consumers found hundreds of pounds ‘drained’ from their bank accounts by […]

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    Also released report on payday lending http://www.financial-ombudsman.org.u...ing_report.pdf
    figure 11: main reason for consumers’ complaints about their payday loan
    allegation of fraud 16%
    poor administration 14%
    unexpected taking of funds 13%
    repayment plan not accepted 13%
    damage to credit record 12%
    aggressive debt chasing 6%
    unaffordability 5%
    high interest rates 4%
    misleading information 3%
    poor service 3%
    high charges 3%
    rollovers 1%
    other credit application rejected 1%
    other 4%
    unknown 1%
    Tags: None

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