Little credit for lenders

Complaints about high-cost credit lenders have soared to their highest ever level as hard-up members of the public query rip-off charges.

The Financial Ombudsman Service warned that complaints increased by 40% in the last financial year to just over 36,300. New complaints about payday loans rose by 64% to 17,200.

Six out of 10 complaints were upheld suggesting lenders have some way to go in ensuring they’re treating their customers fairly and need to do more to put things right.

Financial Ombudsman Service chief Caroline Wayman said: “For some people, borrowing may be a necessity, but there can be a very fine line between getting by and going under.”