Payday loan gripes soar

A “STRIKING” surge in consumer complaints about credit, including payday loans, has been seen by the Financial Ombudsman Service over the last year.

In its annual review, the FOS said complaints about payday loans tripled in 2016/17 compared with the previous year.

Complaints about catalogue shopping, debt collecting, hiring leasing and renting, point-of-sale loans, credit reference agencies, guarantor loans, and logbook loans – where the borrower’s vehicle is put up as security – also increased year-on-year.