Complaints about high-cost credit climb to record level

Complaints to ombudsman rise by 40%, with more than half relating to payday loansComplaints about high-cost credit have soared to a record level, raising concerns about how lenders treat vulnerable consumers. In 2017-18, the number of complaints about consumer credit rose by 40% to just over 36,300, according to the financial ombudsman service (FOS). More than half related to payday loans, with customers informing the ombudsman about irresponsible lending and unaffordable loans. Continue reading