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Payday lending complaints rise 22%
Complaints over payday lending rose by more than one-fifth during the second half of 2016, new figures have revealed.
The Financial Ombudsman Service reported just over 5,000 complaints regarding payday lending between July and December – around a 22% rise on the first half of 2016.
Among these were 1,187 new complaints against Casheuronet UK LLC – which operates via the brands QuickQuid and Pounds to Pocket – and 1,151 against WDFC UK Limited, which trades as Wonga.
The news comes just months after the FCA called for evidence and feedback to aid in its review of the payday loan price cap.
Caroline Wayman, chief ombudsman, said: “There’s a widespread feeling that we’re living in unsettled times, and money issues are often at the heart of people’s concerns.
“At the ombudsman service, the data we publish often show patterns of volatility and change.
“But whatever fluctuations we see in the future, it will remain as important as ever for us to share our insight – to help businesses resolve problems thoughtfully, carefully and with a human touch.”
The payday lending complaints formed just a fraction of the ombudsman’s 150,000 new cases over the period, which saw an average uphold rate of 42%.
PPI continued to be the most complained-about product, with just over 78,000 complaints.
“PPI complaints are down, but there are some suggestions that this could be the calm before the storm,” Caroline added.
“The FCA’s proposals – including the PPI deadline – are likely to heavily influence our complaints volumes.”
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