10,000 complaints had been lodged against pay day loan organizations between 2016 and 2017, a growth of 227% from 2015 to 2016 .
The sheer number of cash advance complaints had been disclosed within the Financial Ombudsman ServicesвЂ™ yearly review
They show up despite tough brand brand new laws presently and soon-to-be imposed on вЂhigh-cost short-termвЂ™ loan companies because of the Financial Conduct Authority (FCA). Complaints linked to PPI nonetheless topped the maps by volume once more this 12 months at almost 170,000 recorded between 2016 and 2017.
Megan Webster, Policy and Communications Manager when it comes to FOS, told DIGIT: вЂњOne of this biggest tales of the season could be the amount of people whoвЂ™ve contacted us with issues about short-term credit and financial obligation including loans that are payday. In a variety of ways, it is a thing that is positive people are coming ahead to express they need help and donвЂ™t feel theyвЂ™ve been addressed fairly.вЂќ