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The number of complaints regarding payday loans has more than doubled since 2012, new figures reveal, as the Financial Ombudsman warns people to confront “the shame factor” and speak up about debt worries.
In almost two thirds of cases taken on by the ombudsman, the office found in favour of the consumer. The ombudsman expressed concerns that too many people struggling to repay loans felt powerless to make a complaint.
Principal ombudsman Caroline Wayman said: “We often hear from people who took out a payday loan as a desperate last resort and blame themselves when the debt starts to spiral out of control.” It’s important that people don’t feel trapped with nowhere to turn because of the stigma associated with short-term lending. “We know that payday loans are often a last resort for people who are already in serious financial difficulty. We urge anyone struggling with any form of debt to get free and impartial debt advice at the earliest opportunity.”
Source: MSN News Today
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