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Uswitch comments on surge in payday loan complaints

Commenting on the publication of the Financial Ombudsman Service’s latest complaints data showing payday loan complaints have already reached last year’s levels after just six months, Tashema Jackson, money expert at Uswitch.com, said: “The sharp rise in the number of payday loan complaints shows that payday lenders continue to fall short when it comes to responsible lending and treating their customers fairly. And despite the stringent regulatory controls put in place by the FCA, many short-term lenders are still giving their customers cause for complaint.

“However, it is encouraging to see that more people are now aware of their right to complain to the ombudsman, should they feel they are being treated unfairly by a payday lender. This is even more reassuring as it is often the most vulnerable who resort to using short term lenders, having been locked out of traditional lending avenues.

“Remember, before you take the plunge and look for a payday loan, make sure you’ve explored all other options available to you. For example, you can speak to your bank about taking out an authorised overdraft, join your local credit union or even ask your friends and family.

“If you do find yourself struggling with mounting debts, you can seek assistance from charities such as StepChange who will help you take back control of your finances.”

Find out how you could save over £1,000 a year with Uswitch here.

FOR MORE INFORMATION

Rory Stoves
Phone: 020 3872 5613
Email: rory.stoves@uswitch.com
Twitter: @UswitchPR

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