Payday Lender Complaints Warning

Payday Lender Complaints Warning.

The Financial Ombudsman Service (FOS) has issued a warning that the increasing number of complaints about payday lenders is just the beginning. Complaints about payday lending has more than doubled over the last two years.

Over the last financial year 13/2014 complaints about payday lending hit 794 up from 542 in the previous year 12/2013.

The news comes after the Financial Conduct Authority (FCA) issued a statement that Wonga would pay £2.6m to clients after a list of offences that the FCA investigated. Just one of the offences included Wonga sending letters to clients from fake law firms demanding repayment of debt.

The news also came as Wonga announced they would be making big changes to the company in an attempt to bring a new face to the firm. Changes to the firm include bringing in a chairman whose first job will be to announce the review of the company.