It is not as if the fact that payday loans are a problem for many people is breaking news or something that has come out of the blue. For many years, these loans have been a major issue for many people. There have been changes to the way that payday loans are offered and provided but even with these changes in place, the number of payday loan complaints appear to be on the rise.

This according to findings provided by The Financial Ombudsman and account for the opening six months of 2016. The number of payday loan complaints that have been made have risen to 4,186 in the first six months of the year. This equates to a tripling of complaints so it seems as though many people are still finding issue and fault with what payday loan companies provide.

However, even with the evidence of payday loan complaints being on the up, the payday loans industry is standing firm. The industry says that a smaller number of complaints are being upheld, which they suggest indicates that the industry is acting in the correct manner. Due to the focus on payday loans, there is more scope for people making complaints and looking for findings to go with them in the hope of getting money back or having their debt quashed. There are always going to be questionable firms in the payday loan industry but it does seem fair to suggest that the top firms in the sector have tightened up their criteria and are acting in a more efficient and effective manner.

People are still making payday loan complaints

An area of concern for The Financial Ombudsman comes with Payment Protection Insurance, PPI. This is clearly an area of interest for many people and the businesses that operate in this sector are clearly making a lot of money. The number of TV, radio and online adverts that are available for these products and services indicates that there is money to be made.

However, it seems as though a lot of people are not happy with the service they receive from PPI firms. A total of 91,381 complaints regarding PPI were made to the ombudsman in the opening 6 months of the year. This accounts for 54% of the total number of complaints made to the ombudsman as a whole.

There is a need to take finance seriously but it does seem as though people can find support if things don’t go their way.