14th June 2015
According to a BBC report. the statistics are based between the period of January and March of 2014 where complaints reached 10.150 but a year on the this has dropped to around 5,500 bringing some positive news for the market as it has been embroiled in controversy for a number of years.
The FCA introduced capping of interest rate earlier this year and restricted lenders from ever charging more than than double the loan amount if fees and charges are added. A spokesperson for Citizens Advice has commented stating that this is great news for consumers and the drop in complaints shows that irresponsible lending can impact on people’s lives negatively and now with the FCA in charge consumers are having more faith in lenders and resulted in lower complaints.
If you are experiencing financial difficulty and need advice visit the Money Advice Service who can offer support and advice.