And complaints are rocketing. The Financial Ombudsman received almost 11,000 in the 1st 90 days with this 12 months вЂ” a 251 percent enhance in contrast to exactly the same period just last year.
At some businesses, as much as seven away from ten had been upheld in preference of the consumer.
Gone: Wonga’s OAP puppets. The payday lender, that has been Britain’s biggest, has collapsed into administration
Yet cheery promotional initiatives вЂ” just like the jolly OAP puppets utilized by Wonga вЂ” continue to lure in vulnerable borrowers looking for a short-term loan.