Complaints over new high-cost loans more than triple

Payday loans
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UK ombudsman gets tough with lenders amid mounting concern over successors to payday loans

Complaints about high-cost loans have leapt by up to 250% in a year, amid growing concern about the types of product that have sprung up following Wonga’s collapse.

The new data also indicates that the UK’s Financial Ombudsman Service (FOS), the official complaints handling body, is taking a tougher stance on these costly loans.

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