Consumer Credit Complaints Up By 23%

Speaking recently at the Finance and Leasing Association’s 8th annual consumer finance conference Natalie Ceeney, chief executive and chief ombudsman of the Financial Ombudsman Service said that in the first half of this financial year, they had already received 4,351 consumer credit complaints – up by 23%.

Of the consumer credit complaints that they’re seeing:

• Around a half relate to “point of sale” loans or hire purchase agreements; and
• The other half involve a mix of payday loans, hiring/leasing/renting, home credit, credit broking, debt collecting, catalogue and store card accounts.

David Smith comments ‘Dealers need to be aware that complaints about consumer credit will continue to increase fuelled by the poor economic situation and the fact that consumers are now much more aware of their rights.  Under the new CCD regulations, the claims companies will also be looking to exploit any dealer that’s not followed the rules.  That’s why we have developed CCD Tracker which may help alleviate this potential threat, and remember it’s FREE!’

For Full Speech click here

For details about CCD Tracker click here