Payday loan provider attracts more complaints that are annual ombudsman than Wonga

QuickQuidand its sis company Pounds to Pocket are owned by CashEuroNet British. Photograph: Alamy

QuickQuidand its sibling company Pounds to Pocket are owned by CashEuroNet British. Photograph: Alamy

Final modified on Wed 12 Sep 2018 06.15 BST

The business behind the payday lenders QuickQuid and Pounds to Pocket faces a possible multimillion-pound bill after customer complaints against it nearly quadrupled in per year.

CashEuroNet UK, which will be owned by way of a united states business, has grown to become certainly one of Britain’s many complained-about financial companies, attracting 4,692 complaints towards the Financial Ombudsman provider throughout the very very very very very very very first 6 months of 2018.

That is significantly more than the 4,520 complaints that the ombudsman received about now-defunct payday loan provider Wonga through the exact same duration. Wonga collapsed into management in August after getting a flooding of settlement claims, some of which had been submitted by claims administration businesses.

Many complaints into the ombudsman about payday loan providers relate solely to affordability – for instance, a debtor claiming that the checks a company needs to have performed weren’t performed correcly. CashEuroNet UK’s ballooning complaints could lead to a bill for expenses and payment operating into an incredible number of pounds.

For the 4,692 complaints about CashEuroNet UK’s brands through the duration 1 to 30 June 2018, more than two-thirds – 69% – were upheld in favour of the consumer january. (more…)

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