Stella Creasy MP, Shadow Minister for Competition and Consumer Affairs, responding to news that the Financial Ombudsman believes too few payday loan customers raise complaints, said:

  “Today’s news from the Financial Services Ombudsman is confirmation of our status as a nation of silent sufferers. Citizens Advice have stated that three quarters of the cases they see relating to payday lenders could have a case with the watchdog and yet they still only see a few hundred cases a year.   “These legal loan sharks rely on the fact that people will not discuss their debts. I have seen cases where the Ombudsman has ruled against lenders for failing to consider the affordability of loans they were giving out. I would encourage anyone who has concerns about a lender to seek advice and make a complaint.”