THERE has been a "striking" improvement in complaints about credit, including pay day loans, over the past year, based on the financial ombudsman.
The FOS said hello had received 10,529 complaints about payday loans in the last year, 3 times the total amount in 2023-16, when there have been 3,216.
In total, there have been 25,984 complaints about consumer credit services and products between 2023-17, compared with 13,713 the year before.
The FOS said that complaints about catalogue shopping, debt collecting, point-of-sale loans and guarantor loans were also up.
More than half (59 per cent) of the pay day loan complaints received in the last year happen to be upheld by the ombudsman service in the consumers' favour.
The rise in payday loans complaints is surprising given that there has been a significant crackdown on payday lenders recently, with firms facing restrictions on the interest they are able to charge, to stop borrowers sinking into huge amounts of debt.
Debt help charities have warned that borrowers might be over-stretching themselves after Bank of England figures showed strong annual development in consumer credit.
Caroline Wayman, chief executive and chief ombudsman from the FOS said: "Probably the most striking story this season continues to be the increase in complaints we've seen from people having problems with credit.
"For instance, we've seen around three times last year's volumes of complaints about pay day loans.
"It's clear that financial hardships and financial exclusion remain significant challenges for most people.
"The important thing would be to speak up if you're struggling."