Guarantor loans overtake PPI as most complained about product to financial ombudsman service

dailyrecord.co.uk:

Guarantor loans have overtaken PPI as the most complained about product that the financial ombudsman is now receiving.It indicates that the PPI scandal is finally drawing to a close as it is the first time since 2007 Payment Protection Insurance was not the most complained about product in the Financial Ombudsman Service's data.More than 10,000 complaints about guarantor loans were received between October and December 2020, compared with just over 300 complaints in the same period a year earlier.With a guarantor loan, someone else, often a family member, promises to pay off the debt if the borrower is unable to.In the latest quarter, the ombudsman service also received more than 6,000 complaints about home credit compared to 430 complaints.