How Do You Complain About a Loan Company?

Q: How do you complain about a loan company? ~ Will, Newcastle.

The most common solution taken is to contact the Financial Ombudsman Service (FOS). Before you do this however you must be able to satisfy them that the complaint has been brought to the attention of the business in question. They’ll have 8 weeks to get an answer back to you. This can be sidestepped if you are unhappy with the response or treatment provided in your matter. The UK’s Financial Ombudsman Service was established by the government in the year 2001 to help settle disputes between consumers and UK businesses whether the company is involved in banking, finance, insurance etc. Essentially the aim is to solve disputes and to prevent them heading through the courts.

When it comes to historic complaints, the consumer has been favoured with a 58% share being reported a few years back. On looking into this topic further it was interesting to learn that just under 200 businesses (out of more than 100,000) generated around 90% of the complaint workload. When contacting the FOS it is important to realise that they have limited powers themselves and so they can’t for instance run fines. This is the job of the Financial Conduct Authority (FCA) who they liaise with. The FCA also appoints their board. It is the industry regulator that can not just push out fines, yet they can also revoke the credit licence of any such loan company.

In most cases, the broker/lender that you are complaining about would likely have responded before the issue would be passed on. The contact details for the Ombudsman is as follows: You can firstly head to their website (linked below) and fill in a form there. Make sure that you do explain the situation as clearly as you can. You can also send an email across to them at They also display 2 contact numbers that includes 0300 123 9 123 and 0800 023 4567. If you would prefer to give them a call then their lines are live between Monday and Friday (8am/8pm) and on Saturdays (9am/1pm).

It is worth noting that you do need to be patient when cases are being dealt with. Around 10 years ago they had below 1000 staff, but due to the surge in complaints they have had to stretch their workforce to over 4500 today. These have to cope with several hundred thousand cases each year. Are there any other ways to complain about a loan company if you aren’t satisfied with the actions of the Financial Ombudsman Service? Our advice would be to seek help from professional organisations. If you look at the bottom of this page you’ll see the StepChange freephone number. You could also head into your local Citizens Advice Bureau.