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Guarantor loan complaints overtake PPI for the first time in over a decade

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More than 10,000 complaints about guarantor loans were received between October and December 2020 by the Financial Ombudsman Service. This compares to just over 300 complaints in the same period a year earlier, new quarterly data from the independent complaints arbitrator shows. 

In contrast, the Ombudsman received 6,679 PPI complaints over the last three months of 2020, compared with over 41,500 complaints in the same period a year earlier. The last time PPI was not the most complained about product was in the third quarter of 2007, when credit cards attracted the majority of gripes.

PPI is the biggest mis-selling scandal that the Ombudsman service has ever seen. The deadline for complaining about PPI to the companies that sold it – namely banks – was in August 2019, although if customers were not happy with the response they could still take their complaint to the Ombudsman after this date. See our PPI: Can I still reclaim? guide for full info.