Make an unaffordable lending claim.
Claim a refund of overdraft interest. Average claim £3000
An overdraft is not supposed to be a long-term lending solution and should be used as an emergency fund according to banks own literature. However, millions of people across the UK have been living continuously in their overdraft and paying high interest rates. The banks have a responsibility to help consumers who are using it as a long-term lending solution to find a cheaper alternative.
Claim a refund of credit card interest. Average claim £5000
As with overdrafts, credit cards are not supposed to a long-term lending solution and should be used for short term emergencies. However, there are millions of consumers across the UK who have just been making minimum payments at high interest rates who would take up to 10 years to clear off the balance.
An unaffordable lending claim is a claim made against a lender who has lent money to someone who could not afford to repay it. The claim is based on the fact that the lender did not carry out an affordability check before lending the money.
If you make an unaffordable lending claim and are successful, the lender may be forced to refund all of the interest and charges that you paid on the loan. You may also be entitled to compensation for any distress or inconvenience that you have suffered.
How do i start a claim?
Make An Enquiry With Our Panel
For us to establish if you could be eligible, you will need to provide us a few details about yourself.
70% of people who apply for more info qualify to make a claim.
Providing Your borrowing information.
Within just a few steps, you can share your credit reporting data and other credit information that will suppoert an unaffordable lending claim.
Over 90% of consumers who complain receive compensation.
Using the latest in Artificial Inteligence
We will review your lending, borrowing, payment, court and insolvency history to assist us in establish any potential claims.
All our claims are 100% No win no fee.
What we look at
In the same way as for other types of complaint, when a consumer contacts us about unaffordable or irresponsible lending we'll ask:
- Did the business do everything it was required to do?
- And if they didn't, has their customer lost out as a result?
As with every case, our answer to a complaint will reflect what's fair and reasonable in the circumstances. And in considering what's fair and reasonable, we'll consider relevant law and regulation, regulators' rules, guidance and standards, codes of practice, and what we consider to be good industry practice at the time.
If there are disagreements about the facts, we'll make our decision about what probably happened using evidence provided by you, your customer and relevant third parties.
When a borrower complains about credit having been provided irresponsibly we'll ask questions such as:
- Did the lender complete reasonable and proportionate checks to satisfy itself that the borrower would be able to repay any credit in a sustainable way?
- If reasonable and proportionate checks were completed was a fair lending decision made?
- If reasonable and proportionate checks weren't carried out, what would reasonable and proportionate checks more likely than not have shown?
- Bearing in mind the circumstances, at the time of each application (or increase in credit), was there a point where the lender ought reasonably to have realised it was increasing the borrower's indebtedness in a way that was unsustainable or otherwise harmful and so shouldn't have provided further credit?
- Did the lender act unfairly or unreasonably in some other way?
The Unaffordable Lending Claim Specialists
Many people are still unaware that there are rules in place for businesses in the UK to lend money responsibly. Many of these rules are set out in the Consumer Credit Sourcebook ("CONC") section of the Financial Conduct Authority's Handbook.
Even if you knew exactly what you were doing by approaching a lender to borrow money, and you wanted and needed the money, the rules mean that lenders should still be carrying out affordability checks. And if the lender did not do its job properly, you could be entitled to get the interest charges you paid on the borrowing, refunded back to you.
There are many different lenders and products in the UK - ranging from loans to credit cards. Affordability checks should be proportionate and so will vary in how thorough the background checks need to be. The type of affordability checks the lender needed to do will depend on various factors, including the amount of money being borrowed, over what length of time, and whether you were already a known customer of the lender (with a history of previously borrowing with them). Essentially though, the lender should be checking to establish that you can sustainably repay everything you owe over a reasonable period of time or the entire term of the credit agreement. Repaying sustainably means that it should not cause you too much difficulty to pay month after month from your income or savings. And it certainly wouldn't be right if you had to borrow even more money just to afford the repayments on your existing borrowing.
We find that many lenders do not carry out the affordability checks they should have done. Or, whilst proportionate checks were carried out, the lender chose to overlook information which ought to have meant they declined the lending. For example, this might be because someone was already in severe financial difficulty before the lending decision was even made - so the lender ought to have known that any additional borrowing was simply not going to be sustainable. We've also seen examples of lenders repeatedly lending to the same customer time and time again - when the lender ought to have known that a harmful pattern of repeat borrowing - and persistent reliance on credit - had emerged.
Current claim portfolio mix
We will look for adverse information on your credit report to be rectified due to unaffordable lending.
E: info@unaffordablelendingclaim.com
T: 0141 459 0239
Unnafordable lending claim is a trading name of
Park pension recovery service LTD Ltd which is regulated by the Financial Conduct Authority, in respect of regulated claims management activities authorisation number 836153.
Important Information
You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.
It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Services Compensation Scheme, whichever is applicable to your claim.