Some lenders are telling borrowers that it will take longer to respond to affordability complaints asking for refunds because of Coronavirus. You have a right to send a complaint to the Financial Ombudsman (FOS) after 8 weeks if the lender has not given you a Final Response. But should you let the lender have a few weeks extra? Most businesses are having some Coronavirus problems, so would … [Read more...]
How the borrower of a guarantor loan can complain
UPDATE: if your household income has been affected by Coronavirus, you can ask Amigo and other guarantor lenders for 3 month payment break. During this time the lender will NOT be able to ask your guarantor for payment. This applies whether or not you are making an affordability complaint, which is what the rest of this article looks at. Guarantor loans are very expensive. Often the … [Read more...]
How to complain when you are the guarantor for a loan
If you are a guarantor for a loan you can ask to be removed as the guarantor: if you couldn't afford to repay the loan without difficulty; or you were pressured into becoming the guarantor; or you didn't understand the implications of being a guarantor. This article has a template letter you can use to complain to the lender: you can complain if the borrower is still paying the … [Read more...]
A template letter to ask for a refund from Provident – how to to use this
If you had doorstep loans from lender such as Provident, you may be able to get a refund of the interest you paid if the lender should have realised the loan was unaffordable for you. Doorstep lending - also called home credit - is where a collector comes to your house to collect the repayments. Doorstep loans are used by over 1.3 million people in Britain. Many people have been borrowing … [Read more...]
How to get a payday loan refund – with template letters that work
Did your payday loans cost so much when you repaid one you had to keep on borrowing? You can get a refund of the interest you paid on unaffordable loans. It's easy to ask for a payday loan refund using the free template letters here. The letters work if your payday loans were repaid or if you still owe money. This article covers everything you need to get started. It's simple, easy, free … [Read more...]
A template letter to ask for a BrightHouse refund (old article)
This article was used to help people make affordability complaints to BrightHouse. Now (March 2020) BrightHouse is about to go into administration, this article is no longer relevant. You can still complain, but the process is much simpler and you can no longer go to the Financial Ombudsman. See BrightHouse administration – how does this affect customers? which says what you should do now, … [Read more...]
Were you sold a car on unaffordable finance?
The FCA has published its long-awaited review of car finance: Our work on motor finance – final findings. This work began back in April 2017. News reporting has seized on the FCA's findings that commission structures give dealers an incentive to charge higher interest rates. For example: Car buyers overcharged £1,000 by dealers for loans, says watchdog. But here I am interested in the FCA's … [Read more...]
Refunds of interest from large, high cost loans & logbook loans
The repayments on many loans from bad credit lenders are too high to be manageable so people get deeper into debt trying to repay them. If you have an unaffordable loan, you can complain and ask for interest to be removed from your balance. If the loan has been settled, you can ask for a refund of the interest you paid. This article describes how to complain, with templates. It is a … [Read more...]
Can you get refunds from catalogues, credit cards & overdrafts?
Have you had a catalogue or a credit card where you were given a high credit limit? So high that the minimum repayments were hard to manage without borrowing more? Many people were originally given sensible limits, but the lender kept increasing them. This approach can also be used for overdrafts if your limit was increased. Thousands of people got refunds from payday loan complaints in … [Read more...]