Have you had a catalogue, credit card or store card where your credit limit was too high? So high that the monthly repayments were hard to manage and you got into more debt? Many people were originally given an OK limit, but the lender kept increasing them. You may have a good complaint that the lender was irresponsible in allowing you to borrow so much that the debt was … [Read more...]
Refunds for unaffordable lending
The articles here look at how affordability complaints can be made for different sorts of borrowing. Most of them have a template letter you can use.
The regulator says that a loan is "unaffordable" if you couldn't make the repayments without borrowing.
This could be borrowing again from the same lender, from another lender, using more of a credit limit, getting deeper into your overdraft or by not paying a bill.
So even if you always paid your loans on time, they could still have been unaffordable if paying them made your finances worse.
Problem overdraft? How to ask your bank for a refund of interest
Have you had big overdraft problems for a long period? You can make an affordability complaint and ask for a refund of overdraft charges if: your overdraft limit was increased to a level you are unable to clear; or your overdraft usage showed you were in long-term financial distress. For example, being in the overdraft all the time, or using an unauthorised overdraft a lot. This … [Read more...]
Were you sold a car on unaffordable finance?
Was your car finance unaffordable? The FCA, who regulates car finance lenders. and the Financial Ombudsman (FOS) say: a loan is only affordable if you can make the repayments on time, without hardship and still meeting your other commitments. That means you need to be able to pay all your other debts, your normal household bills and expenses as well as the new car loan payments. You may … [Read more...]
Refunds from large loans including car finance
The repayments on many loans and car finance are too high to be manageable so people get deeper into debt trying to repay them. This article describes how to complain, with templates. Many people have used them and got refunds - see the comments below. If you win your complaint you will get the interest refunded or - if you still owe a balance - removed so you only have to repay what you … [Read more...]
How to get a payday loan refund
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 you still owe money. The comments below this article have thousands of stories of the refunds people … [Read more...]
Gambling – get refunds from loans, credit cards & overdrafts
Many people with a gambling problem have been given unaffordable credit. This fueled their gambling and they got deeper into debt. Credit is affordable if you can repay it and still pay your other debts, bills and expenses. If it is unaffordable, then you can ask for a refund of interest and charges and take a complaint the lender declines to the Financial Ombudsman (FOS). But gambling … [Read more...]
Doorstep lending – a template letter to ask for a refund
UPDATE: Morses Club has set up a Scheme for loans taken before 2 August 2022. See Morses – details of Scheme & how to make a claim. For Morses loans after that date, use the template letter on this page to make a complaint. These can still go to the Financial Ombudsman and refunds will be paid in full. UPDATE: in March 2022, Loans At Home went into administration. There is no money to pay … [Read more...]
How the borrower of a guarantor loan can complain
UPDATES: Do not use the templates on this page for the following lenders, instead see the specific page: George Banco & Trust Two a Scheme of Arrangement is underway, you need to make a claim to this scheme, see Everyday Loan Scheme for details Amigo has set up a Scheme of Arrangement. The deadline for making a claim has now passed, see Amigo's Scheme for details. Buddy Loans went … [Read more...]