If you have received a refund from a lender, you may see that there is an "8%" element included. This applies in many situations, including PPI, affordability refunds and NOSIA refunds. Often the lender will have deducted basic rate tax from this 8% part. Since April 2016 non taxpayers and basic rate taxpayers can probably get some or all of this back from the HMRC. This article looks at … [Read more...]
Affordability & other refunds
Most of the articles here look at how affordability complaints can be made for different sorts of borrowing. They 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.