What is Mis-Selling? Was My Loan Unaffordable?
As a responsible lender, all lenders must follow rules set out by the Financial Conduct Authority to ensure they lend money responsibly. Lenders need to check that it's fair and affordable for you to borrow money. If a lender fails to do so and still lends you money, you could be entitled to a refund of some or all of the interest and charges on those loans.
Affordability checks should always be undertaken by lenders. These checks may vary depending on the size of the loan or your lending history. Lenders should also consider any changes in your circumstances before approving a loan.
To determine if a loan is affordable, lenders should check that you can sustainably repay the loan over a reasonable period of time. If you can't make payments without borrowing from other lenders, the loan may not have been affordable and shouldn't have been offered to you.
Claim Owl (A trading style of The Claims Experts Ltd) has been successfully representing customers for a number of years and is happy to discuss potential claims with you.
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