Irresponsible Lending Claims
Have you found yourself struggling to repay a loan, credit card, finance agreement, catalogue or even a doorstep loan?
It’s natural to feel responsible when you can’t repay borrowed money. If you’ve taken finance that seemed expensive from the start, you might be a victim of irresponsible lending. Regulated companies offering debt have a duty to check you can afford their credit before it’s provided.
Irresponsible Lending Claims
Lenders have a duty to ensure that the products they offer are suitable for their customers’ financial circumstances. When they fail to do so, it can lead to severe financial difficulties for borrowers.
If you’ve been affected by this, we understand how difficult it can be to cope with the consequences, but help is available. You may be able to claim compensation and have the inflated interest you have paid refunded and maybe even write off the debt entirely.
Contact us today to discuss your options for irresponsible lending claims.
Irresponsible Lending Claims FAQs:
What is an irresponsible lending claim?
An irresponsible lending claim seeks compensation or debt cancellation due to loans or credit agreements that were unaffordable and should not have been offered in the first instance.
How can I tell if a loan was irresponsibly lent to me?
If the lender did not properly assess your ability to repay the loan or if the terms were not clearly explained, you may have grounds for a claim.
Who can make an irresponsible lending claim?
Anyone who has been left in financial distress due to a loan or credit agreement that was unaffordable from the outset can make a claim.
What compensation can I expect from an irresponsible lending claim?
Compensation may include debt cancellation, refund of interest, and in some extreme cases, damages for financial hardship.
How long do I have to make an irresponsible lending claim?
You typically have six years from the date of the agreement or from when you became aware of the issue to make a claim.
What is the process for making an irresponsible lending claim?
The process begins with a consultation to evaluate your case, followed by gathering evidence, and then pursuing the claim with the lender or through their complaints process and if necessary, legal channels.
What are some examples of irresponsible lending?
Irresponsible lending claims often arise from payday loans, high-interest credit agreements, and other forms of predatory lending where the borrower’s ability to repay was not adequately assessed.
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Many of the practices in irresponsible lending are also relevant to car finance.
Do you suspect you may have been overcharged or misled when taking out a car finance deal?
