65 Church Street, Harston
Cambridge
Cambridgeshire
CB22 7NP
United Kingdom
Tel: 07421 141840
When the Financial Ombudsman upholds a complaint about an unaffordable Payday, Guarantor or Doorstep loan, the typical award is a refund of interest and charges on the unaffordable loan plus 8% simple interest. This interest can add up to a lot of money if the loans were a few years ago. There is no guarantee any loans are refunded, and if you have multiple loans, many times some have a successful complaint but not others. You don’t have to calculate this extra interest to make a claim. When you make a claim, this is calculated automatically. Many individuals making an unaffordability claim will have taken out multiple loans, either with different lenders or through topping up with the same lender, at the same time. In these cases, the circumstances and outcome for each loan may be different, when making a claim. Generally speaking, the later loans have a better chance of making a successful claim as, if you had pre-existing loans, the new loans were more likely unaffordable.
