By now you have probably heard about the payday loan claims tidal wave that has brought lenders such as Wonga and Quickquid crashing down.
However, doorstep loan misselling is possibly a bigger scandal, with thousands of UK consumers borrowing from lenders such as Provident on their doorstep. These loans work much in the same way as payday and short term loans. In theory, they are short loans designed to bridge shortfalls between paydays.
However, unlike payday loan lenders, doorstep loan lenders build personal relationships via agents on the doorstep. These agents have historically been given targets to meet and commission rewards.
We are aware of very significant lending problems on the doorstep. We have seen customers locked into these relationships for years and years. It is remarkable that the agents / lenders have not recognised that the borrowers have been re-borrowing out of necessity – not choice. Eye watering amounts of fees have been paid by borrowers for products that are designed (and priced) for short term use.
The good news is that it is possible to claim against these lenders much in the same way as it is against payday loan lenders. If you have suffered due to doorstep lending with Provident or a regulated lender like them, we can help claim compensation.
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