The UK’s Unaffordable Lending Claim Problem
High cost loans can cause misery when the lender does not undertake proper affordability checks either at the outset of the lending relationship, or when re-lending. This has left many people struggling to survive after making loan payments. Sound familiar? Here at Allegiant we’ve been claiming against high cost lenders since 2013 and have a long track record in claiming compensation.
What is the basis of a high cost loan claim?
Many people are surprised to hear that they could recover fees and charges paid to high cost lenders.
Lenders have always had a duty to lend affordably. High cost loans are, by their very name, expensive. It’s common sense that customers would generally only turn to high cost loans if refused credit by traditional credit lenders such as banks and credit card issuers.
The reality is that many lenders have historically not assessed affordability properly. As a result, many people have been left in a position where repaying their expensive loan means they struggle to get through the month. If this should have been obvious to the lender, compensation may be due.
Putting things right
We can help! However, you do not need to use a claims management company to make a complaint to your high cost lender, and if your complaint is not successful you can refer it to the Financial Ombudsman Service yourself for free.
If you would prefer to use a claims management company to investigate and present a high cost loan refund complaint, then you’re in the right place. We’ll establish the facts and present your case.Apply Now
Catalogue companies make it easy for customers to purchase from them through credit facilities, but did you know they are under a regulatory obligation to ensure their lending is affordable? If you have ever struggled to repay a catalogue company or feel trapped by an endless cycle of unsustainable repayments you may have a claim.Catalogue Credit Claims
Many financially distressed UK consumers turned to guarantor loans when high street lenders would no longer lend. Guarantor loan companies accepted these customers as long as a friend or family member agreed to pay off the loan if the borrower did not pay. However, many guarantor loans were not affordable in the first place, and should not have been lent. If you borrowed and struggled to repay (or were a guarantor that had to repay), we could help.Guarantor Loan Claims
Doorstep loans have a long tradition in the UK, but many lenders have recently been exposed as lending without undertaking unaffordability checks. If you have taken out repeat door step loans due to necessity, you may have been mis-sold.Doorstep Loan Claims
Payday loans (or flexible high cost loans) are designed to meet a borrower’s emergency cash flow needs. However, some payday loan lenders lent repeatedly to UK consumers, when it should have been obvious to them that the customer was in a debt cycle. If this sounds familiar, you could claim compensation.Payday Loan Claims
Our Unaffordable Lending Claims Process
We realise that claiming against a high cost loan lender can seem daunting. We aim to make the claiming process as simple as possible. We specialise in affordability claims. Our experienced team will communicate with the lender (and where required, the Ombudsman service) on your behalf. We use bespoke technology to ensure efficient claims handling. Throughout the process, we inform you of claim progress using a “stage process”, so you can track your progress easily. Please remember though, that you do not need to use a claims management company to make your complaint to your lender, and if your complaint is not successful you can refer it to the Financial Ombudsman Service yourself for free.
Pre complaint investigation and analysis
Formal mis-selling complaint made
Lender responds with a Final Response Letter
If appropriate resolution cannot be reached with the lender, referral to Financial Ombudsman Service.
We are one of the few claims management companies that offers a “No Cash, No Fee” service. This means our success fee is only charged on the actual cash you receive – not on debt deductions applied by your lender. To put it simply, you’ll never be left with less cash in your pocket than you began with if you use us.
Our standard success fee is 30% inclusive of VAT calculated on the cash-in-hand that you receive. It couldn’t be more simple.
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- Our fee £. This fee includes VAT.
- £ Cash in hand after you pay our fee.
To be clear, we do not charge the success fee for tax deductions or debt deductions of any kind.
Working fee examples:
- If you are awarded £0 in redress/compensation, there is no charge
- If you are awarded £1,000 in redress our success fee would be £300 (inc. VAT)
- If you are awarded £3,000 in redress our success fee would be £900 (inc. VAT)
- If you awarded £10,000 in redress our success fee would be £3,000 (inc. VAT)
- If you have an active loan or arrears, the lender will likely reduce or wholly offset any cash in hand you receive. In this scenario, the success fee will be calculated on the cash in hand you receive, for example:
If you are awarded £1,000 in redress but your lender also deducts £500 for outstanding liabilities, our success fee is calculated on £500 cash in hand. Our success fee would be = £150 (inc. VAT).
But don’t just take our word for it – why not try our calculator to see how our fees work on a hypothetical award:-
The Smart Choice For Unaffordable Lending Claim Representation
A trusted name
Allegiant Finance Services is widely regarded as a pioneer in the high cost loan claims management market.
Friendly and experienced advisors
Contactable by email, phone, live chat or post, whichever you prefer
Confidential & Discreet
We will only correspond with you and keep your details secure. We’ll never sell your data.
True Online Application System
Much more than a contact form. With our full online application process you will receive an instant automated decision on whether we can take on your claim
Over £50+ million recovered
We are proud to have recovered £millions on behalf of our customers
Proven Track Record
We’ve been claiming high cost loan refunds since 2013