Good to know: We are a Claims Management Company (CMC). You do not need to use a CMC to make your complaint to your lender. If your complaint is not successful you can refer it to the Financial Ombudsman Service yourself for free.
Good to know: We are a Claims Management Company (CMC). You do not need to use a CMC to make your complaint to your lender. If your complaint is not successful you can refer it to the Financial Ombudsman Service yourself for free.
Tesco Personal Finance is the financial services division of the well known retailer, Tesco. Amongst other products, they provide credit cards and loans.
We have seen examples of customers looking to borrow money from Tesco, where the customer already had significant debts. And we have seen that Tesco does not always do a good enough job when making its lending decisions – and fails to sufficiently account for the customer’s existing debt commitments.
Below are some examples of what ombudsmen have said about Tesco:
“I don’t think it made a fair lending decision. By this time Tesco Bank knew Mr E’s monthly income had fallen again to £1,667 and that his overall indebtedness had doubled over the last two years to £11,249. So it ought to have been concerned that further increasing his limit would out Mr E in the position where he would have to spend a large proportion of his income on repaying debts. And it should have realised there was a high risk this would not be sustainable” https://www.financial-ombudsman.org.uk/decision/DRN-4015807.pdf
“There were enough signs in its initial checks that it needed to do more to get the assurances it needed that Mr E could afford to take on more credit without needing to borrow to repay or suffering some other adverse financial consequences. It failed to do this and so I find it lent irresponsibly.” https://www.financial-ombudsman.org.uk/decision/DRN-3914487.pdf
“Tesco Bank lent to Miss K knowing it would mean she was spending around 55% of her income on her unsecured credit commitments. I think at that level it ought to have been concerned this would not be sustainable over such a long loan term.” https://www.financial-ombudsman.org.uk/decision/DRN-4053556.pdf
So if you have borrowed from Tesco, when you already had lots of debts from other lenders already, you might want to consider whether you are a victim of irresponsible lending.
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We realise that claiming against your 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 unaffordable lending complaint made
Lender responds with a Final Response Letter
If appropriate resolution cannot be reached with the lender, referral to Financial Ombudsman Service.
Our success fee is due only if your lender makes a compensation payout, and is calculated on the amount of the compensation payout. We do not charge you for any part of a settlement that results in the lender reducing your outstanding balance – that is on the house!
The success fee amount is calculated using a band charging system. There are five charging bands. Each band has a maximum amount that we will charge.
Success Fee Charging Table
| Band | Compensation Payout | Percentage rate the Success Fee is calculated on (including VAT) | Maximum Success Fee in band (including VAT) |
| 1 | £1 to £1,499 | 36% | £504 |
| 2 | £1,500 to £9,999 | 33.60% | £3,000 |
| 3 | £10,000 to £24,999 | 30% | £6,000 |
| 4 | £25,000 to £49,999 | 24% | £,9000 |
| 5 | £50,000 or more | 18% | £12,000 |
Below are examples of how this would work in practice.
| Lower example | Higher example | |||
| Band | Compensation Payout | Success Fee | Compensation Payout | Success Fee |
| 1 | £100 | £36 | £1,499 | £504 |
| 2 | £1,600 | £537.60 | £9,999 | £3,000 |
| 3 | £12,000 | £3,600 | £24,999 | £6,000 |
| 4 | £30,350 | £7,284 | £49,999 | £9,000 |
| 5 | £55,000 | £9,900 | £100,000 | £12,000 |
If you want to see how much we would charge for a specific amount, please visit our online fee calculator at https://allegiant.co.uk/unaffordable-lending-claim-fees.
Please note that the examples in the tables are for illustration purposes only. They are not an estimate of the likely outcome or success fee.
You can cancel for free at any time within 14-days without giving any reason and without incurring any liability. You can communicate your cancellation by telephone, post, email or online.
You can cancel this agreement at any time after the 14-day cancellation period. However, if a complaint submitted by us is successful, the Success Fee will apply in the usual way.
You can cancel by post: Allegiant Finance Services Limited, Freepost RTYU–XUTZ–YKJC, 400 Chadwick House, Warrington Road, Birchwood Park, Warrington, WA3 6AE; (b) by email: helpdesk@allegiant-finance.co.uk; (c) by telephone: 0345 544 1563; or (d) online at https://allegiant.co.uk/compliance/cancellation.
Allegiant Finance Services is widely regarded as a pioneer in the high cost loan claims management market.
Contactable by email, phone, or post, whichever you prefer
We will only correspond with you and keep your details secure. We’ll never sell your data.
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
We are proud to have recovered over £67m for unaffordable lending claims since 2013
We’ve been claiming high cost loan refunds since 2013
Good to know: We are a Claims Management Company (CMC). You do not need to use a CMC to make your complaint to your lender. If your complaint is not successful you can refer it to the Financial Ombudsman Service yourself for free.
