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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.

0345 544 1563

Advantage Finance was founded in 1999. They specialise in providing financing for motor vehicles and state that they offer Hire Purchase agreements up to £15,000. The repayment period for the financing cannot exceed 5 years.

Advantage Finance is required to conduct thorough checks to ensure that the financing is affordably sustainable for the customer. However, their current checks may not always meet the necessary standards. In response to a complaint, an ombudsman stated:

‘Advantage didn’t ask Mr F about his expenditure and haven’t provided evidence to suggest the bank statements they say they had were used for this purpose. Although Advantage did complete a credit check, this won’t have indicated what Mr F’s regular living expenses were. Without knowing what Mr F’s regular committed expenditure was, Advantage wouldn’t have got a reasonable understanding of whether the agreement was affordable or not.’ https://www.financial-ombudsman.org.uk/decision/DRN-3330407.pdf

It is worth noting that not all customers will possess enough funds to make regular monthly repayments to Advantage Finance. This could be due to Advantage Finance making an irresponsible lending decision. For example, it is possible that the customer did not have sufficient disposable income to cover both the repayments on the Hire Purchase agreement and the associated expenses of owning a car:

‘I’ve reviewed three months of bank statements leading up to the lending decision. These show that Ms T was paying about £2,350 towards her committed living expenditure including rent, council tax, food, and  utility costs. Her income was higher than Advantage had recorded as she was in receipt of child tax credit and child benefits. In total I think Ms T’s income was about £2,550 and that left her with disposable income of £200 before this loan of £155.07 per month and any fuel and motoring expenses were taken into account. That demonstrates that Ms T didn’t have enough disposable income to afford the additional borrowing. Advantage therefore didn’t act fairly by approving the finance.’ https://www.financial-ombudsman.org.uk/decision/DRN-3224900.pdf

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Our Unaffordable Lending Claims Process

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.

  • Step 1

    Pre complaint investigation and analysis

  • Step 2

    Formal unaffordable lending complaint made

  • Step 3

    Lender responds with a Final Response Letter

  • Step 4

    If appropriate resolution cannot be reached with the lender, referral to Financial Ombudsman Service.

Our Fees

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.

Cancellation

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.

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We are proud to have recovered over £67m for unaffordable lending claims since 2013

Proven Track Record

We’ve been claiming high cost loan refunds since 2013

Claiming for Free Yourself

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.