George Banco offers personal loans and guarantor loans, applied for online. Guarantor loans are where someone else, like a friend or relative, agrees to become responsible for the debt if the borrower fails to pay off the loan.
George Banco is a is a trading name of Everyday Lending Limited, a business which is authorised by the Financial Conduct Authority. It is worth bearing this in mind when making a claim against George Banco, as you may receive a complaint response from a representative of ‘Everyday Lending’ instead. But this is something Allegiant is very familiar with and can help with any confusion.
Upon receiving a loan application, George Banco will ask for some details of income and expenditure. Experience tells us it will also probably carry out a credit check, and calculate from all this information how much disposable income the customer was going to have to repay the new George Banco loan. However, this calculation is not always good enough to ascertain that the loan was truly going to be sustainably affordable. This can be seen from a couple of example cases below (referring to George Banco’s affordability calculations):
“By GeorgeBanco’s calculations, Mr C was left with £111 monthly disposable income once this loan was agreed. This doesn’t leave a great deal of flexibility for a family of four should anything unexpected happen. His credit commitments rose from £236 per month to £424 – over 31% of his net monthly income.” (https://www.financial-ombudsman.org.uk/decision/DRN-2137764.pdf)
“I note, however, that its calculations showed that Mr W would have a relatively low amount left over each month to meet any one-off or seasonal expenses, or indeed any likely increases in expense over the three year lifetime of the credit agreement. I don’t think it was fair to make a lending decision on this basis, given Mr W’s circumstances, without taking further steps to verify the information it had about his income and expenditure.” (https://www.financial-ombudsman.org.uk/decision/DRN-1627223.pdf)
George Banco are no longer providing loans, but you can still make a claim about loans taken out in the past – whether they are paid off or not. Allegiant can advise if this situation changes.Apply Now
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.
As of the 1st March 2022, we have implemented a new fee structure which we have explained below. If you signed your contract with us prior to the 1st March 2022, please refer to your signed claims pack for our previous fee terms.
Our fees are owed upon a successful claim and will depend on the amount of redress you receive in cash in hand compensation. This means we charge on what you actually receive, not debt or tax deductions. If income tax is deducted from 8% statutory interest received and sent to HRMC, we do not charge you on this deduction.
If successful, your fee will be calculated based on which band your redress falls into and will be charged by whichever is the lowest of:
The below table outlines the redress bands, the maximum percentage rate of charge and the maximum total charge is for each band.
|Band||Redress||% Charge (with VAT)||Maximum charge (with VAT) (£)||Maximum charge (without VAT) (£)|
|1||1 – 1499||36%||504||420|
|2||1,500 – 9,999||33.6%||3000||2500|
|3||10,000 – 24,999||30%||6000||5000|
|4||25,000 – 49,999||24%||9000||7500|
Examples of how this would work in practice:
|Band||Lower example||Higher example|
|1||You receive £100 in redress; our fee would be £36.||You receive £1499 in redress; our fee would be £504.|
|2||You receive £1,600 in redress; our fee would be £537.60.||You receive £9,999 in redress; our fee would be £3,000.|
|3||You receive £12,000 in redress; our fee would be £3,600.||You receive £24,999 in redress; our fee would be £6,000.|
|4||You receive £30,350 in redress; our fee would be £7,284.||You receive £49,999 in redress; our fee would be £9,000.|
|5||You receive £55,000 in redress; our fee would be £9,900.||You receive £100,000 in redress; our fee would be £12,000.|
If you owe your lender money (e.g., because you are in arrears or have an active loan), they may use some or all of your compensation to reduce what you owe them. If this happens, our success fee will be calculated on the actual cash in hand compensation that you receive, for example:
|1||You recover £1,000 but owe the lender £800 for an outstanding loan, so receive £200 cash in hand. Our fee would be 36% inc. VAT of £200 which is £72.|
|2||You recover £8,000 but owe the lender £2,000 for an outstanding loan, so receive £6,000 cash in hand. Our fee would be 33.6% inc. VAT of £6,000 which is £2,016.|
|3||You recover £21,000 but owe the lender £9,000 for an outstanding loan, so receive £12,000 cash in hand. Our fee would be 30% inc. VAT of £12,000 which is £3,600.|
|4||You recover £40,000 but owe the lender £10,000 for an outstanding loan, so receive £30,000 cash in hand. Our fee would be 24% inc. VAT of £30,000 which is £7,200.|
|5||You recover £70,000 but owe the lender £17,000 for an outstanding loan, so receive £53000 cash in hand. Our fee would be 18% inc. VAT of £53,000 which is £9,540.|
You would pay us the fee once you receive your cash in hand benefit from your lender, and your outstanding loan will also have been paid off at no additional charge.
Please note, the above fee examples are for illustration purposes only. They are not an estimate of the likely outcome or fee you will need to pay. Each claim depends on its own merits.
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: [email protected]; (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 £millions on behalf of our customers
We’ve been claiming high cost loan refunds since 2013