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.
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.
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|
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: email@example.com; (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
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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