The Marbles card is generally seen as a credit builder card – used by people with a low credit score or no credit history. It advertises a 34.9% APR representative (variable) – meaning it is an expensive credit card to use.
Marbles is one of many trading names of NewDay Ltd – which is authorised to lend by the Financial Conduct Authority.
Initially, Marbles might give quite a low credit limit when the card is first opened – perhaps a limit in the region of £300. But Marbles won’t always diligently monitor the way the Marbles card is being used by the customer – leading to any increases to the credit limit being irresponsible and unaffordable for the customer. An example of this is outlined in a case below:
‘By the time of the increase – in September 2016 – I can see that Mr J had almost immediately borrowed up to the original limit of £300 and incurred a late payment fee. So that – coupled with the previous information they’d at the time of the opening of the account – suggests to me that Marbles should’ve asked questions of Mr J before increasing the limit. But they didn’t.’ (https://www.financial-ombudsman.org.uk/decision/DRN-2705193.pdf)
We’ve seen examples where Ombudsmen expect Marbles to be reviewing the information it has available before agreeing a credit limit increase. This might include reviewing a credit report to see how the customer is managing their debts with other lenders. Or, it might include reviewing the way the Marbles account itself has been used up to that point. For example, customers who persistently and quickly use their entire credit limit, make late payments, exceed their credit limit, or use their credit card to withdraw cash, probably cannot afford an even higher credit limit. We can see this in two further example cases below:
‘Marbles increased Mr B’s credit limit to £750 in August 2018. I’ve looked at the information Marbles had available, including Mr B’s credit file, and I think it should’ve caused it to ask more questions before proceeding. I say this because Mr B had gone over his credit limit twice within the preceding six months. Further, Mr B’s outstanding balance for other unsecured credits went from zero to around £6,200 in a period of around 12 months. In addition, Mr B took cash advances in four out of the five months before the credit limit increase took place. Taking all the above into account, I think the information shows Mr B was struggling with his finances. I think the information should’ve caused Marbles to consider carrying out more proportionate checks before deciding to increase Mr B’s credit limit.’ (https://www.financial-ombudsman.org.uk/decision/DRN-3091261.pdf)
‘I have also looked at how Mr R managed his account after it was opened to the point when the credit limit was increased in April 2017. I can see that he used most of the available credit fairly quickly and made what I think were payments close to the minimum required amounts. He also exceeded his credit limit. I have looked at Mr R’s credit file and can see that Mr R opened other credit and lending accounts around that time and that his overall debt increased significantly. So, I don’t think Marbles carried out appropriate and proportionate checks on the credit limit increase. I think Marbles increased the limit from £900 to over £2,000 when it ought to have been clear that, although Mr R was making minimum required payments, longer term Mr R would have difficulties re-paying the borrowing at those rates.’ (https://www.financial-ombudsman.org.uk/decision/DRN-3064699.pdf)
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
|Percentage rate the Success Fee is calculated on (including VAT)
|Maximum Success Fee in band (including VAT)
|£1 to £1,499
|£1,500 to £9,999
|£10,000 to £24,999
|£25,000 to £49,999
|£50,000 or more
Below are examples of how this would work in practice.
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: firstname.lastname@example.org; (c) by telephone: 0345 544 1563; or (d) online at https://allegiant.co.uk/compliance/cancellation.
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