TrustTwo provide guarantor loans. 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.
TrustTwo 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 TrustTwo, 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.
The rules around responsible lending are set out in the Consumer Credit sourcebook (“CONC”). These rules outline that a lender needs to carry out proportionate checks to ensure the loan can be sustainably repaid. In one case, an Ombudsman reminded TrustTwo that, even though it provides guarantor loans, it still has a responsibility to check that the borrower can afford the loan:
“CONC 5.2.6G (2) makes clear that the existence of a guarantor doesn’t remove or reduce the obligation on a lender to carry out the assessment I’ve outlined above.” (https://www.financial-ombudsman.org.uk/decision/DRN3191976.pdf).
Loans are often unaffordable when the customer is drowning in existing debt before the TrustTwo loan even starts. In upholding (the same case as above), the Ombudsman explained:
“If Trusttwo had done what I consider to be proportionate in these circumstances I think it would’ve seen that he had been borrowing consistently from high-cost short-term lenders such as those who provide payday loans, instalment loans and revolving credit, since at least 2012.” (https://www.financial-ombudsman.org.uk/decision/DRN3191976.pdf)
TrustTwo 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.
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.
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We are proud to have recovered over £67m for unaffordable lending claims since 2013
We’ve been claiming high cost loan refunds since 2013