How do you Challenge Irresponsible Lending by TFS?
Lending is irresponsible if ………….. doesn’t take into account your financial situation at the time of granting the loan. Have they asked you the question and more importantly established with evidence that you are able to afford the loan. This is both at the time the loan was granted but also having a realistic understanding through your credit history and income security that these commitments can be met over the period of the loan.
How to Claim for Irresponsible Lending with TFS?
First and foremost if TFS has leant money irresponsibly to you, we have to assess whether this is the case. We would contact the firm regarding initial concerns that you have and ask for information and review so that we can look at the information obtained from them at the time and questions that they asked and the answers provided.
If there hasn’t been any for of lending which is incorrect we can confirm this to you and as we work on a no win no fee basis no fee is due. Our fee of 24% inclusive only relates to refunds that are made after establishing that the lending was irresponsible.
How can i get Compensation for IrresponsibleLending?
Compensation is addressed if the lending is agreed to be incorrect by looking at what you have paid and the cost of paying this was to you. Most of the refunds we achieve for our clients normally deal with interest charged and a refund of this as well as compensatory interest on any refund agreed. Refunds can, depending on the amount borrowed run into thousands of pounds and can have a huge positive impact.
The reason for the refunds being so potentially large, although this is on a case by case basis and none are ever the same, is that the loans whilst not in themselves large they do carry a lot of interest commitments. If a loan has been repaid the interest charged and paid can easily exceed the amount borrowed in the first place
What is Irresponsible Lending?
Irresponsible lending can have a huge impact on a person and their families finance and in turn wellbeing. If you find yourself committed to a loan which a reasonable lender is unable to justify then how can another which charges a higher amount, say the borrowing is acceptable.
How do I know if the loan from TFS was made irresponsibly?
From contacting the firm we work with them to obtain details and information along side their investigation to establish if the correct sales practices and information gathering was employed. If not we would look at TFS making a refund to deal with the mis-sale.
There are a number of questions you have to ask yourself and if you say yes to any of them then it is certainly worth checking whether the loan was sold irresponsibly.
- Had you been turned down in the past for a loan by another lender?
- Was your income irregular?
- Have you had previous trouble with money?
- Did TFS not ask for evidence of your finances?
- Did you feel forced into the borrowing?
- Was the loan review rushed?
This isn’t a definitive list but basically you have to ask yourself did you think TFS did a thorough job or not when lending you the money?
How long does an irresponsible lending claim take?
Claims in respect of Irresponsible lending can take 4 to 8 weeks but if it is established that a potential mis-sale due to unaffordability has taken place it can take longer as we would ask the ombudsman to review and adjudicate on the concerns.