Mis-Sold A Financial Product? Learn how to gain compensation, refunds and much more!
Financial Claims Experts
Have you been mis-sold a product you didn’t need, or were charged excessive commissions or interest? Our aim is to provide you with the information you need to understand if you have a claim and if you do, how to progress it.
Financial Claims Experts
"Have you been sold a product you didn’t need or charged excessive commissions or interest? Let us guide you on how to claim."
We industry experts who have a wealth of knowledge and experience having worked in Financial Services for over 20 years, more recently in the claims sectors. We have valuable insight into lending, complaints, debt issues and where to get help. We also have experience helping the people access routes to redress where the Financial Institutions have let them down and, in some instances, made money out of their Financial Hardship.
...so you could be entitled to compensation and more
We industry experts who have a wealth of knowledge and experience having worked in Financial Services for over 20 years, more recently in the claims sectors. We have valuable insight into lending, complaints, debt issues and where to get help. We also have experience helping the people access routes to redress where the Financial Institutions have let them down and, in some instances, made money out of their Financial Hardship.
We want to give ordinary people the tools to help with their financial situation, be it via complaints, debt solving or just pointers of where and how to navigate the financial system.
We hope you find our content useful, and if you have any questions about the financial system and how it works, do not hesitate to get in touch.
Have you been mis-sold a product you didn’t need, or were charged excessive commissions or interest? Our aim is to provide you with the information you need to understand if you have a claim and if you do, how to progress it.
Victims of unaffordable or irresponsible lending in the UK may be entitled to various forms of redress if a lender is found to have breached its regulatory obligations. Possible remedies include:
- Refund of Interest and Charges: Borrowers may be refunded the interest, fees, and additional charges paid on the loan, effectively reducing the total cost of the borrowing.
- Reduction of Outstanding Balance: The lender may be required to adjust or eliminate any remaining balance to reflect what the borrower would owe without the improper charges or interest.
- Removal of Negative Credit Marks: Any negative information on the borrower’s credit file related to the unaffordable loan could be removed, helping to repair their credit score.
- Compensation for Distress and Inconvenience: Borrowers may receive additional compensation if the lender’s actions caused significant stress or financial difficulty.
- Restructuring of Loan Terms: The loan terms may be revised to make repayments more manageable, such as extending the term or reducing the monthly payments.
- Full Loan Write-Off: In cases of severe breaches, the lender might be required to write off the entire loan balance.
To seek redress, borrowers can:
- Complain to the lender: Requesting redress directly is often the first step.
- Escalate to the Financial Ombudsman Service (FOS): If the lender does not resolve the issue, a formal complaint can be made to the FOS, which will investigate and potentially order redress.
- Pursue legal action: In some cases, victims may take the lender to court to claim compensation for losses.
The exact outcome depends on the circumstances and the findings of any regulatory or legal review.
Just what is Unaffordable lending you might ask?
Banks and other Financial Providers have a duty to only lend money to people who have the ways and means to pay it back. When Banks and other lenders sell you an Overdraft (OD) for example, they not only have to check that you can repay the Overdraft within a short period of time, but also do regular checks to make sure the OD is the right product for you.
Overdrafts
Overdrafts are designed for short-term credit, but many consumers rely on arranged overdrafts over extended periods, leading to prolonged charges. For these people, an overdraft may not be the most suitable borrowing option. Banks don’t always get it right, and when they don’t, many people can successfully claim back the interest and charges they’ve paid over time, with compensation often amounting to thousands.
Financial Claims Experts
Credit / Store Cards
Credit card and store cards can be highly expensive and push users further into debt . Victims of unaffordable or irresponsible lending in the UK may be entitled to compensation for Distress and Inconvenience: Borrowers may receive additional compensation if the lender's actions caused significant stress or financial difficulty.
Hidden / Undisclosed Commissions
Undisclosed commission claims, or hidden commission claims, arise when a party in a transaction, such as a broker, receives a commission without informing the other parties. If you took out a loan and were unaware that a financial broker received a hidden commission, you may be eligible to file a claim.
Mis-sold PCP Car Finance
Personal Contract Purchase (PCP) is back in the spotlight following a Court of Appeal ruling that deemed lenders’ failure to disclose commission to customers unlawful. The ruling highlighted that not only Discretionary Commission Arrangements (DCAs), where brokers can raise interest rates to boost their commission, but also fixed-fee commission rates, are potentially problematic due to non-disclosure. With millions of customers affected and significant financial implications, lenders have appealed the verdict, which will now be reviewed by the Supreme Court in 2025. We will closely monitor developments and update our pages as the Court’s decision and the FCA’s response become clear.
Mis-sold Pension & Investments Advice
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Filing a claim for unfair discretionary commission charges or unaffordable finance could provide substantial benefits, such as a refund for overpaid interest and extra compensation, including statutory interest (usually 8% per annum). Successfully resolving your claim can ease financial pressures, restore stability, and give you greater control over your finances.