Bamboo Compensation What’s the deal?
If a customer believes that they were mislead about a Bamboo loan will be entitled to claim the interest they paid in addition to the additional amount of 8% compensation interest . This is on the grounds that the person was unable to pay the loan or was forced to take out additional loans or top-ups to pay back the loan.
This is in response to the recent increase in payday loan claims from lenders like Wonga and other lenders, which has been made available to millions of customers by former customers. In strict compliance with the FCA Guarantor lenders are required to pay the borrower all interest they paid and 8% interest if they can prove that the loan was not properly advertised.
Together with our partners, we’ll make a package of your compensation claim and forward the claim directly to Bamboo Loans – Lenders are obliged to respond to claims within eight months (or earlier).
What is the reason I can get an Bamboo Loan Refund?
If you’ve obtained a guarantor loan and any of the following scenarios apply to your particular situation, you may be eligible for compensation.
In the course of your application it is possible that you have not listed all your debts. the information you provided was not in line to your credit report The lender must have notified you to confirm this.
It’s likely to have underestimated the monthly expenses because of your own whimsy or desire to get a loan. In these situations, if your numbers seemed to be excessively high, you must have investigated their reliability more thoroughly.
At the time you applied did you earn a regular salary? In the event that you worked for yourself in this period , or even worked hours that were not consistent then the lender would have had to consider this.
Do you have proof of credit applications you have made recently or other issues on your credit report? Guarantor loans are designed for those with poor credit scores, but the lender must have known that your credit situation was getting worse.
When you added funds to your existing loans, the lender must have been able that they ran an additional set of tests as to the amount that was obtainable. Have you failed to make any previous loans? Had your finances deteriorated since your first loan? If so, the loan provider must have acknowledged that the current loan may be too expensive and, in turn, could have been the lender should have capped future loans.
The company may have only performed a brief assessment of your financial standing because of the circumstances of your guarantors. No matter what the financial situation of your guarantor, the loan must reflect your individual repayment capability.
Untrusted with an Bamboo Loan?
If you think you were mis-sold a Bamboo loan, you can request an amount of reimbursement by starting Bamboo claims.
Although you may not have wanted the loan at that time, you could be in a less financial position because of it, and the loan should never have been approved in the first instance.
If you had already taken out a loan through Bamboo and required more money, you could have received extensions or top-ups with no checks in place, just to put you under additional financial stress.
A Review of Guarantor Refunds and Complaints
The first factor to take into consideration when evaluating the admissibility of an guarantor loan complaint is whether the loan was within your budget prior to it being granted to you.
In the end, the best term for affordability would be whether after paying it back in installments punctually there is money left in order to pay your bills and avoid any the need for further borrowing.
In short the situation, if you were forced to obtain a loan for more or fell behind on payments due to the loan repayments of your guarantor then you are entitled to submit an appeal to the lender for a lack of affordability. This is a possibility regardless of whether you’re still making payments on the loan, or have ended the repayment and you are dependent on your guarantor or in the event that the loan was paid back.
If your request for affordability is successful, there are two outcomes that could occur. If you’re still in debt then your interest will be eliminated and you pay the amount you borrowed. If your loan has been paid, you’ll be refunded the interest plus 8 percent of the total amount of annual interest as per the law.
Bamboo Compensation What’s the deal?