If a loan is deemed unaffordable, borrowers may be entitled to redress, such as a refund of interest or fees, or adjustments to the terms of the loan.
🔥 IRRESPONSIBLE LENDING — KNOW YOUR POWER
⚠️ WHAT IS IRRESPONSIBLE LENDING?
Irresponsible lending is when banks or lenders hand out loans without checking if you can actually afford it — straight-up reckless. It’s like spotting a lifter who’s too weak to lift the weight but pushing them anyway. The FCA calls it a big no-no.
Here’s the deal:
- Affordability checks: Lenders MUST check you can pay back without wrecking your budget — bills, food, rent, all that real-life stuff.
- Consumer Credit Act 1974: Your shield against shady deals on loans, car finance, and more — know your rights, warrior.
- Breaking FCA rules: If lenders skip these steps, they’re breaking the rules — and that’s your green light to complain to the Financial Ombudsman Service (FOS) or take it higher.
If your loan’s crushing you? You might be owed money back, interest refunds, or better loan terms. Don’t stay stuck. Fight back, claim what’s yours, and get your financial freedom.
🔥 AFFORDABILITY COMPLAINTS — TIME TO TAKE CONTROL!
🤔 WHAT’S THIS AFFORDABILITY THING?
Regulators say lenders gotta check if you can afford the credit before they give it to you. Simple. Here’s the lowdown:
- Before You Get Credit: Lenders must check your cash flow — how much you earn, spend, and owe — before signing you up.
- If They Boost Your Limit: They better double-check that you can still handle it before upping your credit game.
- What “Affordable” Means: You shouldn’t be left broke after repayments — bills, food, and other debts come first.
- Warning Signs: If you’re borrowing just to pay other debts or living paycheck to paycheck, that’s a red flag.
- Paying Minimums: Fine short-term, but dragging that out means trouble.
⚠️ READY TO FIGHT? HOW TO COMPLAIN LIKE A PRO
Why Complain?
If your lender ignored your struggles, raised your limits with zero checks, or kept you trapped — you’ve got a fight on your hands.
Get These Ready:
- Credit Limit Increases: No exact dates needed. Just say how many times they bumped your limit up.
- Your Credit Report: Grab a free TransUnion report or similar — proof of your money situation.
- How to Submit: Email is king — keeps it official. Include your account info, DOB, and registered email.
💡 DON’T FORGET THESE THINGS
- Accounts Matter: Whether your account’s open, closed, or sold — you can still complain.
- Old Stuff: More than six years? Harder to prove, but the Ombudsman might still listen.
- Serious Debt? If you’re overwhelmed, look into debt management plans to get back on track.
- Refunds: Usually, you get back what you overpaid in fees and interest.
👎 GOT REJECTED? HERE’S WHAT TO DO
- If your complaint gets shot down or you get a tiny refund, don’t quit. Take it up with the Financial Ombudsman Service — they’re the referee you need.
