💥 LOAN SCAMS — PROTECT YOURSELF
⚠️ INTRO: WHY AWARENESS MATTERS
Fraudsters often target individuals with fake loan offers or misleading terms. If you’ve taken out a loan, it’s important to understand what checks should be in place and what your rights are if things go wrong.
The FCA advises that:
“Lenders must act responsibly to protect borrowers from fraud. Failures to implement effective fraud prevention measures contribute to widespread financial harm.”
Citizens Advice has also noted:
“Scams related to personal loans have surged. Many victims were unaware of the warning signs.”
Key points to be aware of:
- Fraudsters often use convincing fake loan agreements.
- Important terms may be hidden in small print.
- Warning signs can be missed if you don’t know what to look for.
❓COULD YOU HAVE A CLAIM?
If you have been affected by a scam involving a loan, you may be entitled to make a complaint. This depends on whether reasonable checks were carried out and whether you were provided with clear information.
Situations where you may be able to raise concerns include:
- Your loan was approved without sufficient verification checks.
- You did not receive clear information about the loan terms.
- No steps were taken to confirm whether the loan offer was genuine.
- The offer appeared unusually attractive without any risk explanation.
- You were not provided with scam awareness information.
- Concerns you raised were not addressed promptly.
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📝 MAKING A COMPLAINT
If you believe you have been the victim of a loan scam and that proper safeguards were not in place, you can take the following steps.
STEP 1: Gather Evidence
Keep copies of emails, contracts, messages, and screenshots. The more documentation you have, the clearer your case will be.
STEP 2: Contact Your Lender
Visit your lender’s complaints page and explain the issue clearly. Include details about what happened and the impact on you.
STEP 3: Escalate if Necessary
If your lender does not respond within 8 weeks or you are unhappy with their response, you can contact the
Financial Ombudsman Service to review your case.
www.financial-ombudsman.org.uk
STEP 4: Seek Legal Advice
If your complaint is not resolved through the Ombudsman, you may wish to speak to a solicitor who specialises in financial disputes or consumer fraud.
