Irresponsible Payday Lending
Why Can I Now Claim On Payday & Doorstep Loans?
Payday Loans are highly attractive as they guarantee quick money and seem ideal for emergency situations but in many instances they can be the cause of much distress.
Payday Lender(s) have a duty of care and consideration towards their clients. Therefore they should carry out thorough checks to confirm that their loan is affordable, and the client can in fact pay this back.
Many Payday Loan providers did not effectively follow the checks required, meaning some clients built up vast amounts of unmanageable debt causing huge stress and personal issues.
If you have ever taken out a Payday Loan, then you too could be entitled to compensation.
What is Unaffordable Lending?
Unaffordable lending means lending that the consumer could not reasonably afford at the time it was taken out. Lending money without checking affordability is known as irresponsible lending. If you were only able to repay your payday loans by applying for a new loan (either from the same or a different lender), then your loans were most likely unaffordable.
Am I Able To Claim
You Can Claim If the charges you have incurred were not made clear to you by your Lender.
You Can Claim If you needed to take out further loans from your Lender to cover the initial loan.
You Can Claim If you needed to borrow from a different Lender to cover the initial loan repayments.
You Can Claim If the loan was a significant part of your income leaving you short for your bills, mortgage and food.
You Can Claim If it is clear that your High Cost Lender did not carry out the proper checks on your financial position.
You Can Claim If your High Cost Lender gave you a loan that was simply not affordable.
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