118 118 Money Loan Compensation
Unfortunately, borrowers can end up falling into bad financial situations when mis-sold a loan. Loans should never be granted to those who cannot afford them, and proper affordability checks should prevent this from happening.
Have you been sold a loan you couldn’t properly afford from 118 118 Money? You could be eligible to make a claim. Forces Compare can help you to make a claim against mis-sold loans from 118 118 Money. We can help you with making a claim against a number of different lenders, including the following:
Start your claim today with Forces Compare. Our form is 100% online, taking only a matter of minutes to complete. Once this has been submitted, you should hear back from us in a couple of weeks. Fight back against mis-sold loans with Forces Compare.
“According to FOS statistics published in March 2021, Guarantor loans in particular were shown to have been upholding a huge 83% unaffordability complaints.”
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Why Could I Be Given a 118 118 Money Loan Refund?
If you have taken out a loan with 118 118 Money, and one or several of the following statements applies to your circumstances you may be entitled to compensation.
- During your application process, you may not have mentioned all of your debts and if this didn’t match with your credit record, the lender should have ensured to reaffirm this.
- It is possible that you underestimated your monthly expenditure due to guesswork or eagerness to be eligible for your loan, and in such circumstances, if your figures appeared too low, your lender should have explored their reliability further.
- At the time of your application did you have a regular income? If you were self-employed during this period or even had overtime that fluctuated, the lender should have looked at this.
- Did you have evidence of recent applications for credit or previous problems on your credit record? The lender should have been conscious of whether your situation appeared to be worsening.
- Whenever you topped up an existing loan, your lender should have ensured to run another set of checks concerning whether this was affordable. Had you missed any previous loan repayments? Had your finances deteriorated since your first loan? If so, the lender should have addressed the fact that their current loan could be unaffordable and as a result, capped any more lending.
Were You Mis-Sold a 118 118 Money Loan?
Those mis-sold loans from 118 118 Money could be eligible to make a claim and request a refund on the loan.
Loans should never be granted if they cause the borrower to end up in a worse financial situation compared to before they started borrowing the loan – this is the case even if they really needed the money from the loan at the time.
If a loan has been topped-up or the lender has granted an extension without the appropriate affordability checks this could have also worsened the financial pressure for the borrower.
Have you undergone the correct affordability checks for your 118 118 Money loan? If not, you could be eligible to make a claim against a mis-sold loan.