1st Stop Personal Loans Compensation, How Does it Work?
Think you’ve been mis-sold a loan from 1st Stop Personal Loans? You could be eligible to make a claim. Borrowers should never be granted loans they can’t afford. However, unfortunately this still happens. Those mis-sold loans from 1st Stop Personal Loans may be eligible for a refund on the loan.
Being sold a loan you can’t actually afford can often worsen your financial position. When this happens, it can be difficult to know who to turn to for answers – this is where Forces Compare can help.
Forces Compare can help borrowers wanting to make a claim against mis-sold loans, not only from 1st Stop Personal Loans, but a range of other lenders, including:
Thinking of making a claim? Get started on your claim today with Forces Compare. Our online form is quick and simple to complete, takes only a few minutes to fill in, and is 100% free to submit. After you’ve completed this form, you should hear back in a couple of weeks.
“According to FOS statistics published in March 2021, Guarantor loans in particular were shown to have been upholding a huge 83% unaffordability complaints.”
Your Claim Is In Good Hands
Since their conception in 2013, Allegiant Financial Services Ltd have clawed back over £5om in financial misselling claims.
Why Could I Be Given a 1st Stop Personal Loans Refund?
If you have taken out a loan with 1st Stop Personal Loans, 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 Loan From 1st Stop Personal Loans?
Regardless of how much you needed the money, loans should never be given to those who can’t afford them, as this can worsen your financial position. All borrowers must undergo the appropriate affordability checks and be eligible for borrowing before being lent a loan.
If you believe you were mis-sold a loan from 1st Stop Personal Loans, you could be eligible to make a claim.
Making a Claim Against 1st Stop Personal Loans - How it Works