Ferratum Loan Compensation, What's it All About?
Unfortunately, there are many borrowers that have been mis-sold short-term loans. If you think you’ve been sold a loan you can’t afford, you could be eligible to make a claim. Being mis-sold a loan can often put you in a worse financial position than you were when first applying for the loan. Start your claim today with Forces Compare.
Forces Compare can help you to claim against mis-sold loans from Ferratum, simply click “Start Your Claim” where you’ll be taken to our online form for enquiries on Ferratum mis-sold loans. Submitting our online form is completely free, and takes only a few minutes to complete. After submitting this form, you’ll hear back in a couple of weeks regarding your enquiry.
“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 Ferratum Loan Refund?
If you have taken out a short-term loan with Ferratum, 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 Ferratum Loan?
If you believe that you were mis-sold a Ferratum loan, you can now request a refund.
- If you received a top up or extension on an existing Ferratum loan, which didn’t involve the appropriate eligibility checks, this may have put you under greater financial pressure.
- Although you may have really needed to borrow the Ferratum short-term loan while applying for it, if the loan then helped to put you in a worse financial position than before, it should never have been approved in the first place.
Starting Your Claim With Forces Compare: How Does it Work?