Mobile Money Loan Compensation
Sometimes, unfortunately, borrowers are mis-sold logbook loans. If you feel like you’ve been offered a loan you couldn’t afford from Mobile Money, you could be eligible to make a claim – and Forces Compare can help you to achieve this.
If you were mis-sold a logbook loan from Mobile Money, this could’ve put you in a worse off financial situation than you were in before you started borrowing the loan. If you think this is the case, and you were offered a loan you couldn’t afford, you can click the “Start Your Claim” button to enquire about your options.
Enquiring about making a claim on Mobile Money with Forces Compare is quick and simple to do, our online form taking a few minutes to complete, while being free to submit. Once you’ve submitted your enquiry, you’ll usually 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.”
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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 Would I Be Given a Mobile Money Logbook Loan Refund?
If you have taken out a logbook loan with Mobile 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 Mobile Money Loan?
Those mis-sold a logbook loan from Mobile Money could be eligible for a refund.
- If you were provided with a top-up on your Mobile Money logbook loan, and this top-up did not undergo proper affordability checks, it could have worsened any financial pressure you may have experienced on the loan.
- A logbook loan that puts the borrower in a worse financial position than that prior to borrowing should never have been approved in the first place – even if the money was really needed at the time.
How Making a Claim Against Mobile Money Works:
