Mutual Loan Compensation, What's it All About?
Could you have been mis-sold a loan from Mutual? If so, you could be eligible for a refund. Borrowers can sometimes, unfortunately, be given loans that they can’t properly afford. In these circumstances, borrowers financial situations can often worsen compared to what they were before the borrowing had commenced. If you feel that this might have happened to you, Forces Compare can help you make a claim.
Start your claim today with Forces Compare. Our online form is quick, simple and free to complete, enquiries usually getting a response in just couple of weeks.
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 Mutual Loan Refund?
If you have taken out a loan with Mutual, 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 Mutual Loan?
Those who think they have been mis-sold a Mutual loan could be eligible for a refund. While you may have really needed the money at the time, if a loan makes your financial situation worse than what it was prior to borrowing, it should’ve never been approved in the first place.
Similarly, if you’ve been granted top-ups or extensions on a loan that didn’t undergo proper affordability checks, these could also add more financial pressure onto a loan, and should not have been provided without proper checks.
Making a Claim Against Mutual, How Does it Work?