Trust Two Loan Compensation, How Does it Work?
Customers who believe that they were mis-sold a Trust Two loan will be able to claim any interest paid plus an additional 8% compensatory interest. This is only on the basis that the individual struggled to pay back or had to use top-ups or subsequent loans to pay off their loan.
There has been a recent surge in Amigo refunds and claims against guarantor lenders in the UK. If you believe you were mis-sold a loan, Forces Compare could help you in making a claim.
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 an Trust Two Refund?
- 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? Guarantor loans are specifically targeted at those with bad credit scores, however, 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.
- The firm may only have carried out a brief affordability check on you because of your guarantors circumstances. Regardless of your guarantor’s financial status, the loan needed to reflect your personal repayment potential.
Mis-sold a Trust Two Loan?
If you believe that you were mis-sold an Trust Two loan, you now have the opportunity to request a refund.
Whilst you may have really needed the loan at the time, you may have found yourself in a worse financial position as a result and the loan should not have been granted in the first place.
If you already had a loan with Trust Two and needed to borrow extra money, you may have been given extensions or top-ups, without adequate checks, only to put you under more financial pressure.
Guarantor Loan Complaints – An Overview
The first thing to consider when reviewing the eligibility for a guarantor loan complaint is whether a loan was affordable before given to you.
In short, the appropriate definition of affordable is whether or not after repaying it in instalments, on time, you have money left over to pay your bills to avoid further lending.
To summarise, if you had to borrow more money or became behind with bills as a result of your guarantor loan repayments, you have grounds to make an affordability complaint. This route is available regardless of whether you are still paying the loan, have stopped paying the loan and are relying on your guarantor or even if the loan has been repaid.
If your affordability complaint is successful there are three potential outcomes. Should you still owe money, your interest is removed and you simply repay back what you borrowed. If your loan has now been repaid you will receive a refund of the interest in addition to 8% of the amount of your statutory interest.
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