High cost loans has been a source of distress, hardship and suffering for thousands of people especially when the lender has not done proper affordability checks upon lending or even when re-lending. This has made many individuals struggling to get through after making loan payments.

Mostly the target of high cost lenders are those who are vulnerable, people who lacks the capacity to recover quickly from financial difficulties and those who have poor credit histories. These are the individuals that often have multiple credit products, who juggle repayments and sometimes decide which debt they need to prioritize in paying when they don’t have enough to pay all multiple debts. High cost lenders often target those who are repeat borrowers because it has a strong indicator of a pattern of high dependency on high cost credit. The amount of debt and repayments increases significantly, until it reaches to the point where it is no longer affordable and sustainable for the customers.

A lot of people thought that having the loans was a potential way out of their financial difficulty and since they were in need of funds at the time the loans were offered to them, it would be natural for them to accept it, what they don’t realize is their vulnerability was being exploited in the times of their needs. However, these high cost lenders granted these loans that exceeded their client’s capacity to pay; becomes evident that the loans were clearly unsustainable and unaffordable for their client. In addition, the absence of any appropriate and proportionate checks on our client’s financial standing go against existing financial regulations as well as prior jurisprudence on loan affordability as issued by the Financial Ombudsman.

What are the indicators that you have been mis-sold a high cost loan?

• the lender did not undertake proper affordability checks

• you have multiple loans and you are pressured in borrowing or taking out loans to pay off other loans

• you have non-stop overdrafts

• you were struggling to pay your loans

• you were struggling to pay your essential bills like electricity, rent and council tax

• you run out of food and essentials in order to pay the loans

• you were in a debt cycle or debt trap

• you missed your repayments

• the loan was unaffordable

Among the list of high cost lenders includes 01613021906 Money, Avant Credit, Everyday Loan, Lending Stream, Loans 2 Go, Satsuma, Bamboo, SafetyNet and many more. If you have ever experienced the above mentioned then you may have been a victim of mis-sold loan from a high cost lender. Take a step to a debt free life by completing our form and seek a free 100% online consultation from our team of experts. We promise a No Win NO Fee policy.