A good example of that is when you take out a loan and your current monthly income is only £08003687382 and your lender granted you a loan of £1,000 with an interest charge of £01613021906 under a £35.00 weekly instalment for 52 weeks. This meant that the lender did not do an affordability check of your finances. It also clearly shows that you’ve been granted a loan that is unaffordable for you and because you were in need of funds at the time the loans were offered to you, it would be natural for you to accept what you thought was a potential way out of your financial difficulty.

It is evident that the loan granted to you has exceeded your capacity to pay, the tendency of having to skip repayments or to top up another loan and rolled over the interest. If this becomes a cycle, you will be under a debt trap. If repaying a loan made you broke and missed payment on your utility bills and other debts then it falls into the category of unaffordable lending or loan.

When repayment of the loans becomes unmanageable then you can resort to seeking refunds on loans. If you have an unaffordable loan that is unpaid you can file a complaint against the lender to ask them to remove the interest from your balance or if the loans have already been settled in the past within the last 6 years then you can ask the lender for a refund of all the interest you have paid on all of the loans.

You have two options for the refunds on loans. The first option you can directly file the complaint against the lender by yourself, which can be a lengthy process that would consume your time and energy or you can seek assistance from a reputable claims management company who can represent you and your refund claim against the lender. The important thing is you’ll get refunds on loans which you deserved.