PREVIOUSLY HAD AN UNAFFORDABLE LOAN?
Claim Progressive Money loan compensation
If you have ever had an unaffordable loan from Progressive Money, you may be able to claim compensation if you could not afford to repay it.
Many borrowers in the UK are victims of irresponsible lending by loan finance companies such as Progressive Money . Sadly, it has become common to hear about unaffordable or irresponsible lending.
When borrowers get a mis-sold loan, they are put in worse financial positions than before. Usually, the repayment is too high to be manageable, so you get deeper into debt trying to repay them.
There are fundamental laws and good industry practices lenders must consider before granting a loan. If they fail to comply or act in your best interest, you may be entitled to compensation for the loss, distress, and inconveniences. If you have been mis-sold a progressive money loan, Claims Bible can help you make a compensation claim.
Understanding Progressive Money Loan Claims
The Financial Conduct Authority (FCA) demands that firms offering credit check a borrower’s financial situation before entering any credit agreement.
The lender must conduct an assessment of affordability to determine if you can afford and repay the credit provided.
This creditworthiness assessment must also be repeated for any future increase in credit or increase. In considering your credit ability, the lender must check the following:
- Your income
- Your income from savings or assets jointly held by you
- Savings or other assets which you indicate to be used for debt repayment
- Whether you have to borrow to meet the repayment
- Whether you can pay the loan without failing to make other repayments, you have a contractual or statutory obligation to make
- Whether you can pay the loan without it significantly impacting your financial situation
From the above, Progressive Money should reasonably understand whether you can sustainably repay a loan commitment. Borrowers should be able to make the required payment while continuing to meet other debt obligations.
Where this is not the case, ask these questions:
- Did Progressive Money do everything it was required to do?
- If they didn’t, did you lose out as a result?
If the answer to the first question is no and that of the second is yes, then you have a valid claim.
Am I Eligible to Claim Against a Progressive Money Loan?
Many vulnerable borrowers have been mis-sold Progressive Money loan finance contracts. This can be because the agreement’s details were unclear to them or the company failed to perform the proper affordability checks. If you are affected by any of these issues, you are eligible for a refund.Furthermore,
you may be entitled to compensation if the answer to any of the following statements is no or yes, where applicable:
- Did you have a stable and regular income at the time of your loan application?
- Did you have evidence of recent applications for credit or past credit problems?
- Did you lack clarity on the costs, charges, commissions, or associated fees related to the loan contract?
- Were you made aware of other financial options available to you?
- Did Progressive money conduct availability checks before lending to you?
- Do you owe much more at the end of the financial deal than you expected or can afford?
- Was the repayment so large that you struggled to pay for your monthly essentials?
- Did Progressive Money act unreasonably or unfairly in any way?
Proving your claim against Progressive Money can be daunting. First, you need to establish that the company acted irresponsibly in providing you with a loan you cannot pay without difficulty.
How to Make a Claim Against Progressive Money Loan
If Progressive Money has lent funds irresponsibly to you, you are entitled to a refund or compensation. You deserve to be restored to the financial position you would have been if they didn’t act unfairly towards you. However, you must first make a formal complaint to Progressive Money.
You can make a complaint through a phone call, email, and social media. There will be a pre-compliant investigation and analysis when resolving the issue. In most cases, you should hear about their findings within four weeks and get your final response letter within eight weeks.
How Long Does an Irresponsible Lending Claim Take?
Again, claims regarding mis-sold loans from Progressive Money can take up to eight to twelve weeks to be resolved. However, if an appropriate resolution cannot be reached with Progressive Money, you can escalate the case to the Financial Ombudsman Service (FOS)Independent Financial Ombudsman Service (FOS). The FOS will put things right if they decide you lost money.
The FOS will ensure that Progressive Money compensates you for any distress or inconvenience caused. You must file the claim within six years of when you took the loan or within three years of becoming aware that you have cause to complain.
How Much Can I Get in My Progressive Money Loan Claim?
The amount of compensation you can receive depends on your financial situation. Each mis-sold claim is treated on a case-to-case basis. However, factors such as the amount of finance taken, the interest rate applied, the commission model used, and the repayment term’s length is considered.
A typical claim payout can range from £100’s to £1000’s. The exact sum is calculated by the interest, fees, and charges you paid and then adding a statutory 8% interest rate for each year you had the loan.
Let Claims Bible Help You Win Against Progressive Money!
Sadly, people get mis-sold financial products that create unfair relationships between them and lenders. If Progressive Money gave you a loan irresponsibly, you could file a claim against them.
At Claims Bible, our claims experts have processed hundreds of refunds for clients. We will recover all the interest, fees, charges, and statutory interest rightfully yours. Complete our online form to get started.
Why choose Claims Bible?
Being discreet is part of our business, our legal representatives will never discuss your case without your permission.
Proven Track Record
So far we’ve handled over 10,000 cases and claimed back over £2,000,000 for our clients so you are in safe hands.
We partner with specialist firms so your claim is handled by an expert who is familiar with your type of claim.
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