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Asda Money Loan Refund Claims

If you ever had a loan from Asda Money, you may be able to claim compensation if the lender increased your credit limit without checking you could afford the repayments.

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Asda Money claims

Loan providers offer customers an extensive range of different financial offerings, including loans. However, when these loans are offered without proper due diligence, the end result is often people falling into significant debt. Whether it’s to cover everyday expenses or pay for large-value items, companies like Asda Money offer customers the finances they need through loans. However, unaffordable loans can be incredibly damaging to a person’s finances and could result in a debt spiral external link icon light blue. If you believe that Asda Money has provided you with an unaffordable loan, then you could be eligible to make a claim against them and seek financial compensation.

What are Asda Money loan claims?

If you have taken out a loan with Asda Money but have had issues paying it back, then it might be classified as an unaffordable loan. Some providers may forego affordability checks or implement high interest rates to loans which could exacerbate the problem. If this is the case for you, then you can raise a claim against Asda Money to seek compensation. Our team at Claims Bible can help you understand the merits of your case and guide you through the claims process.

How to check your eligibility for an unaffordable loan claim

There are certain factors that contribute to a loan being classified as unaffordable or mis-sold. If you want to check your eligibility for an unaffordable loan claim, then you should speak with a specialist such as one of our team at Claims Bible. We can assess your claim by looking at several aspects of your loan, such as:

  • Insufficient Affordability Assessment: A robust affordability assessment external link icon light blue should be conducted prior to your loan approval. If it wasn’t, then you might be able to make a claim.
  • Excessive Interest Rates: Interest rates on loans should be reasonable – if you think yours is quite high, then it might be grounds to make a claim.
  • Early Repayment Charges: If your loan came with terms outlining early repayment charges, then this might be an indication that you can make a claim.
  • Rolling Loans: If Asda Money offered you a second loan to pay off your original one, this is poor conduct that could merit a claim.
  • Ambiguous Loan Terms: Loan terms should be easy to understand and clear, otherwise you could make a claim against Asda Money.

How to make an Asda Money unaffordable loan claim

Learning about making your case against Asda Money for an unaffordable loan claim is made much easier with the help of a specialist. At Claims Bible, our team of professionals understand the intricacies of these types of claims, allowing us to make the process as simple as possible for you. Here’s how we work:

  • Building Your Case: In order to build a strong case for you, we’ll first need to gather evidence. This will include key documents like your loan terms, bank statements and any communication you’ve had with Asda Money.
  • Making Your Complaint: With all of the evidence at hand, we can move on to creating your complaint against Asda Money. We’ll incorporate all of the key details to the complaint, giving you the best chances of success.
  • Sending the Complaint to Asda Money: We’ll then send the complaint directly to Asda Money to give them a chance to respond and offer a settlement.
  • Escalating to the Financial Ombudsman Service (FOS): If Asda Money returns with an unsatisfactory settlement, we can escalate your claim to the Financial Ombudsman Service (FOS). external link icon light blue This body will provide an impartial judgement for your case at a tribunal.

The deadline to submit your Asda Money loan claim

It’s important that you act quickly with your Asda Money unaffordable loan claim, as there are certain deadlines involved in it. This includes a six year deadline to make your claim, which runs from the time you first realised the loan was unaffordable for you. There’s also a second deadline for making your complaint to the FOS, which is six months from when you received a final response from Asda Money about your claim.

How much is an Asda Money unaffordable loan claim worth?

How much you’ll receive as compensation if your claim is successful will depend on the specific details around your case. This includes things like how much the initial loan was, how much interest was attached to it and the level of financial hardship you experienced as a result of the loan. If your claim is successful, you’ll potentially receive the full loan principal back, any interest paid and additional compensation for the financial difficulties you experienced.

How to start your claim against Asda Money

If you’re ready to start your claim against Asda Money, get in touch with our team at Claims Bible. Our team will help you understand the merits of your claim and can get to work building a case for you. We make the whole process as fast, simple and stress-free as possible so that you can focus on getting what you deserve.

Let Claims Bible help you settle a Asda Money unaffordable loan claim

Our experts at Claims Bible are ready to help you seek compensation for your unaffordable loan from Asda Money. We cover all areas of your case, from guiding you through the legal parts to partnering you up with a competent legal professional who can help you win your case against Asda Money.

Why choose Claims Bible?

100% Confidentiality

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.

Claim Professionals

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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