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Bip Credit Loan Refund Claims

If you ever had a loan from Bip Credit, 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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Bip Credit loan claims

Financial products are more popular than ever before, which has unfortunately brought with it lenders who use underhand tactics to offer unaffordable loans to customers. Financial lenders like Bip Credit use various strategies to make their loans and financial products appealing. However, for many people these loans will place significant financial hardship on them. If you believe this has happened to you, then you may be able to seek compensation by making a claim against Bip Credit. At Claims Bible, we can help you every step of the way to make the claims process against Big Credit simple and effective.

What are Bip Credit loan claims?

Bip Credit, like many other financial lenders, have been providing countless people across the UK with various loans and other financial products. In some cases, lenders have opted to use various measures, like avoiding affordability checks or adding in early repayment charges, external link icon light blue to make these loans unaffordable, resulting in financial hardship for those who take out the loans. If you’re like many other people across the UK dealing with an unaffordable loan, you can make a claim against Bip Credit to seek fair compensation for their unaffordable lending practices.

How to check your eligibility for an unaffordable loan claim

If you’re unsure about whether or not you’re eligible to make a claim, it helps to speak to our experts at Claims Bible. We can help determine your eligibility by looking at your case and looking out for things such as:

  • Little or no Affordability Assessment: Lenders should conduct an affordability assessment prior to providing you a loan.
  • Steep Interest Rates: Interest rates have to be reasonable and clearly outlined, otherwise the loan could be classified as unaffordable.
  • Early Repayment Costs: Another problem is early repayment costs, which punish you financially for paying off your loan early.
  • Rolling Loans: If the lender offered another loan to pay off your existing one, it’s a problem that creates a debt spiral.
  • Vague Loan Terms: Loan terms need to be clear and understood – if they weren’t, then you might be eligible to claim.

How to make a Bip Credit unaffordable loan claim

Making a Big Credit unaffordable loan external link icon light blue claim might seem daunting at first, but with the guidance of Claims Bible it’s a relatively easy process. Here’s how we do it:

  • Evidence Gathering: First, we gather all of the necessary evidence to support your unaffordable loan claim. This includes documents like bank statements, loan terms and correspondence between Bip Credit and you.
  • Drafting Your Complaint: With all of the evidence gathered, we can now build a case for your claim. We’ll incorporate all of the key details to make your case as water-tight as possible.
  • Reaching Out to Bip Credit: Next, we’ll reach out to Bip Credit directly with our complaint and await a response. This gives them a chance to offer you a suitable settlement for your claim.
  • Taking Your Case to the Financial Ombudsman Service (FOS): If you aren’t happy with the settlement Bip Credit offers, then we can escalate your case to the Financial Ombudsman Service. They will offer an impartial judgement at a tribunal to rule on your case.

The deadline to submit your Bip Credit loan claim

There is a deadline associated with submitting any unaffordable loan claims, so it’s important to be mindful of this. In the UK, this timeline is six years external link icon light blue from when you first knew that your loan was unaffordable or mis-sold to you. There’s a separate six-month external link icon light blue deadline for making claims through the FOS, which begins from the moment you receive a final response from Bip Credit regarding your claim.

How much is a Bip Credit unaffordable loan claim worth?

There isn’t a specific value or range associated with unaffordable claim outcomes as the outcome depends on the case. During the claim, several factors will be considered to reach a fair level of compensation if you’re successful. This includes things like the total value of the initial loan, the level of interest and the amount of financial hardship you experienced due to the loan. You might receive the principal of the loan back in your case, as well as potential interest paid and any compensation for financial strain.

How to start your claim against Bip Credit

To begin your claim against Bip Credit, it’s best to first speak with a professional who understands these cases. At Claims Bible, we can help you understand the merits of your claim, the likely outcomes and work with you to build a strong case. We have lots of experience in handling these cases, so you can rest assured that our team can help you every step of the way.

Let Claims Bible help you settle a Bip Credit unaffordable loan claim

At Claims Bible, we work with all of our clients to help support them throughout the unaffordable loan claim. From partnering you up with the right legal professional to guiding you through the claims process, we’re here to make the process simple, effective and stress-free. Our team wants you to receive fair compensation for your Bip Credit unaffordable loan, so let us help.

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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