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Lendable Loan Refund Claims

If you ever had a loan from Lendable, 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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Lendable loan claims

There has been a growing number of people falling into debt due to unaffordable loans external link icon light blue provided by financial lending companies. Many of us are feeling the financial pinch more than ever before, which has caused a sharp rise in people taking out loans. Some of the companies that provide these loans have offered these loans under questionable pretences, such as by avoiding affordability checks. If you believe that you’ve received an unaffordable loan from Lendable, then our team at Claims Bible can help you seek compensation.

What are Lendable loan claims?

Lendable is a financial provider that offers customers many different types of loans and other financial offerings. Many people who undertake these types of loans have reported that they were unaffordable or poorly explained, leading to difficulties in keeping up repayments. Whether it’s through ambiguous loan terms or performing inadequate affordability checks, these providers have caused many people to enter into a spiral of debt. If you believe that you’ve experienced something similar with Lendable, then you may be eligible to seek compensation with an unaffordable loan claim against them.

How to check your eligibility for an unaffordable loan claim

If you think you might be eligible for an unaffordable loan claim against Lendable, our experts at Claims Bible can help by taking a look. We’ll carefully assess your circumstances and the key details around your loan to help understand the overall merits of your case. We’ll be looking at:
  • Affordability Assessment Procedure: Did Lendable conduct a thorough affordability assessment for you prior to offering the loan?
  • Steep Interest Rates: Did the terms of the loan include high interest rates that would have been difficult to keep up with?
  • Early Repayment Charges: Were you expected to pay expensive early repayment charges if you attempted to pay back your loan early?
  • Rolling Loans: Did Lendable suggest or offer you another loan to pay off your existing one?
  • Ambiguous Loan Terms: Were the terms of the loan confusing, difficult to understand or ambiguous?

How to make a Lendable unaffordable loan claim

Making an unaffordable loan claim against Lendable can be quite a stressful experience if you don’t know what you’re doing. That’s why at Claims Bible, we can help you receive compensation without causing you too much stress. Here’s how we work:
  • Compiling Evidence: To start your claim off, we’ll first need to gather all of the evidence to support your case. This might include things like your loan terms, correspondence between you and Lendable or your bank statements showing financial hardship.
  • Drafting a Complaint: With all of the evidence ready, we can now move onto creating your complaint to Lendable. We’ll tailor the complaint to clearly outline your circumstances to give you the best chance of successfully claiming.
  • Make a Complaint to Lendable: Once we have the complaint ready, we’ll present it to Lendable for review. This provides them a chance to offer you a settlement for your claim.
  • Escalation to the Financial Ombudsman Service (FOS): If we aren’t satisfied with the response from Lendable, we can proceed to escalating your claim to the FOS. external link icon light blue This impartial body will then make a ruling via a tribunal.

The deadline to submit your Lendable loan claim

When making an unaffordable loan claim against Lendable, there are a few deadlines that you’ll want to consider to make sure you can still make your case. For these types of claims, there’s a six year deadline external link icon light blue to make a case against Lendable, which runs from the first time you learned that the loan was unaffordable. The other deadline to be mindful of is the one associated with bringing your case to the FOS. This is a six month deadline that starts from the final response Lendable gave with regards to your claim.

How much is a Lendable unaffordable loan claim worth?

Knowing how much your Lendable claim is worth will depend on your situation, so unfortunately there isn’t a specified amount to look for. There are several variables that will impact the final value of the claim, including the initial value of the loan you had taken out, any interest paid and the overall financial hardship you suffered. With these variables in mind, you could receive compensation in the form of the loan principal, the interest you’ve paid and further compensation for the financial strain of the loan.

How to start your claim against Lendable

Starting your claim against Lendable for an unaffordable loan might seem difficult at first, but with Claims Bible supporting you it’s easy. Working with us means you won’t have to deal with Lendable directly and we can help with all aspects of setting up your claim. We have significant experience in this type of claim, so you can rest assured that we know the best way to present your case for a successful settlement. We take the stress out of the whole process, from start to finish.

Let Claims Bible help you settle a Lendable unaffordable loan claim

At Claims Bible, we’ve worked with many clients who want to seek compensation for their unaffordable loans from Lendable. We can help you understand your claim, find the right evidence to support your case and assign you with a competent legal professional to fight for your case.

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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