Rate Setter Loan Refund Claims

Rate Setter loan claims

More people than ever before are using financial lenders for loans and other financial products. Whether it’s due to our increasing willingness to rely on loans or the growing threat of the cost of living crisis, these financial products are more popular than they ever have been. Many financial lenders have made the most out of this by offering customers loans without performing due diligence. This has resulted in people taking out unaffordable loans and ending up in significant debt. If this is something that has happened to you, then our team at Claims Bible can help. You might be eligible to make a claim against Rate Setter to recoup your money and break your cycle of debt. We make the process simple and stress-free, ensuring that you have the best chance of winning your claim.

What are Rate Setter loan claims?

Rate Setter is one of many financial lenders that offer a variety of financial products to customers, including loans. However, many customers who utilise these loans have found them to be unaffordable, which is largely the result of financial lenders mis-selling the loans. By avoiding things like affordability checks, there have been cases where these companies have provided loans that would be classified as unaffordable. Many customers have fallen deeper into debt as a result of these practices, but there is a way out. If you believe that you’ve been given an unaffordable loan from Rate Setter, then our team at Claims Bible can help you make a case against them to seek compensation.

How to check your eligibility for an unaffordable loan claim

One of the first things to do if you believe you’ve received an unaffordable loan is to check your eligibility to make an unaffordable loan claim. At Claims Bible, we can help you with this byu looking at the specific merits of your case. We’ll take a look at the following areas:

• A Lack of Affordability Assessment: Without an affordability assessment, lenders aren’t performing due diligence prior to providing loans.
• High Interest Rates: Loan interest rates must be reasonable, otherwise the loan itself becomes unaffordable.
• Early Repayment Fees: Punishing loan customers with early repayment fees encourages longer loan term times and can make loans unaffordable.
• Rolling Loans: Loan providers shouldn’t encourage customers to take out a second loan to pay off their original one.
• Hard to Understand Loan Terms: The terms of all loans should be clear to understand and reasonable.

How to make a Rate Setter unaffordable loan claim

If you want to make a claim against Rate Setter for an unaffordable loan, Claims Bible is here to help. We make the process as easy as possible using our tried-and-tested approach. Here’s how we do it:

• We Gather Evidence: The first step is to gather as much relevant evidence about the unaffordable loan as possible. We’ll try to source the terms of the loan, bank statements and any communication you’ve had with Rate Setter to support your claim.
• Making Your Complaint: Once we have all the evidence, we can get to work on making your complaint. We’ll bring together all of the important information to make a compelling case against Rate Setter.
• Talking to Rate Setter: After this, we’ll open up talks with Rate Setter and provide them with the complaint. This is their opportunity to offer you a settlement and close the claim.
• Escalation to the Financial Ombudsman Service (FOS): If Rate Setter don’t offer a reasonable settlement, then we’ll move to escalate your claim to the FOS. They will make a judgement on the case at an impartial tribunal.

The deadline to submit your Rate Setter loan claim

It’s important to be mindful of the deadlines associated with making unaffordable loan claims to make sure you’re still within the given time frame. In most cases, there is a six year deadline to bring your claim to Rate Setter, which begins from the first time you were made aware that the loan was unaffordable. There is also a second deadline associated with escalating your claim to the FOS, which is six months from Rate Setter’s final response to your claim.

How much is a Rate Setter unaffordable loan claim worth?

As each unaffordable loan claim is based on your unique circumstances, there isn’t a predefined value associated with these cases. Instead, the value of your claim will vary based on a few factors. These include the initial value of the loan, the amount of interest you’ve paid and the level of financial strain the loan placed on you. When tallying this up, you might end up receiving your loan principal back, any interest paid and compensation for the financial hardship you endured.

How to start your claim against Rate Setter

If you’re ready to seek compensation from Rate Setter for an unaffordable loan they provided you, make sure you speak with an expert first. At Claims Bible, we offer a tailored service designed to help you understand your case and guide you through the claims process. We’re experienced in dealing with unaffordable loan claims and know how to take the stress out of the whole experience for you.

Let Claims Bible help you settle a Rate Setter unaffordable loan claim

Our work at Claims Bible helps clients like you receive fair compensation for unfair and unaffordable loans. We cover all aspects of your claim – from helping you gather your evidence to partnering you up with a legal professional to help you win your case. We strive to help our clients receive the right compensation for the hardships that Rate Setter has caused, so get in touch if you’d like our assistance.