If you have concerns about a guarantor loan and believe you can make a successful claim against your lender, you might be concerned about a long and frustrating process. It is easy to think that lenders aren’t going to willingly return money if they don’t have to, and there have been many horror stories of people enduring a torrid time when claiming guarantor loan interest.
This isn’t always the case, and a growing number of people have made successful claims in a quick and carefree manner. There are steps you can to enhance your chances of making a successful claim, and help is available for borrowers pursuing a guarantor loan lender.
You can make your claim directly to the lender. If you are unsuccessful in this claim, you have the right to complain to the FCA and FOS, and they will review your request and see if you have a case.
However, the process can be so much easier than that. There is help available from professionals in this field who are waiting to show you how easily you can reclaim guarantor loan interest.
Common problems with guarantor loans
You might think lenders are skilled and experienced firms who follow proper procedures every time and don’t make mistakes. This is far from the case. Even the best lenders can make mistakes, and there are many common problems with guarantor loans.
If you recognize any of the following problems, you will have a higher chance of reclaiming guarantor loan interest.
When applying for the guarantor loan, if you weren’t informed what the charges would be, you might be entitled to reclaim money from the loan. Lenders should clearly state the cost and terms of the loan to the borrower, and if they didn’t, you have grounds to claim.
Have you been left unable to pay other bills?
Has the loan out left you unable to pay your essential bills? We all have vital bills which need to be paid each month such as mortgage payments or rent, utility bills, council tax, food and other bills. If paying back your loan each month has left you unable to pay the other leading bills in your life, you might have a chance to reclaim the guarantor loan.
Similarly, if automatic payments taken directly from your account has left you unable to pay other bills, you have a more durable case to make against the lender. Lenders should inform you when they plan on taking money from your account, and if they haven’t, causing your financial difficulty, your chances of success when claiming against a lender improves.
Some lenders have encouraged borrowers to take out a larger loan than they intended or even needed. If this sounds like your situation, you should consider claiming the lender for the guarantor loan and interest.
Reclaiming guarantor loan interest doesn’t have to be a stressful and lengthy activity. With a robust claim and guidance from professionals in this field, you will find you can enhance your chances of success without making the process difficult.
