Were you a client of Loans at Home? Here’s what you need to know

Loans at Home has become the latest high-cost lender to fall into administration after unaffordability complaints and reports that it caused ‘harm’ to some of its customers.

The Financial Conduct Authority (FCA) announced a few weeks ago that the company could no longer offer new lending, however, all of its current loans remain in place, meaning borrowers still have to make their repayments.

It’s also been reported that the company’s business model fell apart during the pandemic, as they could not visit customers at home.

Loan companies that receive a large number of mis-selling complaints often run into difficulty and are forced to close. TFS Loans and Amigo are two others that have collapsed into administration over the last six months and are still paying back customers for the unfair interest rates and fees they were charged.

What can you do if you were a Loans at Home customer and believe you’re owed money?

If you believe you were mis-sold to, you may be eligible to make a claim.

Are any of the following statements true for you?

  • Did Loans at Home fail to do a full check of your credit record during your application process?
  • Did the lender fail to ask for your full monthly expenditure and explore this fully?
  • At the time of your application, did you have a regular income? If you were self-employed during this period, the lender should have looked at this
  • Did you have evidence of previous credit problems or applications that the lender failed to discuss with you?
  • Did the lender fail to run another round of checks when you topped up your existing loan to ensure it was affordable?

If so, you may be able to make a claim. You can do this by contacting Loans at Homes’ administrator, Grant Thornton at [email protected]

If you’d like to speak to Legal UK Services about other mis-selling claims, our team of experts would be happy to help. Call 01615 180980 or email [email protected]

 

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