Start a claim for a refund of credit card interest.
Many people were originally given a reasonable credit limit when first being accepted for a credit card with proper affordability checks, but the lender then continued to offer a higher credit limits often without a manual human check and a new affordability check on each increase.
According to the FCA’s rules a lender must check if credit is affordable when you apply for it. A lender also has a responsibility to make a new affordability check when giving any new increase to a credit limit.
Credit cards like overdrafts are supposed to be used for short term lending and as an emergency fund. They are not supposed to be used to pay for everyday living or to pay other debts.
If you are using your credit card for everyday living on things like household bills and food shopping, this would be classed as unaffordable.
If you are just managing to make the minimum interest payments and your balance is not coming down this is ok for a short period of time, but you should never have been offered credit limit increases.
Checks a lender should have carried out.
When you applied for the card or received any credit limit increase the lender should have completed a new credit check to ensure you had no recent problems: defaults or missed payments with them or any other lender.
If you already had another credit card with the same lender and you were only making minimum payments and were using it for essentials like food and petrol you likely shouldn’t have received another card.
If you had other credit cards where you were near your limit and had persistent overdraft usage you likely shouldn’t have been given a card.
Did you have a level of borrowing that looks too high in relation to your income.
Your credit limit should not have been increased unless you could afford it. The lender should have known you were in difficulty if
- You were making minimum payments for a long time.
- You were using most of your credit limit for a long period of time.
- You had gambling transactions showing on your account statement.
- You had recent missed payments.
- Your overall level of debt on your credit record had gone up significantly.
If the lender could see any of these on your credit record, they should probably have declined your original application.
Complete your credit card claim online.
You can now start and complete your credit card interest refund claim online in under 5 minutes. If you would prefer to speak to a claim advisor please call 0141 459 0239 Monday to Thursday 10AM to 5PM or Friday 10AM to 2PM.
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You will never be asked to outlay any money upfront. We only get paid if the claim is successful and you receive compensation.
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You can complete the full claim process online by signing the legal agreement and providing the required documents.
Claim on the phone
You can complete the full claim process over the telephone were a claims manager will complete a fact find and prepopulate all the information onto our legal document for signing.
Regular updates
We will provide you with regular updates whenever we receive any responses from the opponent on your case all the way to completion.
Best outcome
We strive to get you the best possible compensation outcome on your case and will liaise with the opponent on various legal arguments to try and achieve the maximum compensation possible.
Better financial position
Our aim is to put you in a better financial position than before you started the claim by achieving refunds of interest and charges paid as well as achieving a freeze on interest if any balance is left over. We also ask for any adverse credit information to be amended on your credit file.
Join 1000's of customers across the UK. Who have "Received a refund of interest and charges"
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E: info@unaffordablelendingclaim.com
T: 0141 459 0239
Unaffordable lending claim is a trading name of
Park pension recovery service LTD which is regulated by the Financial Conduct Authority, in respect of regulated claims management activities authorisation number 836153.
Important Information
You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.
It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Services Compensation Scheme, whichever is applicable to your claim.