When it comes to borrowing money, it’s crucial to choose a reliable lending institution. However, even the most trustworthy lenders may sometimes make mistakes or engage in questionable practices. If you’ve borrowed money from Everyday Lending and believe you may be eligible for a refund, stay tuned as we provide an in-depth look into Everyday Lending refunds.
Everyday Lending is a well-known lending company that offers personal loans to individuals across the United Kingdom. While the majority of their operations remain within legal boundaries and cater to the needs of their clients, there have been instances where borrowers were unjustly treated or subjected to unexpected charges.
If you believe you have been a victim of unfair practices by Everyday Lending, the first step to take is to understand the grounds on which you might be eligible for a refund. There are several common situations in which borrowers can seek compensation:
1. Mis-sold Loan Insurance: Everyday Lending may have sold you payment protection insurance (PPI) without your knowledge or given false information about its benefits. If you were mis-sold PPI, you may be entitled to a refund.
2. Unaffordable Lending: If Everyday Lending granted you a loan that was clearly unaffordable based on your financial circumstances, they may be held accountable. This can include lending to individuals with low incomes or poor credit scores without properly assessing their repayment abilities.
3. Hidden Fees and Charges: Everyday Lending may have applied undisclosed fees or charges to your loan agreement, resulting in increased financial burden. If you were unaware of these additional costs, you may be able to claim a refund.
Now that you understand the potential grounds for claiming an Everyday Lending refund, it’s important to know the steps you need to take to pursue your case:
1. Gather Documentation: Start by collecting all relevant loan documentation, including contracts, statements, and correspondence with Everyday Lending. These will be essential in supporting your refund claim.
2. Contact Everyday Lending: Reach out to Everyday Lending’s customer service department to inform them of your complaint and intention to seek a refund. Provide them with the necessary details and documents to support your case.
3. Seek Professional Assistance: If you encounter any difficulties dealing with Everyday Lending directly or feel overwhelmed by the process, consider seeking professional assistance. There are specialized claims management companies that can handle your case and increase your chances of a successful refund.
4. Escalate Your Complaint: Everyday Lending is obligated to adhere to certain regulatory guidelines. If they fail to address your complaint adequately, you can escalate the matter to the Financial Ombudsman Service (FOS). The FOS is an independent organization that aims to settle disputes between consumers and financial institutions.
It’s important to note that there are time limits to filing a complaint and pursuing a refund. The Financial Conduct Authority (FCA) imposes a deadline of six years from the date the problem occurred or three years from when you became aware of the issue, whichever date is later. Therefore, it’s advisable to act promptly to ensure you don’t miss out on the opportunity for a refund.
In conclusion, if you have borrowed money from Everyday Lending and believe you have been treated unfairly or subjected to questionable practices, you may be eligible for a refund. Whether it’s mis-sold PPI, unaffordable lending, or hidden fees, it’s crucial to gather the necessary documentation and follow the appropriate steps to pursue your case. Remember, seeking professional assistance and escalating your complaint to the Financial Ombudsman Service can significantly increase your chances of a successful refund claim.