Everyday loan help

sourcrates

Tarambor wrote: »

They don't have to. You signed to say it was a true and factual representation of the facts. In short you lied to get the loan, whether that was with the help of the member of staff or not.

In the OP`s defense, a lot of lenders partook in this practice, especially brokers, they would inflate your income, sometimes without your knowledge, in order for the loan to be approved, as self atestment to your income, used to be the norm, no proof of income was required.


Way back when i had a mortgage, we took a secured loan for house improvements, this was 2006, i forget who the broker was, but months later, whilst looking at the loan paperwork, i noticed our incomes had been virtually doubled, and not by us, we said nothing about it, but the practice did happen then.

Gourdoneme

This is so complicated

Bermonia

In fact short term high cost lenders are NOT required to check all the information you have supplied them - FCA states that checks need to be ‘proportionate’ given the the nature of these loans minimal checks are usually required, unless you have consecutive borrowing with the same lender then it is expected that they should undertake some further checks usually around 4/5 loans in (even then the FCA guidance is extremely vague and ambiguous on this matter)

Turtle87

Get an affordability complaint in.

Bermonia

By all means submit a complaint - expect nothing and you won’t be disappointed.

Affordability complaints only get upheld if there is clear evidence of a spiral of debt and reliance upon payday loans, nothing about your post suggests that this is the case.

If the loan is still outstanding then contact them and see if some kind of reasonable settlement figure/agreement can be reached. Submitting a frivolous complaint will just ensure that they have no desire to offer any other assistance.