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Comparethemarket gave me a wrong loan amount and interest
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What losses can you demonstrate? That is what compensation is for. They have said they will give you some money, can you provide evidence of a further loss above and beyond?Dantheman77 said:Hi, I wonder if anyone else has had this situation - When using Compare the Market they gave me a loan amount and I took up that loan, I have received a letter stating there was a technical fault with the website and they didn't display the preferable amount and rate at the time. They have offered to pay me a lump sum for this difference but I am wondering if I should be compensated further as I may have made a completely different decision or not at all, if presented with the correct loan amount and interest rates. I have verified this is a legitimate case with CTM.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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The loss would be the amount I now have to pay extra interest on a lower amount loan than I wanted. This is the amount they are offering to pay me. But I did apply for a larger loan that this fault denied me, so there was an element of distress and obviously not getting the money I originally requested. Thoughts?0
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Distress over a loan not being big enough? Come on
Compensation has to be for a financial loss, you won't get damages for emotions. If you could prove you could have got the full loan and there was a demonstrable financial impact to not getting that full loan, then you could show your sums and ask for more. As it is, you have got a lower loan + money for the difference so you would seem to be in a situation which you originally intended to be, with less interest?Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Appreciate your comments, thank you. I have a lower amount loan but a higher rate of interest now. So the amount of extra interest is what they have offered me as payment.0
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Forgive me if I'm missing something here, but aren't CTM just an aggregator site? I've never used them for a loan, but have used them for insurance several times. For insurance, they give you the price, then you click through to the actual insurer's website where you have to check/amend your details before you chose whether or not to buy. Does it not work the same with loans? If so, did you verify the details that were auto-populated onto the actual lender's application form?
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Hi CliveOI No it was a fault on the website, so the loan they said was best option actually wasn't. So I followed through and took a loan at a higher interest rate than I should have, their fault. Its happened to a few people apparently. Paying them all out.0
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Formal complaint then if you can show you are owed more money than they have offered, be prepared to defend your request at the FOS, no guarantee they will just give more moneyDantheman77 said:Hi CliveOI No it was a fault on the website, so the loan they said was best option actually wasn't. So I followed through and took a loan at a higher interest rate than I should have, their fault. Its happened to a few people apparently. Paying them all out.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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