Affordability Complaints

bcs7

When making these complaints is it just to get interest back or does it include some of the actual money you borrowed?

Everything I've read online with the template letters seem to just be asking for the interest to be refunded?

Brie

My understanding is that it's for the interest to be refunded plus any fees you might have been charged for late payments etc.  This might mean that you have already paid more than the amount borrowed so actually get some ££ back.  Otherwise it would reduce the amount owed to something you might be able to repay or they might be willing to write off or which you might be walking away from completely - depending on your circumstances.  

Rob5342

I've won a number of affordability complaints, both directly with the lender and after escalating to the FOS. In all cases I was expected to repay the money I borrowed as I'd had use of it, but I got portions of the interest and charges back. On credit cards it was all interest and charge applied after they had increased the credit limit. 

bcs7

Well I think it's still worth a try as some of the credit cards in particular they kept upping my limit and giving me more even though I hadn't cleared what was already there.

All of my debts have defaulted and have been sold on.

I assume I can still do affordability claims to the original lenders as long as the accounts were open with them in the last 6 years?

Brie

You could go back to ones where you applied more than 6 years but it gets more difficult to provide sufficient information on both sides to this.  If it was more than 6 years I would suggest asking for a copy of the credit agreement as they may not have it.

Rob5342

It has to be within 6 years following the event you are complaining about, or within 3 years of becoming aware that you were able to claim. The latter one is difficult to argue, although I did success with the FOS on that point, mainly as they could see I had made a numer of complaints and thought that it was reasonable that I had only recently found out. As Brie says it can get difficult after a while as information becomes more difficult to obtain. It takes little time and costs nothing so you might as well try though.