Unafordable Catalogue Lending
Many retailers offer a “Buy Now, Pay Later” option for customers, which allows you to purchase items and delay payments. If you do not pay the full amount back within the time period (or start to pay the total back), then some customers get charged an extortionate interest. The fees and high interest for late payments can put customers in financial distress. However, in many cases, the initial loan was unaffordable.
Before a lender can lend you money they must take steps to ensure you can afford to pay it back. According to Chapter 5 of The Financial Conduct Authority Sourcebook
“The firm must consider the customer’s ability to make repayments under the agreements without failing to make any other payment the customer has a contractual or statutory obligation to make, and without the repayments having a significant adverse impact on the customer’s financial situation."
Some retailers also offer customers a credit account. This allows customers to order items, without having to pay upfront. It is a credit account that tracks your purchases and then sends you a monthly statement, with details of how much you owe, and the minimum repayment to pay each month. Using this credit account enables you to purchase items and pay off the balance at the end of the month, or just pay the minimum repayment.
Some of the main catalogue lenders include brands such as JD Williams, Littlewoods, Next and Very.
Millions of pounds have already been refunded to people just like you. If you wish to start your claim and get in touch with an experienced team who will guide you through the process, we can help you. Just click below!
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No Win, No Fee
You are only charged after the claim has been won and you have your refund!
You do not need to use a claims management company to make your complaint to your lender. If your complaint is not successful you can refer it to the Financial Ombudsman Service yourself for free.
Who Can Claim A Catalogue Credit Refund?
It sometimes can be hard to understand whether you have been a victim of irresponsible lending, with catalogue credit. If you could not afford repayments, as well as your regular expenses when you took out the loan, then you have likely been a victim of irresponsible lending. Here are some situations that may indicate you are eligible for a refund. If you are in doubt, you can fill in the form and discuss it with a claims handler.
Increasing the credit limit of your card without checking with you
You could not keep up with your priority bills
Taking out additional loans to pay your catalogue card bill
You’ve missed a number of payments
You were pressured into taking the line of credit
Having multiple catalogue cards but not being able to afford them all
You were (or are) in a cycle of debt.
If you think you have a claim, you need to act quickly as statutory deadlines, known as limitation periods, apply to mis-selling claims.
If any of the above statements describe your catalogue credit experience, you could be eligible to claim compensation. Start your claim below for professionals to guide you through the process.
Why Use The Claims Guide For My Claim?
Help Maximising Claims - We will go through your previous borrowing and help you claim from an extensive list of lenders. Other claims companies will more likely turn you away if you are not claiming against one of their few approved lenders.
Low Fees - Our rates are also competitive and lower than many other claims management companies. You pay nothing upfront and we work on a no win no fee basis. A breakdown of our fee structure can be seen here.
We Make It Easy - Claiming a refund can be a daunting task. We make it easy and ensure everything you need is included so you don't have to spend much time on it.
Professional - Each claim is different and specific circumstances that are relevant to the claim should be explained by a professional. The Financial Ombudsman has previously been unable to progress some complaints that involved a “template” or “standard letter”.
How Much Will I Receive If My Claim Is Successful?
If you successfully claim a refund from a lender, you can claim back the interest and charges on your loans, plus, typically, 8% statutory interest. For more information on how this is calculated click here.
What Information Do I Need to Provide?
You just need to provide the name of your lender and your personal details including the address that you lived at when registering with them. Once you have given these we can obtain details of any loans where a refund may be due.
How much will I be charged?
Claiming through us always works on a no win no fee basis, meaning you won't pay a thing unless you win compensation. You will have the right to cancel the agreement within 14 days with no penalty. If you cancel after 14 days you may be charged for work done up until the time of cancellation. We use multiple partners to ensure we are able to offer claims against all lenders, from whom we receive payments. The exact fee structure will depend on which lender you are claiming against, as this decides which of our partners is most suitable for your claim. A breakdown of our fee structure can be seen here. The fees for Diesel Emissions Claims are calculated differently due to it being a group action lawsuit.
How Do I Submit My Claim?
Simply complete our online application form by clicking on the "Get Started" button. This is the first stage of your complaint to the payday lender where you could receive compensation. For more information on the process please click here.
Maximise Your Compensation
We will go through your previous borrowing and can help you claim from an extensive list of lenders.
Your complaint is handled by professionals
Your claim will be handled by an experienced team, who will complain to your lender on your behalf.
Reclaimed funds to be Transferred
After a claim is successful, the redress money is transferred straight to you.