George Banco Compensation
Guarantor lender George Banco has “one of the fastest loan applications, with an immediate decision and same day payout” and is all online.
George Banco rose to prominence as a guarantor loan lender and on 17 August 2017 was acquired by a fellow sub-prime lender Non-Standard Finance PLC for £53.5m.
Whilst it is quick to offer UK consumers to borrow from £1,000 to £15,000 over 1-5 years, George Banco may have lent your money without conducting the correct affordability checks which form part of the FCA’s requirements for the entire Guarantor Loan Market in Britain, which has come under the spotlight in recent months and not in a positive way.
In their latest numbers, The Financial Ombudsman upheld 51% of complaints against George Banco Limited.
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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.
Why could I Claim a George Banco Loan Refund?
There are various reasons why you may be due a refund from a lender. The main reason for a claim is that the loan was unaffordable. These are general signs that the lender did not perform sufficient affordability checks:
The amount borrowed increased loan by loan without reassessing your situation
The loan was extended each month without reassessing your situation
You were struggling to pay essentials (rent, bills, food) because of my repayments
You had to borrow money from another lender to pay back a loan or cover essentials
Your income changed between taking out and repaying the loan but the lender didn’t check
The lender didn’t ask you any questions to confirm that I would be able to repay the loan in a sustainable way
You rolled over your loans
Even if during your application process, you did not mentioned all of your debts or stated your correct regular income. George Banco should have checked your credit record and ensured you had a regular, consistent income before giving you a loan.
If any of the above statements describe your experience with a George Banco loan, 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.
Our Systems Maximises Compensation
After a quick form, our technology identifies if you have claims with other lenders so you get the maximum compensation
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.