The Financial Ombudsman (FOS)вЂ™s latest quarterly statistics, posted on 25 August 2020, highlighted a growth into the amount of complaints received about some kinds of high price credit. Within the duration April June 2020, new complaints about house credit rose by 77per cent to 1,166.
Provident could be the lender that is major the house credit market, also called home financing. Whenever Provident published its outcomes for the half a year closing 30 June 2020, it reported a rise in complaints during 2020 but failed to offer numbers. In this specific article, We glance at just just how Provident is handling affordability complaints. When you have lent a great deal from Provident, read A template letter to inquire about for the reimbursement from Provident and think when you have a instance to help make a claim. You can find tens and thousands of remarks below that article, to help you observe how other individuals are becoming on using their complaints.
Background вЂ“ affordability complaints
The regulatorвЂ™s guidelines state a loan provider needs to make appropriate checks that financing is affordable for the debtor. That loan is just affordable in the event that consumer can repay the mortgage and never have to borrow more cash or get behind using their other bills and debts. The regulator that is current the FCA, but this responsibility to check on affordability additionally applied before 2014 once the workplace of Fair Trading (OFT) was the regulator. Read more