Guarantor Loan Refunds

SUCO is an Online Broker, 'NOT' a Lender.

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Guarantor Loan Refunds

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Reclaim Guarantor Loan Compensation

SUCO is a Guarantor loan broker in the UK. Partnered with the leading guarantor lenders including, Amigo, TFS Loans, Trust Two Bamboo Loans and George Banco who provide the majority of its guarantor loans.

You could be owed a Guarantor Loan Refund if you borrowed between £1000 and £15000, with a loan period of between 24-60 months from a Guarantor Lender.

As with all lenders, any lender you borrowed money from via SUCO should have carried out the correct checks before issuing a loan. If you found yourself unable to pay back the loan, you may be eligible for a loan refund. The refund claim will not come from SUCO ‘the broker’, you will need to make a claim to the lender who completed the checks.

Recently unfair practices that have been identified by the Financial Conduct Authority (FCA) has resulted in huge fines being imposed on many of the top lenders, including Wonga who were fined £220 million. If your lender has not carried out the correct checks and loaned responsible, you could be entitled to a refund, even if you have paid off the loan.

What type of loans do SUCO offer?
– The are a Guarantor Loan broker not a lender.

Eligibility Requirements for Borrower:
In the case of a broker, eligibility requirements are restricted by the lender the application is given, Minimum age of 18 and with a regular income. Not bankrupt and able to make the repayments.

Eligibility Requirements for Guarantor:
Refer to the lenders criteria, at the time of publication SUCO displayed, minimum age of 18 and with a regular income. Must be able to make the repayments if the borrower does not pay.

Loan Example:
48 Monthly Repayments, borrowing £2000
Total Amount Payable: £4067,04
48.9% APR Representative
Rate of Interest 25.84% Fixed Flat Rate
Monthly Repayment: £84.73

 


Why could I receive a Refund?

  • Was the loan affordable to you before being granted your application for a loan?
    SUCO may have given your application to a lender who did not conducted the correct affordability checks.
  • Did your loan have excessive charges combined onto it, such as high interest and charges?
    The FCA have introduced a price cap to protect borrowers from excessive charges.
  • During your application process, you may have not mentioned all of your debts. If this didn’t match with your credit record, the lender should have ensured to double check this.
  • You may have underestimated your monthly outgoings when you took out the loan, due to estimations or eagerness to be eligible for your loan due to the circumstances you were in, causing you not to be able to afford the monthly repayments. If your monthly outgoings were too low, the lender should have explored whether these were correct or not.
  • When you applied for the loan, you may have not stated your correct regular income, due to be self-employed or your job history changing during this time. The lender should have looked at this and ensured you had a regular, consistent income before giving you a loan.

Have you used George Banco Bamboo Loans UK Credit TrustTwo Guarantor my Loan or Amigo Loans for your loan and found that you were unable to pay the loan? You could be eligible to claim compensation. Start your claim or get in touch with the experienced member of the Reclaim Experts team who will guide you through the process.