How much could you receive as a Loan refund? It’s one of our most frequently asked questions, and rightly so.
As everyone has a different situation, we recommend that you use our Loan Interest Compensation Calculator, before you start a claim, to give you an idea how much compensation you may be able to receive from your lender, as a refund. The Calculator will give you rough estimate, based upon the figures you enter onto it.
But what do all the numbers mean on the calculator?
We’ve put together a little example to explain all the numbers.
Our fictional customer, Peter Smith, has borrowed a £6000 Guarantor Loan from a lender. The duration of the loan was 4 years and so far, he has made 35 payments.
Recently Peter has been unable to keep up the repayments and he has been unable to repay the loan. When he applied for the original loan, he did not submit the correct details of his financial situation, as he really need the loan. The lender did not conduct a full credit check either, or ask for what his outgoings where per month.
Using our calculator, we have inputted these details into our Compensation Calculator, using the slides (as above).
The below image, is an approximation of what Mike could receive as a loan reclaim.
The calculator shows that Mike could be eligible to reclaim over £4,100 from his loan, if it was found that the loan was issued irresponsibly.
Please remember that amount displayed is NOT a confirmation of a refund and the calculator should only be used as a guide before completing your claim. You can also claim directly to a lender completely free of charge.
To start your loan claim, all you need to do next is to fill out your details on the next section of the form (as below). A member of our team will then get in touch with you, to help you progress your claim further.
Like Peter, we can help you too. The Reclaim Experts specialise in helping our customers to receive Loan Refunds for a variety of loans including Guarantor Loans, Payday Loans (short term) and Doorstep Loans. In simple terms this is claiming back money that you, the borrower, are entitled to, due to your leader not making the necessary checks before they gave you the loan.
If you have 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 Reclaim Experts team who will guide you through the process. Visit this page to see whether you could be eligible to make an unaffordable loan reclaim.