If you are looking to reclaim money after having arranged a guarantor loan, you are likely scouring the internet with a great interest in articles and tips. When you are in this situation, you often feel under pressure, and you can feel overwhelmed with information. It is vital you take the time to consider all your options, and ensure you receive the support you need.
While there is a significant focus on reclaiming the money paid on maintaining a guarantor loan, do you know how to reclaim your guarantor loan interest? For many borrowers, this will be a vital amount of money, and if you are entitled to this money, you should take every action to receive it.
You might be due your interest
People need to know that when a guarantor loan is deemed to be unaffordable, borrowers are due a refund of any interest they’ve paid. Not only that, but you are also due an additional 8% statutory interest. This refund will be provided to the borrower or the guarantor, depending on who made payments to the loan.
Interest might be owed from a range of lenders
It doesn’t matter which lender you borrowed from; if you are due interest, you are entitled to claim it back. This is the case for amigo loans interest as much as it is for bamboo loans interest or any other lender. While each lender is unique in their rights, when it comes to claiming what is due to you, you will find there are many similarities.
Starting the process of reclaiming a guarantor loan with interest
No matter the lender, and no matter the amount of money that was borrowed, it is helpful to consider the following steps if you are looking to reclaim payments made after receiving a loan.
You should note the amount of money that was borrowed with the loan, and how much you were required to pay back every month. Many people are offered guarantor loans that they are unable to pay back, or it might be that paying the loan backs places the borrower into significant financial distress.
Therefore, if you can detail the loan, the amount of money you had to pay back, and how it negatively affected you each month, you stand a stronger chance of making a successful claim against your lender.
You should also detail how many months the loan was repayable over. This often helps to show the loan placed the lender under significant financial pressure, or that it was an unreasonable loan.
There are many examples which reclaimexperts.co.uk of cases where people were allowed to borrow an amount of money that was beyond their needs, and beyond their capabilities of paying back.
In all these cases, the interest associated with the guarantor loan can be reclaimed, and this can provide comfort and financial assistance for borrowers making a claim.
It is vital to know that help is available in making this sort of claim. Borrowers can contact the lender directly, and if they are unsuccessful in this attempt, a complaint can be raised with the FCA and FOS.
However, many borrowers prefer to call on the services of a professional in this field to make their claim for them, enhancing the chances of reclaiming their guarantor loan and interest.