Unfair credit – Money Back For Credit Contracts – Good News For Borrowers

Money Back For Credit Contracts – Good News For Borrowers

I think its great news that lenders are now having to pay consumers compensation for unfair loans and mortgages.

The legislation that supports this was passed in 2006, and came into effect to put a stop to the unfair manner in which lenders dealt with consumers.

It’s about time lenders got a bloody nose for their behaviour, rather than getting handouts of taxpayers’ money. Consumers now have the novel experience of having power put (back?) into their hands.

I personally have made a claim, which is progressing as it should. It takes a while for the legal process to complete, but the result is well worth the wait. I expect to get a settlement of at least £5000.

Its nice to have the financial institutions giving us back some money for a change – especially when we’ve been hearing about the huge bonuses that are being paid to people who work in that field. It’s like a latter-day Robin Hood experience (only legal)!

It seems a large number of people could make a similar claim – possibly the majority of borrowers – as there have been many flawed and unfair financial agreements over the years.

Lots of people, including myself, assumed that it would only be financial products from obscure, lesser-known lenders that this legislation applies to, so I was surprised to find out that major high street names are included amongst those who are culpable.

So it’s worth getting your mortgage or other secured loan (past or present) checked out, as I did. A review is free, so there’s nothing to lose.

By: Anthony Philips

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Anthony Philips – Author and Entrepreneur
www.claimwithsusan.co.uk/home/default.aspx

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