The Financial Ombudsman (FOS)вЂ™s current quarterly data, posted on 25 August 2020, highlighted an increase into the amount of complaints received about some forms of higher price credit. Within the duration April-June 2020, latest complaints about house credit rose by 77per cent to 1,166.
Provident could be the lender that is major the house credit marketplace, also called home financing. Whenever Provident posted their results for the 6 months closing 30 June 2020, it reported an increase in complaints during 2020 but would not offer numbers.
In this specific article, We glance at exactly just just how Provident are handling affordability complaints.
When you yourself have a case to make a claim if you have borrowed a lot from Provident, read A template letter to ask for a refund from Provident and think. You can find a large number of reviews below that article, in order to observe how other individuals are becoming on making use of their complaints.
Background вЂ“ affordability complaints
The rules that are regulatorвЂ™s a loan provider needs to create appropriate checks that that loan was affordable for the debtor. That loan is just affordable in the event that consumer can repay the mortgage and never having to borrow more cash or get behind making use of their more bills and debts.
The present regulator try the FCA, but this responsibility to check on affordability additionally used before 2014 whenever workplace of Fair Trading (OFT) is the regulator.
The customer can send it to FOS for a decision if a lender rejects a complaint. Read more