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Repay only original borrowings?


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Thanks to advice received on these forums I now have repayment plans in place with several lenders.

 

I've now read info that I may be able to have loans cancelled and only repay the original borrowed amount due to bad practices by the lender at the time of application.

 

"Your company failed to properly assess my creditworthiness when you first lent me money contrary to section 55B of the Consumer Credit Act 1974. Had you undertook a sufficient assessment I would not have incurred additional interest and default charges."

 

Is there any truth in this?

 

Given my poor credit situation and number of exiting payday loans I should not have been approved for further loans had they carried out adequate credit checks.

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You can try, but its normally a non starter. If you have shown them your financial circumstances, and theyve still added on charges and interest and ignored it, then you have more weight behind you to try it.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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