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Bamboo Compensation, What’s it all about?

Bamboo Compensation What is it?

If a customer believes that they were misled about a Bamboo loan will be entitled to claim the interest they paid in addition to the additional amount of 8% compensation interest . This only applies on the grounds that the borrower had difficulty paying back the loan or needed to make use of the loan to repay the loan.

This is in response to the recent increase of claims for payday loans from lenders like Wonga as well as refunds that have been repaid millions of dollars from previous customers. In strict compliance with the FCA the guarantor lender must offer to reimburse the borrower all interest they paid, plus 8% of the interest, provided they can show that the loan was not properly advertised.

Together with our partners, we’ll prepare your compensation claim and forward the claim directly to Bamboo Loans – Lenders are obliged to respond in 8 months (or quicker).

For help with Bamboo claims visit this website…

What is the reason I can get an Bamboo Loan Refund?

If you’ve taken out a guarantor credit and any of the following statements apply to your situation, you could be eligible for compensation.

When you applied for credit there is a chance that you didn’t listed all your debts. should this not be in accordance to your credit report the lender should have made sure to confirm this.

It’s probable the fact that you underestimated your month-to-month expense because of your own whimsy or desire to get a loan. In such situations, if your numbers seemed to be excessively small, the lender must be more cautious about their credibility.

At the time you applied did you earn a regular salary? In the event that you worked for yourself in this period , or even worked time off that was fluctuating then the lender would have had to consider this.

Do you have proof of credit applications you have made recently or any previous issues on your credit report? Loans from guarantors are targeted towards those with low credit scores. However, the lender must have known that your situation seemed to be getting worse.

When you added funds to your existing loans, the lender must have been able to conduct more checks to determine the amount that was obtainable. Have you failed to make any previous loans? Had your finances deteriorated since your first loan? If so, the loan provider must have acknowledged that the loan they are currently taking out may be too expensive and, consequently, they should have limit any further loans.

The company may have only performed a brief affordability test on you as a result of the circumstances of your guarantors. Whatever the financial situation of your guarantor, the loan must reflect your own repayment capacity.

Untrusted with the Bamboo Loan?

If you think you were misled about a Bamboo credit, then you can request an amount of reimbursement.

While you might have required the loan at the time, you could be in a more difficult financial situation due to this and the loan should never have been approved in the first instance.

If you had already taken out an account with Bamboo and required additional funds, you might be granted extensions or top-ups with no checks in place, just to place you under greater financial stress.

An Overview of Guarantor’s Refunds and Complaints

The first factor to take into consideration when looking into the possibility of an guarantor loan complaint is whether the loan was in fact affordable prior to being given to you.

In essence, the proper measure of financial affordability will be whether, after paying it back in installments punctually you have enough money for paying your bills and avoid any further loans.

In short the situation, if you were forced to obtain a loan for more or fell behind on charges as a result of the repayments made by your guarantor then you are entitled to file a complaint of inability. This option is available regardless of whether or not you are still paying for the loan, or you have been unable to pay the loan, you are dependent on your guarantor or when the loan has been returned.

If your request for affordability is successful, there are two possible outcomes. If you are still owed money the interest will be removed and you pay the loan. If your loan has been paid, you’ll get a refund of the interest plus 8 percent of the amount of legal interest.