What constitutes an unfair relationship?
This allows customers to challenge loan agreements that could create an unfair relationship between them and the lender.
A Court may rule that a credit agreement may create an unfair relationship between a lender and its customer if:
The Courts have a wide range of powers where a relationship is found to be unfair, including:
Once a customer complains, the lender will have to prove that it did not act unfairly. A customer's claim or complaint can include allegations of things done, or not done, by a lender's agent.
If a consumer feels that they have not received a satisfactory response to their complaint, they can refer it to the Financial Ombudsman Service (FOS) for investigation and adjudication, or go to court.
The FOS can help with complaints about most matters involving financial products and services provided in (or from) the UK.
This includes:
Further information on the FOS is set out in the ‘FLA Lending Code and dispute resolution' module.
Section 56, of the consumer credit act covers consumers for; misrepresentation, irresponsible lending, unaffordable lending, unregulated lending and unfair lending.
Stephenson Cartwright & Associates
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Telephone: +44 (0)161 526 3255 Email: enquiries@stephensoncartwright.com
Stephenson Cartwright & Associates is not a law firm and does not provide legal services. Any legal services undertaken with a legal partner introduced by Stephenson Cartwright & Associates will be done so and governed in its entirety under the contractual terms as provided by the legal partner. Stephenson Cartwright & Associates accepts no liability for non conformance in any part of a third party contract.
All consumer claims are referred to and undertaken by registered and duly regulated FCA Claims management companies.
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