How have you been affected by the credit card provider's actions? | Lawhive - Solicitors & Lawyers Online
How have you been affected by the credit card provider's actions?
Hi! I am submiting a complaint with the FOS (Financial Ombudsman Service) due to my Credit Card's provider Unaffordable lending and two questions in the FOS online form are: 1) How have you been affected- financially or otherwhise? 2) How would you like the business to put things right for you? I am sure behind these questions are specific regulations in regards to compensation that either FOS or my Credit card's provider have to comply with if I am successful with my complaint but that I am not aware of. I don't want to make a mistake responding with answers that will give me less compensation that I am lawfully due. My Credit card's provider actions have caused me distress and financial difficulty. What should I respond so I can get the right compensation I am lawfully due? How much should I ask for in compensation? What evidence will the FOS ask me for? Thank you very much in advance! 😊

Dora Sims

18th March 2022

Top Answer
CILEX- The usual aim is for the claim to put you back in the position you would have been in had nothing gone wrong. The financial loss is all of the interest you have paid. You don’t need to calculate this, the FOS will instruct the lender on how to calculate the loss. With lending, this will usually mean that you will be awarded any interest and fees paid, plus interest at 8% Don’t forget to mention the emotional distress caused and inconvenience caused by the lenders actions. I’ve often seen awards of £300 compensation for pain and suffering. You should include any agreements you signed with the lender plus any of their literature for the card. These should help- https:// businesses/ resolving-compla int/ understanding-co mpensation https:// businesses/ complaints-deal/ consumer-credit/ unaffordable-len ding

Kelly Price

18th March 2022


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