Are Anygator Loans UK about your loan? Are you unable to pay the loans they are contacting you about? Are Anygator Loans UK threatening to take you to court? Have the loans been unaffordable and you shouldn’t have been given it in the first place? If these issues with Anygator Loans UK sound familiar, this article is just for you. You might be able to cancel your loan and even obtain a refund.
Are you trying to find Anygator Loans Login Page?
You may have been looking for the Anygator Loans UK log in page, and ended up here instead. This is quite common, so we’re glad we’ve found you. I’ve written an article below on the reasons why you shouldn’t pay Anygator Loans back.
Are loan companies lending to the wrong people?
There are many people out there who are being offered loans when they can’t afford them. In fact, the internet is full of companies who say that they will ‘provide access to loans in minutes’, ‘offer instant loans without credit checks’, and other statements which are used to entice borrowers into taking out a loan. As many of these offer loans for customers with a bad credit history, they often end up struggling to repay the loans, and end up in a situation were their debt spirals out of control.
It is so easy to borrow money through lenders. The web is crowded with companies that are happy to advance you cash within a few minutes; to approve you for a loan of up to £1,500 in just seconds; to advance you money instantly without any credit checks. Many offer loans to people who have a “Very Bad Credit” history or who are already having difficulty repaying loans.
Why are debt problems common, and what are the government doing about it?
With many lenders offering loans to people who can obviously not afford them, it is no wonder that so many people find themselves in a situation were there debt is piling up, to a point they can’t afford to pay it back. The loan industry got so bad that it was worth over £2 billion at one point, and as a result, the government had to step in to deal with the situation. This was as a consequence of loan companies lending to people without checking their affordability. They were also charging extremely high interest rates.
The Financial Conduct Authority went in hard against debt companies, and ended up imposing large fines on many of them, including Wonga, The Money Shop, and Quickquid. The fines were so high in some cases, that they ended up being put out of business. For instance, Wonga were fined a staggering £220 million. Unsurprisingly though, the punishment worked and the huge fines caused loan companies to look at their practices. Many didn’t survive, and the number of loans issued dropped from 10 million to 1.8 million. Lenders also dropped dramatically as a result of the new guidelines.
Are you due a refund? Read through the next section in which we look at these new rules in some detail. If Anygator Loans UK is in breach YOU MAY BE DUE A REFUND EVEN IF YOU HAVE PAID OFF THE LOAN.
Loan interest and other charges – government caps
As a result of the actions of the Financial Conduct Authority, they also introduced price caps which were designed to protect borrowers from being charged excessive amounts. These include:
- 0.8% per day cost cap on the amount borrowed – the total is comprised of both interest and all fees charged.
- Default fees cap of £15 – interest may still be charged after a default, but it must not be more than the original rate of 0.8% per day.
- Complete cost cap of 100% – you should not be asked to pay more than 100% of the money borrowed.
The limits are applicable to credit agreements with an interest rate of 100% or more per year, and will be due to be either fully or substantially repaid in a year.
There are also other regulations which came into force in May 2017. Lenders now have a responsibility to provide details of their products via a price comparison website authorised which is authorised by the FCA. borrowers must be provided with a summary of the cost of borrowing.
If you feel that Anygator Loans UK have been in breach of the regulations and they are trying to charge you more than they are permitted to, your credit agreement with them will become unenforceable and they will not be permitted to make you pay back the loan.
Is Anygator Loans UK a legitimate company?
Unfortunately, there are many companies out there who are doing business, when they are not legally permitted to. In doing this, they are breaking the law, only authorised businesses should be making legal agreements. This means that if they are not authorised, they have no right to try and force you to pay. If you stop paying, they can’t do anything about it.
If you want to check if Anygator Loans UK is authorised, you can simply enter the name of the company on the Interim Permission Consumer Credit Register search page. If there is no up to date, valid entry on this register, they may not be authorised. Another option to check on is the financial services register
There are other indicators that Anygator Loans UK may not be operating within the law, including lack of detail on their website, information which is out of date, or there may not be a disclosure of the APR.
What if you need to make a complaint about Anygator Loans?
Do you feel that Anygator Loans UK are breaching the regulations? Are they treating you unfairly? You have the right to complain! You can complain directly to them, but if they fail to resolve it, or they don’t respond, you have the right to take your complaint to the Financial Ombudsman.
It is important to arm yourself with as much evidence as possible relating to your complaint. The more information you have, the more likely you will be to have a positive result from your complaint. You should also state on the complaint how you want it to be resolved. Are you looking for compensation? Do you want the debt removed from your credit report?
If you do not reach a satisfactory conclusion from the discussions with Anygator Loans UK, the Financial Ombudsman will be able to deal with it for you. You can reach them by calling 0800 023 4567 or 0300 123 9123.
If Anygator Loans UK are found to have treated you unfairly, you could be entitled to receive a refund. This would be the case even if the loan has been paid off within the last six years. You can expect to receive all the interest you have paid, as well as 8% interest on the payments.
You have the right to request that the loan is taken off your credit record and the balance will be cancelled, if it has been considered unaffordable.
In the first instance, you can write to your lender with details about your case, and your request for compensation.
If you do not receive any conclusion that you are satisfied with, within 8 weeks, you can follow it up by contacting the Financial Ombudsman by phone on 0800 023 4567 or 0300 123 9123.
Continuous Payment Authority – what you need to know
If you haven’t heard of Continuous Payment Authority before. This is something that loan companies usually set up as a way for repaying your debt. This allows the company to take any sum from you, at any time, and although they should get your permission first, they often don’t do this. As you can imagine, this sort of behaviour has left borrowers in a terrible situation. One minute they have a full bank account, the next it’s completely empty!
Many borrowers are already struggling with payments, such as their rent, mortgage and other bills. So, all this does is accentuate the problem. In some cases, borrowers have been known to be left unable to keep up with home payments, which puts their home at risk.
New regulations have been brought in regarding CPA, which state that if a CPA fails on two occasions, the lending company cannot take any further payments or attempt to take payments.
The new rules regarding CPA also dictate the amount of money which can be taken. Loan companies cannot take partial payments anymore. They must take full payments, and if you don’t have enough to cover this, they cannot take anything. You can make an arrangement with them to pay in installments, but you must give express permission. If they do not comply, they are in breach of the regulations.
Have Anygator Loans UK tried to take money on more than two occasions? Have they take a partial payment when you have not requested this? If any (or both) of these apply, they will be in breach of the regulations.
You can report this behaviour to the financial ombudsman on 0800 023 4567 or 0300 123 9123.
What to do if you can’t afford to pay back the loan
You might be in a situation were Anygator Loans UK have acted according to the guidelines, but you simply can’t afford to pay back the loan.
What if you already have a payment plan set up, what then?
If you are paying them by CPA, standing order or direct debit, you should contact your bank and cancel these or the other option is to cancel them via your online banking. In doing this, Anygator Loans UK will not be able to take any more payments automatically from you, and you will get control of your bank account back. Your bank will probably advise you to let Anygator Loans UK your plans to cancel the payment, but you o not have any legal obligation to do so. They will not be able to take anymore money from you, unless you give them permission to do so.
Cancelling the payment does not, unfortunately, mean that the debt is suddenly gone too, you will still owe it, so don’t be tempted to run and hide from your debt. You shoud contact Anygator Loans UK in the first instance, and talk about your financial situation. They should treat you fairly and agree to a repayment plan, which suits your financial situation.
These are some of the rules debt collectors must adhere to:
- Indicate where you can obtain free independent debt advice
- Hold off debt recovery for a reasonable period while you develop a repayment plan possibly using a debt advisor
- Giving you reasonable time to repay possibly freezing interest and additional charges.
Don’t roll over your loan
Anygator Loans UK might suggest that you roll over the loan, but doing so is almost certainly a bad idea. You will be charged even more interest and additional charges leaving you in even deeper debt. By law loans can be rolled over no more than twice.
Getting debt help
There are several organisations that provide free independent advice on debt:
Are loan companies all sharks?
There is little doubt that loan companies receive a bad press. It can be argued that they also provide a valuable service by offering a credit line to people who would be unable to obtain credit from a bank or credit card. It is only when these companies place profits ahead of everything else and exploit their customers that they do real harm. While some sharks remain, the new regulations have made it much safer to use these companies. However, many people still get into debt problems.
If Anygator Loans UK are in breach of the regulations, then you are entitled not to pay them as the debt is unenforceable. If you simply can’t afford to pay, then contact one of the organisations we have listed above, they will provide the help and guidance you require.
If you can’t pay back your loan do check out my other article here.