Are Bizzy Loans UK contacting you about an outstanding loan you have taken out? Are there loans you are unable to repay? Are you being told they might take you to court? Do you think the loan should never have been given to you? If you are having issues Bizzy Loans UK this is the article for you. You might be able to cancel your loan and even obtain a refund.
It’s not your fault. Complaints to the Financial Ombudsman have risen this year from 830 to 2,006, so it’s safe to say that you’re not alone.
Deal with your debt today and feel better tomorrow.
Who are Bizzy Loans?
Bizzy Loans is a licensed credit broker in the UK, trading under Nouveau Finance. The company offers a free quoting service whereby consumers can submit their application online to get assistance in finding the best short-term loans available to them. Bizzy Loans provides assistance with loans between £100 to £5,000, with a repayment period of up to 24 months.
Read what to do if you can’t pay back your debt.
Were you looking for Bizzy Loans Login Page?
There have been countless times when people have ended up on this page when they are looking to locate the Bizzy Loans Login page. If you have done the same, you are not alone! Although you might not be on the right page, you will find a wealth of interesting information here. There are plenty of reasons why you shouldn’t pay Bizzy Loans back, and you’ll find out more if you keeping reading!
Can you borrow money too easily nowadays?
It can be far too easy to borrow money through lending companies. The internet is full of companies who are only too happy to provide money to borrowers in minutes; and will approve loans of up to £1,500 in just seconds. They also talk about providing you with a loan without even undertaking a credit search! Many offer loans to those who have very poor credit and who will clearly have issues paying the money back.
What are the government doing about loan companies?
There are so many organisations out there who are offering loans to people who can’t afford it, and it is no wonder that so many find themselves facing debt problems. Although the situation is better than it was years ago, debt issues are still extremely common. Prior to the new regulations being enforced, the loan business was getting out of control, and as a result, debts were continuing to spiral. The loan market was once worth over £2 billion, which was a result of irresponsible lending and extremely excessive interest rates.
The Financial Conduct Authority identified a number of bad practices, and consequently, some companies ended up with massive fines, some of which, put them out of business. These include Wonga, who were fined £220 million; and others including The Money Shop who were fined £15.4 million; and a £1.7 million fine for lending company, Quickquid. If it was found that people that had received a loan which they could not afford to pay back, the customers ended up receiving a refund, which of course, amounted to extremely high costs. This worked though, as so many ended up at the point where they couldn’t continue to operate. This did work though, as three years following the new regulations, the loans which were issued dropped from 10 million to 1.8 million and lenders also fell from 240 to 60.
Are you due a refund? Read through the next section in which we look at these new rules in some detail. If Bizzy Loans UK is in breach YOU MAY BE DUE A REFUND EVEN IF YOU HAVE PAID OFF THE LOAN.
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Government cap on loan interest and other charges
As a result of the government having to take action on debt collection agencies, the Financial Conduct Authority has had to introduce price caps, which are designed to protect borrowers from facing high charges. The price caps include:
- 0.8% daily cost cap on the value of the loan borrowed – including interest and fees.
- £15 default fees cap – a default interest may be charged after this, but it must not be higher than the rate of 0.8% per day.
- 100% complete cost cap – you should not be asked to pay more than 100% of the money you have borrowed.
The limits will apply to all credit agreements with an interest rate of 100% or more per year and that are going to to be either fully or at least substantially paid within a year.
There are other regulations which were established in May 2017. With these new regulations, there is a responsibility for companies to give their details on a price comparison website, which is authorised by the FCA and in addition, a total summary of the borrowing cost must be provided.
If you find that Bizzy Loans UK has breached the regulations, and they are trying to charge you more than they are permitted to, the credit agreement will no longer be enforceable. As a result, they will not be able to make you pay back the loan.
There are many loan companies out there who are, unfortunately, not authorised to chase you about outstanding money. Only authorised businesses can make credit agreements, and it is important that you check if the company is authorised, before you start making payments. This means that if you don’t make payment, they cannot do anything about it.
If you want peace of mind that Bizzy Loans UK, is authorised, you can do so by looking for the company name on the Interim Permission Consumer Credit Register, and the financial services register. If you find that they don’t have an entry which is up-to-date on either of these registers, you might want to think twice about paying them. They cannot force you to make the payment if they do not have a valid registration.
There are other indicators too, that Bizzy Loans UK may not be an authorised company, and these include out of date information on their website, a lack of information or no sign of the APR.
It is important to always stay vigilant, and not just pay because you are being asked to. You need to ensure that the company who are chasing you, are authorised to do so.
Do you need to make a complaint about Bizzy Loans UK?
If you think that Bizzy Loans UK are not following the regulations, and are in breach of these, you have the right to make a complaint. If you believe they are not treating you unfairly, or they are threatening/harassing you, you can make a formal complaint. If you have made a complaint and there is no response, or no favourable response within eight weeks, you may want to make your complaint to the Financial Ombudsman.
As with any complaint, you must have evidence to support this. This might include emails, letters or even the details of phone calls. You can write to Bizzy Loans and head your letter with Complaint, so that they are aware of why you are contacting them. It is obviously best to provide them with as much information as possible on your reasons for making the complaint.
If you do not get a satisfactory response from Bizzy Loans UK, then you can escalate it to the Financial Ombudsman, who are there to support consumers. They will get back to you, and let you know how to deal with it going forward. You can contact Bizzy Loans UK by phone on 0800 023 4567 or 0300 123 9123.
If it is found that Bizzy Loans UK have not been treating your fairly, you might be able to get a refund, even if the loan is already paid off. If you have paid it off within the last six years, you may get a refund on the interest you have paid, as well as other charges. You may receive 8% interest on the payments you have made.
There will be some investigation into whether the loan was unaffordable at the time you were given it, and if it is found that this is the case, you can get it taken off your credit record, and the remaining balance will be cancelled.
The first step in the process is to contact your lender, letting them know what your complaint is and a request for compensation.
If there is no response within 8 weeks, or it is unsatisfactory, you may want to follow up with the Financial Ombudsman, and let them know what your case is. You can speak to them on 0800 023 4567 or 0300 123 9123.
Continuous Payment Authority Explained
It is usual for loan companies to ask you to pay back your debt via a CPA or Continous Payment Authority. With a CPA, the company is given permission to take money from your bank account to pay off the debt, at any time they wish. They should inform you before they take the money, but in most cases, they fail to do this. This means you are completely unprepared for the money being debited, and as you can imagine, it has been known to leave people in dire situations.
If you imagine getting paid, and then checking your bank account to find that the money has been wiped from your account, leaving you unable to pay your rent or mortgage. This is what has happened to many people due to the CPA and not being alerted by loan companies about the upcoming transaction.
There has been new regulations brought in regarding CPA. This means that if the CPA fails on two occasions, the loan company cannot attempt to take any further payments.
Under these new rules, there is also additional restrictions on the amount they can take using the CPA. Loan companies cannot take partial payments, they can only take the full amount, or nothing at all. If there is not enough money in the account to cover the full value, the loan company would be breaking the legislation if they try to do this. You can make an agreement with them though to take partial payments, but they must have this agreement to be able to do this.
If they attempt to take the payment on more than two occasions, or they take partial payment without any permission from you, they will be breaching the regulations. In this case, you can report them to the Financial Ombudsman. You can reach them on 0800 023 4567 or 0300 123 9123.
What to do if you simply can’t afford to repay the loan?
Bizzy Loans UK may have operated in a legitimate way, but it might still be the case that you are not able to pay back the loan. If you have set up payments via a CPA, or direct debit, and you can no longer afford to make the payments, there are some steps you can take to deal with the situation.
If you have a CPA set up to make payments, or a standing order/direct debit, you can contact the bank and ask them to cancel these. This means that Bizzy Loans UK will not be able to make automatic debits from your account, and you will have greater control over it again. It is always a good idea to inform the company that you intend to do this. You don’t have to, but it saves you from being contacted by them about the payments. There is no legal obligation for you to contact Bizzy Loans UK, and even if you don’t, they will still not be able to take any money from your account, unless you give them express permission to do this.
Regardless of whether you cancel the payment request, the debt will still be yours, and you still owe it. You should not bury your head in an attempt to ignore the debt, as it won’t just disappear. You should take steps to deal with the debt by contacting Bizzy Loans UK to inform them of your financial situation. They should treat you fairly, and help you to reach a reasonable agreement to make the payments. They have a responsibility to treat you fairly, regardless of your financial situation.
The law states that lenders have a responsibility to:
- Provide debtors with information on where they can obtain free independent debt advice.
- Refrain from debt recovery while a repayment plan is set up, and give debtors the time to make the payments.
- Free interest and charges if applicable, to allow debtors to make their payments.
Why you shouldn’t roll your loan over
It may be suggested by Bizzy Loans UK that it would be a good idea to roll your loan over until the next month. This is not a good idea financially for you though, as it means the loan is gathering more interest and charges, which is just plunging you deeper into debt. You are not able to roll the loan over more than twice, but we would suggest setting up a repayment plan instead.
Getting help with your debt
If you are looking for free independent advice on your debt, there are some organisations who can help:
- Contact Citizens Advice – free advice on a range of personal issues, including debt support.
- Contact StepChange Debt Charity – free debt advice to help you get control of your finances.
- Contact National Debtline – advice on your debt and taking back control of your finances.
Are loan companies all bad?
Loan companies receive an extremely bad press, but they do provide an important service to many people who might not be able to gain credit from banks, credit card companies etc. The reason they become bad is that they sometimes put their profits before individuals, and they end up exploiting their customers, and this can cause a lot of damage. The new regulations have done a lot of good for ensuring a safer environment from. Many people still end up with debt problems though, and it is important to seek advice if you feel that your debt is escalating.
Help is at hand if Bizzy Loans UK are not following the regulations, and you may not have to pay the debt if they are found to be breaking the rules. You can contact the organisations above, who offer a free service, and get some help on your debt and what steps you need to take to get back in control of your finances.
If you can’t pay back your loan do check out my other article here.