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Freedom Finance Loans

Freedom Finance Loans UK may be contacting you about an outstanding loan you owe. If they are hassling you or causing any kinds of issues, this article is just 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.

Freedom Finance Loan Debt

Who are Freedom Finance Loans?

Freedom Finance is loan broker that offers loans between £500 and £50,000. They will put the comprehensive panel of more than 20 leading lenders and offer personal loans, homeowner loans, as well as mortgages. Freedom Finance offers a quick online loan application with a fast turnaround time.

Read what to do if you can’t pay back your debt.

Write off up to 85% of your debts

This 4 question debt calculator will tell you if you’re eligible.

What is the total amount of your debt?

Were you looking for Freedom Finance Loans Login Page?

Lot’s of people land on this page looking for the Freedom Finance Loans Login page, if you’ve done the same, I’m glad I’ve caught you! I’ve written an article below on the reasons why you shouldn’t pay Freedom Finance Loans back.

Is borrowing money just too easy?

It can be too easy for borrowers to get access to loans, and quite often, they can’t afford to pay them back. There are many irresponsible lenders out there who don’t take the borrowers circumstances into account, before offering them a loan.

Is the government dealing with loan companies?

Although the situation has drastically improved, there are still lenders who allow borrowers access to funds that they can’t afford. It is better than it used to be though. The loan market was previously worth £2 billion, due to excessive interest rates and fees.

The Financial Conduct Authority took some drastic action on loan companies, even some of the most well known ones, including Wonga and QuickQuid. As a result, many had to call it quits, as the fines they were given were just too high to keep going. It did work though, as the number of lenders dropped 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 Freedom Finance Loans UK is in breach YOU MAY BE DUE A REFUND EVEN IF YOU HAVE PAID OFF THE LOAN.

Find your best debt solution (in 1 minute!)

debt solution

Is all this information starting to feel overwhelming? Don’t panic! I’ve put together a 4 question debt calculator so you can quickly and easily find the best solution for you. If you’re eligible for the new government scheme, you could write off up to 85% of your debt! Answer the four questions now.

Mind the cap!

There are now price caps, which were introduced by the Financial Conduct Authority to protect borrowers. These include:

  • Cost cap of 0.8% per day on the value of the loan borrowed – including interest and fees.
  • Default fees cap of £15 – a default interest may be charged, but it should not be higher than 0.8% per day.
  • Complete cost gap equal to 100% – borrowers should not be asked to repay over 100% of the amount they have borrowed.

These apply to credit agreements which have an interest rate 100% or more a year and will be either fully or substantially repaid within a year.

There are other regulations which came into force in May 2017. With these regulations, borrowers must have their details on a price comparison website, and this must be authorised by the FCA . They must also state the cost of borrowing.

Are Freedom Finance Loans UK breaching the regulations by trying to charge you more than they should? The credit agreement will be unenforceable, and they can’t make you pay back the loan.

Is Freedom Finance Loans UK a legitimate company?

Some companies are not authorised to try and get payments from customers, but they will still try. If you are concerned about whether Freedom Finance Loans UK are legitimate , you can check through the Interim Permission Consumer Credit Register search page. There is also the option of searching via the financial services register here. If there is no valid up-to-date information, they may not be able to enforce the payment.

If there is a lack of information on their website, this would be another cause for concern, especially if the APR is not clear.

Is it time to make a complaint about Freedom Finance Loans UK

You may make a complain if you believe that Freedom Finance Loans UK are breaching the regulations. In the first instance, speak to them about your concerns. If the issues continue, you can make a complaint to the Financial Ombudsman.

It is imperative that you have evidence to back up your claim, otherwise it may just be dismissed. This includes evidence of phone calls, emails, letters etc.

If Freedom Finance Loans UK do not take your complaint seriously, you can contact the Financial Ombudsman. You can reach them by phone on 0800 023 4567 or 0300 123 9123

If Freedom Finance Loans UK have treated you unfairly, you could be eligible for a refund on any payments you have made, nothing a lot of people know that!

If the loan is considered unaffordable, it may be taken off your credit file. Write to the lender and ask for compensation if you believe they are in the wrong.

The next step is to follow it up through the Financial Ombudsman by phone on 0800 023 4567 or 0300 123 9123.

What is Continuous Payment Authority?

The debt is usually paid back through a Continuous Payment Authority (CPA). This means that the loan company can take payments from you whenever they want, to clear the debt. They should give prior notice of this, but many don’t do this. This leads to problems when borrowers can’t pay other important bills, it can literally leave borrowers destitute!

Thankfully, there are some new regulations which make the CPA less harsh on borrowers. This include – if the CPA fails twice, the loan company can’t keep trying to take payments. They can also not take partial payments. If they don’t take the full amount, they can’t take anything, unless you agree otherwise.

If they do this, they are in breach of the regulations. You may want to report them to the financial ombudsman on 0800 023 4567 or 0300 123 9123.

I afford to repay the loan, what do I do now?

If Freedom Finance Loans UK are legitimate but you just can’t afford to pay the debt, these are some things you can do.

Cancel the payments via your bank. This means that Freedom Finance Loans UK can’t just take money from your account, especially doing so when you least expect it!

Defer the payments. It may be worth speaking to Freedom Finance Loans UK and asking them to defer the payments to a more convenient time.

Regardless, you still owe the money and you must speak to the debt collectors and come up with a suitable arrangement. Speak to Freedom Finance Loans UK and advise them on your financial situation. By law, they should treat you fairly.

The law is on your side, as lenders must:

  • Give information on where to get free independent debt advice
  • Help devise a suitable repayment plan
  • Give you ample time to pay the loan back.

Why you shouldn’t roll over!

Freedom Finance Loans UK may say that you should roll the loan over, and of course they would, as they get all the extra interest and charges that comes with this! Don’t do this though, it will end up costing you even more.

Where to get debt help

Thankfully, there are legitimate debt advice companies who offer a free service and are there to help. These include:

Loan companies are all bad

This is a common opinion you have probably heard, but it’s not entirely true. Of course, just like anything, there are those companies who prey on the vulnerable, but equally, there are a lot of loan companies who provide a lifeline to those who need it. Not all are bad, but just be careful who you choose to use.

If you can’t pay back your loan do check out my other article here.

References

CONC 2.1 Application

CONC 5.2A Creditworthiness assessment

CONC 13.1 Application

Read More…

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About the author

Scott Nelson

Scott Nelson is a financial services expert, with over 10 years’ experience in the industry, including 6 years in FCA regulated companies. Read more
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