True Blue Loans

Update: In May 2015, True Blue Loans was dissolved. They are no longer engaging in lending activity.

Information correct as of 26/04/21 (CompaniesHouse)

Loan interest and charges – caps to protect borrowers

The Financial Conduct Authority have price caps in place, which are designed to help protect borrowers from being charged excessive rates. These caps are:

  • Cost cap of 0.8% per day on the value of the loan – including interest and fees.
  • Default fees cap of £15
  • Complete cost cap of 100% – you should not be asked to repay over 100% of the loan you have borrowed.

The limits are applicable to credit agreements with an interest rate of 100% or more per year and that will be either fully or substantially paid back within a year.

Other regulations were in force in May 2017. These meant that lenders had to provide details of their products using a price comparison website which is authorised by the FCA. Borrowers should always receive a summary of the cost of borrowing.

Should you trust True Blue Loans UK?

You can check if True Blue Loans UK is an authorised company by simply entering the name of the company on this Interim Permission Consumer Credit Register search page. You can also access this information from the financial services register here. If there is no valid entry or the information is out-of-date, there may be cause for concern.

Do you have a complaint against True Blue Loans UK?

True Blue Loans UK must treat you fairly, but if you feel they are not following the legislation, you can make a complaint directly to them in the first instance, and if you don’t get anywhere, you can escalate your complaint by contacting the Financial Ombudsman.

If True Blue Loans UK fails do not provide you with a response you are happy with within 8 weeks, you may make a complaint to the financial ombudsman. They can be contacted by phone on 0800 023 4567 or 0300 123 9123

What you need to know about Continuous Payment Authority

Continuous Payment Authority (CPA) is often set up by lenders, and this allows them to take payments from your account for loan repayments.

There are new regulations in place which mean that when a CPA fails on two occasions, lenders cannot try to take any further payments.

They can also not to take partial payments, only the full value of the loan.

What if I can’t afford to repay the loan?

If True Blue Loans UK are found to be operating legitimately, but you have no means to pay it back, you can do several things.

Contact the lender

Speak to the lender about your circumstances, and ask if you can set up an affordable repayment plan. If you can’t afford any payments right now, you may be able to defer the payments until a later date.

These are the legalities surrounding loan companies:

  • They must provide advice on organisations who offer free debt advice.
  • They must set up a reasonable payment plan, if you cannot afford to pay the full amount.
  • They must give you reasonable time to pay it back.

Getting debt help

These are some organisations who offer free debt advice:


CONC 2.1 Application

CONC 5.2A Creditworthiness assessment

CONC 13.1 Application

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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