What is irresponsible lending?
If a creditor hasn’t done proper affordability checks, they may give you a loan that’s larger than you need, or that you can’t afford to pay back. This could leave you with a choice of cutting back on your essential living costs to keep up with the payments, or missing payments to the debt which could lead to your account defaulting.
Lending money without checking affordability is known as irresponsible lending.
If this has happened to you and as a result you’ve struggled to repay a debt you could make a complaint to the creditor.
Some payday loan companies have been made to refund interest or write off debts which were lent irresponsibly without affordability checks.
If you make a complaint, there’s no guarantee that your creditor will agree to this, but you may be able to agree to other concessions, for example allowing you to pay the debt back at a reduced amount.