Retailers provide point-of-sale loans that encourage consumers to sign up on the day or make it easy for them to purchase high-ticket items without going to their bank. These loans often have high interest rates and can cause substantial financial detriment.
Unaffordable loan claims are increasing, as many finance providers don't perform the necessary credit checks before issuing loans. Point-of-sale loans give less scrutiny to consumers' ingoings and outgoings, often burdening them with more finance than they can handle.
In recent years, Shawbrook Bank, Novuna, and Barclays Partner Finance have had to pay millions of pounds to provide point-of-sale loans for missold timeshares in Malta, Spain, the Canary Islands, and the UK.
Section 75 and Section 140A claims are the two predominant claim types used to recover money for missold finance agreements. A large proportion of the cases we take on are point-of-sale finance claims for consumers who were missold, given unaffordable loans, or provided loans without the correct permissions.
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