HOUSEHOLDS who were lent money they couldn't afford are being warned they could end up with a shock bill if they get help making a complaint.to help them get compensation for un-affordable lending could find they are landed with a hefty bill to pay, adding to their financial struggles.Claims management firms help people make claims against companies if they think they have been treated unfairly.
In one case, a customer, "Tom", was struggling with debt and decided to submit a claim through a claims management firm he found online for irresponsible "I'm completely stuck at what to do, there is no way I can afford to pay them as I'm currently on a debt management plan with more financial worries," Tom said.But Tom is one of many Brits struggling with debt who may not realise they could be landed with a bill for getting their debts wiped.
And if you're stuck on a credit card with a high APR and only making the minimum repayments, you could be forking out hundreds of pounds extra in interest charges.If you don't make any more transactions and pay £100 a month in repayments, you will pay off the card by September 2025 but at £207 in interest.
Before taking out a new credit card or increasing the amount you borrow, it's vital to consider the consequences.It's always vital to ask yourself if you need to borrow before committing to a new credit card, personal loan or overdraft.