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Loans News - Last Updated Monday 8th December 2008 Syndicate this
'Millions' of loan claims can be launched

Monday 8th December 2008

Some personal loan contracts contain mistakes that could be the subject of a legal claim from the borrower, it was pointed out today.

According to solicitor Rodney Gardner and website Unfair Made Fair, errors on the loan applications could mean that millions of customers are overpaying on their loans.

Moreover, miscalculated APRs or fees can mean that the loan firm is in breach of the Consumer Credit Act, the Metro reports.

Cases launched against these providers are thought to be made stronger if the customer has taken out Payment Protection Insurance (PPI) with the loan.

Speaking to the newspaper, Alan Kneale at Unfair Made Fair said: 'There are undoubtedly thousands, if not millions, of other unfair loans out there still to be checked."

Mr Gardner added: 'Most loans will not be suff�iciently defective in law to guarantee claim back success but chances are inc�reased if a PPI premium was added at the time the loan was arranged."

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