From Adviser Guide:
Short-term finance 1hr
Q: Is the bridging loan borrower protected by law?
Often borrowers are protected by the Consumer Credit Act.
Borrowers whose loans are regulated by the FSA or the CCA will have the benefit of the additional protection afforded to these loans over and above any common law or other consumer protection legislation.
Furthermore, Paul Aitken, chief executive of Borro, said if the client is not satisfied with the service given, the client has the right to complain to the Financial Ombudsman Service.
Mr Aitken said: “There is a written complaint handling procedure that they can use to resolve such matters, which is available on request.
“If they are still not satisfied after following the complaint handling procedures, they can ask the ombudsman to review the complaint.”
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More in this guide
- Q: What is short term finance?
- Q: What are the different types of short-term loan?
- Q: What are the pros and cons of different short term loans?
- Q: Who regulates short-term loans?
- Q: How are short-term asset loans secured?
- Q: What happens if the borrower misses a payment?
- Q: Do missed payments affect credit rating?
- Q: Once a bridging loan is agreed can it be cancelled?
- Q: What will I be paid for arranging short term finance?
- Q: Can the asset be sold?
- Q: What if the asset is sold for more than the loan amount?