Professional negligence claims impact on financial products

Published on 18 Jun 2010 under category: legal

Borrowers should be better protected when it comes to loan fees, according to one comparison site.

Confused.com has said that there is not enough "transparency" around fees and that small print around terms and conditions is "confusing" for many.

If consumers are sold inappropriate financial products, they could make claims for professional negligence.

The comparison site conducted its own investigation which uncovered practices by loan providers which forced cash-strapped consumers into signing agreements in exchange for basic legal information.

However, it also found that in some instances payday loan companies were clearer on headline rates than mainstream high-street lenders.

Commenting on the investigation, Sharon Flaherty of confused.com, said: "We've been contacted by people who've taken these types of loans and are being treated really poorly by the providers when they face repayment difficulties.

"Often the customers aren't aware of the options available to them, both in terms of escalating complaints and alternative credit options such as credit unions."

If you require advice on Professional Negligence please call us on +44 (0)20 7831 0101 and ask for Peter Mellett.