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Millions entitled to loan claims
08 December 2008
Millions of people may be entitled to claim back a chunk of their loans as a result of lenders making mistakes on their contracts. Some people may even see their entire debt wiped out as a result of the errors.
The errors include miscalculating the annual percentage rate and fees for credit. The errors were made in the small print of personal loans between £5000 and £25000. At the moment borrowers are finding out about the problems with their loans through claim management companies, who charge fees of up to £500.
Citizens Advice recommends that borrowers consult its bureaux before paying someone to investigate.
