Have you taken a loan and do not like paying interest?
If the loan provider has incorrectly assessed your creditworthiness, it is obliged to reimburse the interest paid, even several years after the loan has been repaid without any problems.
Long story short:
- The client has repaid the loan without any problems.
- Two years later, he objected that the loan provider had misjudged his creditworthiness when he applied. The contract is therefore void and the client seeks a refund of the interest paid.
- The loan provider refused, so the client took the matter to the Financial Arbitrator.
- And he won! The loan provider must refund the paid interest to the client.
I expect that this decision will cause a headache for many (not only) consumer loan providers and at the very least trigger a thorough examination and review of credit assessment systems.
See the decision of the Financial Arbitrator.
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