Revolving Credit Claim Genre Explained
A Revolving Credit Claim for Irresponsible Lending is a regulatory claim brought against a lender who provided a revolving credit agreement (like a credit card or a line of credit) without carrying out sufficient credit checks.
Revolving Credit: This refers to a type of credit that allows a borrower to withdraw, repay, and re-withdraw funds up to a certain limit. Common examples include Credit cards, Overdraft facilities, and Lines of credit.
The Claim: The regulatory claim is based on the principle of unfairness to the customer.
There are estimates that there are close to £10 billion of Revolving Credit claims already settled with an enormous, incalculable, volume of further claims to be processed. Any established and evidenced claim now settles within 3 months historically, as the financial regulations are so well established.