Consumer lender brand. Products & services: Personal loans.
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Making a claim against RateSetter
If RateSetter has caused you a financial loss, you may have grounds to claim compensation. Claims are decided on the facts and the evidence you can provide, so it helps to understand what you can claim for before you begin.
This guide explains the types of claim common across the banking & financesector, the steps to take first, and the evidence you’ll want to gather.
Claims may include:
- Fraud and scam refunds refused
- Irresponsible or unaffordable lending
- Hidden or undisclosed commission on finance
- Faulty goods or services bought on credit
- Unfair account charges and errors
- Mis-sold financial products
- Unfair treatment when in financial difficulty
What can you claim for?
- Scams and fraud
Were you tricked into transferring money and refused a refund?
Learn more - Unaffordable lending
Were you given a loan or credit you couldn't afford to repay?
Learn more - Hidden commission
Were you charged undisclosed commission on a car finance or credit deal?
Learn more - Goods bought on credit
Did something you bought on credit go wrong and the retailer won't help?
Learn more
Before you claim
- 1Report it to the provider
Raise the fraud, lending or account issue and ask them to put it right.
- 2Give them up to eight weeks
Firms must issue a final response before you can escalate.
- 3Keep records of everything
Statements, agreements, messages and any scam correspondence.
- 4Escalate free to the Ombudsman
If still unhappy, the Financial Ombudsman can review it at no cost.
Evidence checklist
- Bank or credit card statements
- The credit or finance agreement
- Records of the payment or transaction
- Messages or emails from the scammer (if fraud)
- Proof of income and outgoings (for affordability)
- The firm's final response letter
- Complaint reference number
- Section 75 or chargeback correspondence
- Ombudsman outcome (if applicable)
Start your claim
Tell us a little about what happened and we’ll help you check whether you have a valid claim against RateSetter.
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Frequently asked questions
The bank refused to refund a scam — can I still get my money back?
Possibly. Under the mandatory reimbursement rules, providers must refund most victims of authorised push payment (APP) scams unless the customer was grossly negligent, and the Financial Ombudsman Service can review a refusal for free.
Can I complain about a loan I couldn't afford?
Yes. If a lender did not properly check that repayments were affordable, you may be owed redress — often a refund of interest and charges. This can apply to loans, credit cards, overdrafts and 'buy now, pay later' credit.
What is Section 75?
Section 75 of the Consumer Credit Act 1974 makes your credit provider jointly liable with the retailer when something you bought on credit costing between £100 and £30,000 is faulty, not delivered or misrepresented.
Is there a time limit for complaining?
Generally you have six years from the event, or three years from when you knew (or should have known) you had cause to complain, whichever is longer, so it is best not to delay.
Does it cost anything to complain?
No. You complain to the firm first, and if you are not satisfied the Financial Ombudsman Service investigates for free — you do not need to pay a claims company to do this for you.
This information is general guidance and is not legal advice.
Relevant legislation
The main laws and regulations that may apply to a claim in the banking & finance sector:
- Consumer Credit Act 1974
- Financial Services and Markets Act 2000
- Payment Services Regulations 2017
- Consumer Rights Act 2015
Check whether you can claim money back from RateSetter in a few minutes — no obligation.