Occasionally terms of a loan will change during the course of the repayments period. Sometimes there will be add-ons, such as Personal Protection policies, which should be optional but are made mandatory. There are even instances where a one off fee is demanded on which interest is also accrued. Any one of these may in some cases cause a breach of contract and mean that you have, in effect, been mis-sold the loan.

Unfortunately though, in many cases people are either unaware of their rights or are simply too concerned to follow up or pursue a claim for having being mis-sold a loan. The first step, as with most queries and complaints, is to go directly to the company with whom you secured the loan. Whether you choose to meet in person, call or even write, it is the best way to ensure that you understand the situation, ascertain what rights you have and whether any changes can be made.

Like any business, a loan company – whether it’s a bank or independent brokerage – is out to make money. However, it is in their best interests to ensure that you are able to pay back your loan and avoid any conflict that may muddy their name, particularly legal action. If you do manage to talk to them, discuss your misgivings and drive a hard bargain. If they’re in the wrong, they may not admit it outright, but you need to ensure that you have harried them sufficiently to see if your case can be sorted out.

If this isn’t successful, it may be time to consider legal action. Again this may look like an intimidating option, but if you’re struggling financially as the result of – or at least in some way because of – a mis-sold loan, then it is a highly efficient way out of strife. Many legal firms who are used to dealing with these kinds of cases will provide a free service, guiding you through the various stages and providing impartial advice on your chances of success.

It may seem extreme, but this kind of legal approach can really get results. If you’ve been wronged and your finances have been adversely effected due to a mis-sold loan, then it can be the best and most practical final resort. It shouldn’t cost you too much, if anything at all, and could well see you back on your feet and on a firmer footing than ever before. If going straight to a legal representative is too daunting, you may also want to consider starting with a free impartial service, such as Citizen’s Advice; they’ll let you know the procedures and best way to approach the matter.

The most important thing to do though is to not panic. It can be extremely stressful, but there is help and advice available to you. Thousands of people have been mis-sold loans, finally more and more are now fighting back.