Bamboo Loans claims

Bamboo (Bamboo Ltd, trading as Bamboo Loans) offers unsecured personal loans, typically £1,000 to £5,000 over two to four years, to people with less-than-perfect credit.

Some Bamboo loans have been sold to debt purchasers. You can still complain to Bamboo about whether the loan was affordable, even if someone else now collects it.

Could you have a claim?

Bamboo Loans had to check you could afford to repay without falling behind on bills or other debts, and check again before lending more. It may not have done enough if:

• You already had a lot of other debt
• The loan was used to repay other borrowing
• The repayments took a big share of your income
• You had missed payments or defaults on your credit file
• You were offered top-ups while struggling

More about claims for personal loans and credit.

What you could get back

If a complaint is upheld, the usual outcome is a refund of the interest and charges you paid on the lending that shouldn’t have been given, plus 8% simple interest a year, and any negative marks about that lending removed from your credit file. If you still owe money, the refund may be taken off the balance first. Try our refund calculator for a rough idea.

How to complain to Bamboo Loans

1. Write to Bamboo Loans saying the lending was unaffordable and asking for a refund of interest and charges plus 8%. Bamboo’s complaints email is complaints@bambooloans.com. Our free complaint letter has the wording.
2. Bamboo Loans has 8 weeks to send a final response.
3. If you’re unhappy with their final response, you usually have 6 months to take it to the Financial Ombudsman Service. If 8 weeks pass with no final response, you can go to the Ombudsman straight away. It’s free.

You don’t have to use a claims company. If you’d rather a regulated firm did it for you, do our free check.

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