Claim Back Mis-Sold Catalogue Credit From Studio
Studio (the catalogue brand, formerly Studio Retail and Express Gifts) lets you spread the cost of orders on a credit account. That account is regulated consumer credit, which means the lender had a legal duty to check the borrowing was actually affordable for you before opening the account and every time it bumped up your limit. Plenty of people were given accounts or repeated limit increases while they were already struggling, paying minimum amounts for years, or clearly maxed out. If that sounds like you, the lending may have been irresponsible and you can ask for the interest and charges back. You send the complaint yourself, it costs nothing, and you keep 100 percent of any refund.
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Under the FCA's Consumer Credit sourcebook (CONC 5.2A), a lender must carry out a reasonable creditworthiness and affordability assessment before granting credit, and CONC 6.2 extends that duty to significant credit limit increases. Studio Pay credit is provided by Frasers Group Financial Services Limited, which is authorised and regulated by the FCA as the lender, with Studio Retail acting as an introducer appointed representative. If a complaint about unaffordable or irresponsible lending is upheld, the standard remedy is for the lender to refund the interest and charges you paid on the borrowing that should not have been advanced, add 8 percent simple interest a year, and remove any negative information it reported to your credit file. Under the FCA's DISP rules the lender must send a final response within eight weeks. If you are unhappy with that response, or you get none, you can take the complaint to the Financial Ombudsman Service for free, normally within six months of the final response.
Step by step
- 1Gather what you can: roughly when the account was opened, the credit limit you started with, any later increases, and how the repayments felt at the time (minimum payments, missed payments, other debts, benefits or low income). You do not need every statement to start, but note anything that shows it was a stretch.
- 2Send a written complaint to Studio's credit provider, Frasers Group Financial Services Limited, stating that you believe the credit was lent irresponsibly because affordability was not properly checked at the outset or before limit increases. Reference FCA CONC 5.2A and ask them to refund the interest and charges plus 8 percent simple interest and correct your credit file.
- 3Give the lender up to eight weeks to issue a final response, as allowed under the FCA's DISP rules. Keep copies of everything and a note of the date you complained.
- 4If they reject it, offer too little, or miss the eight weeks, escalate free to the Financial Ombudsman Service within six months of their final response. Send them your complaint and the lender's reply and let them decide.
What they'll say, and your comeback
“You always made your minimum payments, so the lending was clearly affordable.”
Comeback, Making minimum payments is not proof of affordability. The duty under CONC 5.2A is to check at the point of lending whether you could repay sustainably, not just scrape together the minimum. Persistent minimum-only payments can actually be a sign the borrowing was unaffordable.
“The account is too old or already closed, so we can't look at it.”
Comeback, Age or closure does not remove the lender's obligation to investigate. The FCA expects firms to consider complaints on their merits, and the Financial Ombudsman regularly looks at older catalogue accounts. Ask for the complaint to be assessed and escalate if they refuse.
“You ticked the box confirming the credit was affordable, so the responsibility is yours.”
Comeback, The legal duty to assess affordability sits with the lender, not the borrower. A box you ticked does not transfer that responsibility, and the FCA's rules are clear that the firm must carry out its own reasonable assessment.
FAQ
Will complaining hurt my credit score?
No. Raising a complaint about irresponsible lending does not affect your credit file. If anything, a successful complaint usually means negative markers tied to the unaffordable borrowing get removed.
Do I need to pay a claims company to do this?
No. You can send the exact same complaint yourself for free and keep the entire refund. Claims firms typically take a cut of 20 to 40 percent for a letter you can write in minutes.
Ready to get your money back?
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A self-serve tool, not a law firm. General information, not legal advice.