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Lendable Loans Data Breach – Compensation Claims Guide

This article will discuss the steps you could take if a Lendable Loans data breach were to occur and involve your personal information. First, we will look at what personal information could be compromised in a breach. Then, we will examine the harm you could suffer as a result.

Lendable Loans data breach claims guide

Lendable Loans data breach – compensation claims guide

When an organisation handles personal data, it must adhere to the Data Protection Act 2018 (DPA) and the UK General Data Protection Regulation (UK GDPR). These pieces of legislation control the storage and use of both physical and digital personal data. The UK GDPR also creates a way for victims harmed by a data breach to pursue compensation.

In the UK, the Information Commissioner’s Office (ICO) is an independent body responsible for upholding information rights. Any organisation that fails to protect personal data in accordance with data protection laws could face monetary penalties.

Please continue reading to find out more about making a data breach claim. Also, learn how a solicitor could help you to compile evidence and navigate the claims process under a No Win No Fee agreement. Additionally, you can speak to a member of our team for confidential and free legal advice. To find out if you could claim against a loan company use the contact details below.

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Select A Section  

  1. Lendable Loans Data Breach – When Could You Claim?
  2. Are You Eligible To Claim Compensation?
  3. Finance Sector Incident Statistics
  4. What Steps Could I Take Should A Lendable Loans Data Breach Occur?
  5. What Payout Could You Claim For A Data Breach?
  6. If A Lendable Loans Data Breach Were To Occur, Our Advisors Could Provide Free Advice

Lendable Loans Data Breach – When Could You Claim?

It’s important to understand that a personal data breach is a security incident that affects the confidentiality, availability or integrity of your personal data. This could occur due to human error, such as an email containing personal data being sent to the wrong email address or an employee failing to use the blind carbon copy (BCC) feature when sending a mass email.

Alternatively, a personal data breach could occur as a result of a deliberate act, such as hacking a public database. Organisations are expected to have adequate security systems that are kept up to date.

You may be wondering, ‘what is personal data?’ It is any data that, alone or alongside other information, could be used to identify you. This includes:

  • Your name
  • Home address
  • Email address
  • Date of birth
  • Debit or credit card details

In addition to this, under Article 9 of the UK GDPR, certain types of personal information are referred to as special category data, such as your political opinions and religious beliefs. This requires extra protection due to its sensitive nature.

b Should a Lendable Loans data breach occur and compromise your personal data, please contact our team of advisors for more information.

Are You Eligible To Claim Compensation?

Those responsible for handling personal information are called data controllers and processors. Data controllers are in charge of the means and use of processing personal data, whereas data processors are recruited to act on their behalf, following their instructions. They must keep your personal data safe in accordance with data protection laws.

Below we will outline the criteria that must be met to pursue a data breach compensation claim:

  • A data processor or controller failed to comply with data protection laws, resulting in a breach.
  • This breach involved your personal data.
  • As a result, you suffered financial losses or mental health problems. such as stress or anxiety.

If a Lendable Loans data breach takes place and compromises your personal information, you can contact a member of our team for advice. They may be able to determine whether you could be eligible to bring forward a claim.

Finance Sector Incident Statistics

The statistics below show data security incident trends that were reported to the ICO by the finance, insurance and credit sector. These figures show the following:

  • Between Qtr 2 of 2019 and Qtr 2 of 2022, there were 3,082 incidents.
  • Non-cyber causes resulted in 2,252 of these incidents.
  • Cyber causes resulted in the other 830 incidents.

What Steps Could I Take Should A Lendable Loans Data Breach Occur?

If you suspect that a data breach has occurred, or an organisation may have contacted you to notify you of a breach, you may wonder what you need to do next. All organisations must report a data breach affecting the rights and freedoms of data subjects to the ICO no later than 72 hours after discovery. Also, they should contact you with this information without undue delay.

Below we will provide some steps you could take if your data has been compromised:

  • Make a data protection complaint to the company directly and ask for details regarding the breach.
  • Then, if you do not receive a satisfactory response, you could complain to the ICO. This is not a requirement to make a claim, however, their findings could provide useful evidence to strengthen your case.
  • Start to gather evidence of the mental and financial harm you have suffered due to the personal data breach.

Also, should a Lendable Loans data breach occur and affect your personal data, call our advisors, who are available 24/7 to talk at a convenient time.

What Payout Could You Claim For A Data Breach?

There are two types of damage that you could be compensated for in a successful personal data breach claim: non-material damage and material damage.

Firstly, we will discuss non-material damage, which is the psychological injuries you have suffered as a result of the personal data breach. To help value non-material damage, legal professionals can use the Judicial College Guidelines (JCG), which was updated in April 2022. Therefore, we have provided the table below as a guide to compensation brackets for different psychiatric injuries.

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Injury Details Guideline Compensation Brackets
Severe Psychiatric Harm (a) The person will suffer marked problems with respect to coping with work, relationships and daily life, with a very poor prognosis. £54,830 – £115,730
Moderately Severe Psychiatric Harm (b) The person will suffer significant problems with respect to coping with work, relationships and daily life. However, the prognosis will be much more optimistic. £19,070 – £54,830
Moderate Psychiatric Harm (c) There will be similar issues as in brackets above, but a marked improvement will occur by trial and the prognosis will be good. £5,860 – £19,070
Less Severe Psychiatric Harm (d) The award will consider the length of disability and the extent to which sleep and daily life were affected. £1,540 – £5,860
Severe Post-Traumatic Stress Disorder (PTSD) (a) An injury that permanently impacts all aspects of the person’s life. It prevents the person from functioning as they did before the trauma. £59,860 – £100,670
Moderately Severe Post-Traumatic Stress Disorder (PTSD) (b) The person will have a better prognosis than in the bracket above with the help of a professional. £23,150 – £59,860
Moderate Post-Traumatic Stress Disorder (PTSD) (c) In cases such as these, the person will have largely recovered and any persisting effects are not grossly disabling. £8,180 – £23,150
Less Severe Post-Traumatic Stress Disorder (PTSD) (d) Virtually a full recovery will have been made by the person within a 1 to 2 year period and only minor symptoms may persist beyond this period of time. £3,950 – £8,180

Please be aware that these amounts are guide figures only.

Material Damage

Material damage is the financial losses you have suffered as a result of a personal data breach. This may include fraudulent credit card purchases in your name and stolen amounts from your bank account. This could negatively impact your credit score and leave you struggling financially. You must keep evidence of any material damage you have suffered, such as bank records and payslips.

A Court of Appeal case called the Vidal-Hall and Others v Google Inc [2015] changed the law’s stance on awarding compensation for a data breach claim. It meant that going forward; you can now bring forward a claim for non-material damage whether or not you are also claiming for material damage.

If A Lendable Loans Data Breach Were To Occur, Our Advisors Could Provide Free Advice

It is not a legal requirement to use a solicitor when making a claim. However, a legal professional will be familiar with the claims process and can help you put forward a complete case. What’s more, opting to use a No Win No Fee solicitor by entering into a Conditional Fee Agreement (CFA) will generally mean the following:

  • You won’t pay for their services upfront, whilst the claim is ongoing or if it is unsuccessful.
  • A successful data breach claim will see a solicitor under a CFA take a small legally capped percentage of the compensation. This is often called a success fee.

Should a Lendable Loans data breach occur and cause you harm, please speak to a member of our team. If one of our advisors finds that you could have an eligible claim, they may place you in correspondence with one of our experienced No Win No Fee solicitors.

You can:

  • Call us on 0800 073 8804
  • Contact us online to discuss your data breach claim
  • Or chat through the live support feature below

Learn More About Data Breach Claims

The following articles from our website offer further reading on data breach claims:

Furthermore, please explore the links below to learn more about protecting personal data:

Thank you for reading this guide to the steps you could take should a Lendable Loans data breach take place and involve your personal information.