Did your payday loans cost so much when you repaid one you had to keep on borrowing?
You can get a refund of the interest you paid on unaffordable loans.
It’s easy to ask for a payday loan refund using the free template letters here. The letters work if your payday loans were repaid or if you still owe money.
This article covers everything you need to get started. It’s easy, free and many people are winning large payouts.
The comments below this article have thousands of stories of the refunds people have got using these letters. It is a great place to ask questions!
Contents
What are “unaffordable” loans?
Was a loan affordable just because you managed to repay it?
No! If paying a loan left you so broke you had to borrow again – from the same lender or a different one – it was unaffordable!
The regulator says:
“the borrower should be able to make the required repayments without undue difficulty, whilst continuing to meet other debt repayment obligations and reasonable regular outgoings.”
That means a payday loan is only affordable if you repaid it on time and you could still manage to pay your other bills and debts.
Payday loans are meant to be used to solve a short term problem. If you kept rolling a loan or repaying one then getting another loan soon after, the lender should have stopped lending to you.
If the loan was small and it was the first loan or second loan from a lender, the lender may not have realised the loan was unaffordable for you. But it was irresponsible lending to just carry on giving you more loans.
Many lenders ignored even very obvious signs of problems such as your loans increasing in size or borrowing very soon after repayment.
How much compensation can you get?
You don’t have to calculate this. Or work out which loans were unaffordable.
Just ask for a refund from the lender and see what you are offered. This is simple and it works well.
The Financial Ombudsman has seen tens of thousands of payday loan affordability complaints.
Payday loans are meant for short term problems and the lender should not have carried on giving you loans, A typical decision by the Ombudsman is that the payday lender should refund all the interest you paid interest after the third, fourth or fifth loan.
But if your first loan was large, or was rolled over several times you could get a refund from just one loan.
Which lenders can you get refunds from?
You can complain to lenders that are still in business, even if they have temporarily stopped lending because of Covid-19.
These include:
Lending Stream, Satsuma, Fernovo, Ferratum, Mr Lender, Moneyboat, Smart Pig, CashASAP, CashForUNow, Fast Loan Uk, LoanPig, Kabayan, MyKredit, Oakam, QuidMarket, Savvy, WageMe, Wizzcash,
See this email list for payday lenders for a longer list and all their contact details to use.
Also use these letters for the very high-cost sorts of “flexible credit”, including:
SafetyNet Credit, Drafty, Polar Credit, Tappily.
If the lender has gone into administration, including Myjar, 247 Moneybox, Peachy, Piggybank, Swift Sterling, Uncle Buck:
- you can make a claim to the administrators – there is normally have a simple form for you to complete, see the lender’s website for details.
- you may not get much back but this is very easy to do. And if you win the complaint any negative marks on your credit record will be removed.
- Sunny – read Sunny goes into administration – what should customers do? for how you can put in a complaint
- QuickQuid – read What will happen in QuickQuid’s administration for how you can put in a complaint.
Wonga, Wageday Advance, the Money Shop, Payday UK, Payday Express and other lenders who gave up years ago – it is now too late to make a complaint about these lenders, see this list.
For longer-term loans there are better template letters to use on other pages:
- Provident,
- Amigo and other guarantor lenders,
- 118 Money, Everyday Loans and other high-cost large long-term loans.
First, before you send in a complaint
Doing these four things now will make your life easier later.
Get a copy of your TransUnion statutory credit report and keep it. After complaints are started, sometimes loans are deleted and you may want the full report if you later have to go to the Ombudsman. Don’t get an Experian or ClearScore report instead – many payday lenders don’t use those.
If you can log-in to the lender’s website and see your loans, take a copy of them as sometimes they vanish when you complain.
If you still owe money to the lender:
- unless you can afford to make this month’s payment without borrowing again, cancel the CPA to the lender at your bank. Otherwise the lender may take the money and you will be in a mess.
- read the Stop making payments? section in Payday loan refunds when last loan not repaid. If you want to offer a lower affordable amount, add a sentence to your complaint letter saying this.
- if you have a lot of borrowing at the moment, read Escape from the payday loan trap which looks at how a debt management plan can help you.
If your loan was sold to a debt collector you still complain to the original lender but also tell the debt collector that you are disputing the debt. Don’t skip this bit or a debt collector may go to court. It is a good idea to carry on making payments to the debt collector if they are affordable.
Start your complaint & get loan details
You can find the lender’s email address for complaints from this list.
Put “AFFORDABILITY COMPLAINT” as the subject of your email:
You should never have given me these unaffordable loans. I am asking you to refund the interest and any charges I paid, plus statutory interest, and to delete any negative information from my credit record.
[delete this sentence if you know what all your loans were.] I know the difficulties your loans have caused me but I no longer have all the loan details. Please send me a list, showing for each loan when it was taken out, how much interest and charges you added and what I repaid – this will enable me to assess any refund you offer me.
[delete this sentence if none of your loans were sold.]If a loan was later sold to a debt collector, please inform me of the date of sale and the name of the debt collector.
[Only put this bit in if some of your loans were more than 6 years old. This explains why you haven’t complained before. It ‘s only an example, don’t copy it, change it so it covers what happened to you!] [I didn’t know that the lender was supposed to check that I could repay the loan without having to borrow more. I only found out in 2020 when I saw a newspaper article in the Sun/an advert on Facebook for payday loan refunds/a friend said they had made a complaint/whatever.]
This email begins your affordability complaint.
The lender should reply to your complaint within 8 weeks from when you send the email, not when they acknowledge it. Make a note in your diary for 8 weeks time and chase the lender up if you don’t get a reply.
They may send the list of loans sooner, and then later send the response to the complaint, so don’t be surprised if you get sent info on the loans but nothing about your request for a refund.
Don’t be surprised if you have to wait until the end of the 8 weeks to get response. A lot of lenders are really slow.
When you get your loan information, you can send in more details about your complaint if you want. You don’t have to do this, your complaint has already begun and the lender has to reply.
I don’t know if many lenders actually read what you send them. But it’s easy to do – you don’t need to calculate what refund you should get or quote laws.
Change this template so it tells your story.
I have had x loans from you from [2015 to 2016].
Paying you each month left me with too little money so I had to keep borrowing to get through the next month.
For this period my take home pay was about £x a month.
[Include the following details if you know them, but if they varied a lot miss this out My living expenses were roughly: rent/mortgage £x. Council tax £x. Utilities and bills £x. Transport costs £x. Clothes £x. Food, toiletries etc £x. Child expenses £x Other debt repayments £x. Total £x per month.]
You should have realised from the number of times I borrowed that my debt problems were getting worse. It was not responsible to continue to lend to me. [Add more details eg how often you borrowed or rolled loans if you know them, how the amount borrowed generally went up etc]
[Include/change this if your credit record would have shown big problems: My credit reports would have shown all my other debts and problems including late payments/defaults /CCJs/debt management.]
You should never have given me these unaffordable loans. I am asking you to refund the interest and charges I paid, plus statutory interest, and to delete negative information from my credit record.
Some ways to improve this
Add any points that help you describe what happened to you. And delete any bits that don’t matter to you. Some examples:
- “I took out another loan with xxxx to pay you.”
- “Sometimes I borrowed to pay the rent and then had to top-up to get money for food.”
- If you weren’t treated fairly while you were borrowing add a bit about this.
Don’t worry that the lender will say you should have cut back on your living costs, just put down your normal expenses. You don’t need to include evidence about your expenses.
Send credit record and bank statements?
Some lenders ask you to send them a copy of your credit record, your payslips or bank statements. This is mostly to be difficult – the lender can check your credit record themselves if they want.
Don’t send payslips – they won’t help an affordability complaint and the ombudsman never asks for them.
Send bank statements if you want, but think twice about the cost of copying and postage if there are a lot. Most lenders seem to ignore them if you do send them.
Some people feel these are personal and they don’t want to send them to a payday lender. If you don’t want to send them, tell the lender you will send the Ombudsman any information that is needed.
Rejected or a poor offer?
If the lender rejects your complaint or offers you a small amount, don’t be depressed. You may still have a very good case!
It is easy and free to send your case to the Financial Ombudsman where many thousands of people have won their payday loan complaints, despite being rejected by the lender.
Give up?
Some lenders try to make your case sound bad when it isn’t. People have had large amounts refunded after a complete rejection!
Just ignore any of the following comments, they do not mean you have a weak case:
- they relied on your loan applications and you didn’t give the full facts – see Lender says I lied for more about this;
- you repaid some loans early – this doesn’t prove the loans were affordable, just that you were trying to save interest;
- your borrowing didn’t go up every time – irrelevant, what matters is that you kept borrowing;
- you had a good enough credit score or they didn’t legally have to check your credit record;
- your loans are over 6 years old – the Ombudsman will look at these even if the lender says they won’t!
Will a lender improve an offer?
You may be wondering if you should go back and try to get the lender to give you a better offer. Most lenders won’t do this, but a few may if you make out a good case – this includes Mr Lender and SafetyNet Credit. For example if they have offered to refund loans 6-12 you would be happy if they included one or two more, you can say why you think loans 4 and 5 should also be refunded.
A good enough case to go to the Ombudsman?
If you don’t know what to do, ask in the comments below this article. Accepting an offer settles your whole complaint – you can’t change your mind later.
Don’t worry that you will lose a small offer by going to the Ombudsman – this doesn’t happen.
Some points to think about:
- if you are offered a refund on only a few loans, don’t accept if you think you paid a lot more than that in interest. Some lenders offer a few hundred pounds to people who get ten or twenty times as much from the Ombudsman.
- an offer to write off your current balance may sound good … but it may be very poor if you should get a refund as well, see Refunds when you have a balance owing for details.
- if getting defaults or late payments removed from your credit record is important to you, are you happy with what the lender is proposing to do? Don’t assume your credit record will be cleared if the lender didn’t mention this.
One or two loan cases are hard to win at the Ombudsman. It’s probably best to give up on one or two loan cases unless:
- the loan was rolled or topped up several times; or
- the loan was large. Here is a single MyJar loan case that was won even though it was an instalment loan and the borrower had a good income because it was for £3,600. And a single loan Sunny case for a loan of £1,000. You can win cases for smaller amounts if the repayment would have been a large amount of your income; or
- you still owe money.
Don’t delay too long – there is a 6-month time limit after a lender rejects your complaint to send the case to the ombudsman.
How to send a complaint to FOS
Put in a separate complaint about each lender.
Don’t wait until all your lenders have replied before sending the first one to the Ombudsman!
One reader said: They couldn’t be any nicer. Caroline Wayman, the Chief Ombudsman, says:
It’s really OK to phone up and say, ‘I don’t think it was fair.” It’s not court; you don’t have to turn up with your ‘heads of claim’, you don’t have to write a fancy letter. Tell us your story and we will do the rest.
FOS’s “complain online” option is easy and takes you through your complaint step by step.
You can just copy what you said in your complaint to the lender. Add more details, for example, if you disagree with what the lender replied to you. Include a paragraph about having only just found out you could complain if some of the loans are more than 6 years old.
Things to attach:
- the reply you have had from the lender.
- bank statements if you have them. Ideally from 3 months before your first loan until the last loan was repaid or you defaulted on it. This strengthens your case, showing how unaffordable the loans were. You can still get bank statements even if your account is closed – if you don’t have them, start the process of getting them now, don’t wait until FOS asks for them.
- a copy of your TransUnion Statutory credit report.
What happens after you have sent a case to FOS
You will normally be contacted within a couple of weeks and asked for a copy of your credit record and your bank statements if you haven’t sent these. If you have sent these on one complaint, then when you complain about a different lender they will use the ones they already have.
After this initial contact, your case will wait for the lender to send FOS your case file and then wait to be picked up by an adjudicator who will make a decision on it.
If you are still making payments to the lender, tell the lender you want to reduce these to an affordable amount. This will make waiting for an Ombudsman decision much less stressful for you.
The Financial Ombudsman has a two-stage process. Most cases are settled by the first “adjudicator” stage but about 10% go to the second “Ombudsman” stage.
A few problem cases
Don’t ask for a refund:
- if you are bankrupt now or have been bankrupt in the past – any refund would go to the Official Receiver.
- if you are in an IVA, as refunds will go to your IVA firm not to you. If your IVA has finished the refund may still be sent to your old IVA firm.
- if you are in a DRO now, getting a refund may mean your DRO is cancelled!
More help
You can ask a question in the comments below – you may get a reply from someone who has been in your exact situation.
If you need help to complain, go to your local Citizens Advice, they will help for free.
Don’t use a claims management company. They are expensive and often incompetent. It’s easy to do this yourself and you can ask questions below and get replies from other readers who have done this.
Ask for a refund for large bad credit loans
Will you get a refund from Mr Lender?
How to complain about a guarantor loan
James says
Morning
I have been offered the amazing about of £5780.69 from Lending Stream after a claim company (I know I should have don’t it myself) escalated to FOS
I have agreed the amount but lending stream are saying they will keep 20% of the 8% interest “as HMRC requires”?
Is this right??
Sara (Debt Camel) says
yes it is, but you can claim back up to £200 of this deduction from HMRC if you are a basic rate taxpayer and all of it back if you are a non taxpayer. See https://debtcamel.co.uk/ppi-payday-refund-get-back-tax/
James says
Thanks very much :) Without your site I would have never even thought to try to claim.
They have wiped loans which were part of a DMP and by using the money I am almost debt free and have savings for the first time ever. I can’t thank you enough for what you do.
RD says
Hi Sara. My loan was sold to a debt collection agency before I made a complaint. The complaint was upheld. The collection agency are aware of the complaint and the balance has been amended. They have now sent me an email stating that if I do not settle or make an partial serpent offer within 30days they will report the account as defaulted. Currently unemployed and receiving benefits, which they know. Is there anything I can do?
Sara (Debt Camel) says
who is the lender?
how large is the balance?
do you have other problem debts as well?
RD says
The lender is peachy. The complaint has been upheld and they agreed it should not have been lent. It’s the collection agency threatening me I’m with defaults if I don’t settle up in 39 days. It’s for £560 and yes I have 6 other loas that I’m paying £5 toward from my benefits.
Sara (Debt Camel) says
What is the total of these other 6 loans?
RD says
Total is £21,343.
Sara (Debt Camel) says
That’s a lot. Have you talked to a debt advice about your options?
realistically it will make very little difference if this peachy loan is defaulted or not, I think you need to look at the bigger picture.
Emilie says
Hi
I have used your letter template this morning and email a number of lenders – thank you so much for the template!!
I have had a reply from Mr Lender already, and I was hoping you could advise me on what to do next.
I took out 2 loans with them in 2016:
Loan 1 – Approved 27.06.2016 – Amount £100.00 – Repaid £131.20 – Interest £31.20
Loan 2 – Approved 05.08.2016 – Amount £200.00 – Repaid £111.46 – Interest £0.00*
*I repaid a further £169.83 to SLL Capital in relation to this loan. Meaning the total repaid on this loan was £281.29, £81.29 in interest.
They have told me that as I only took out 2 loans, they have no evidence that I was experiencing financial difficulties even though I did not repay one of the loans and it ended up being sold to SLL. They have told me they will not give me a refund, but can offer me a goodwill gesture of a £25 voucher instead. They have also said I can go to the Financial Ombudsman if I want to.
I am happy they responded but I am not sure what to do now.
Are you please able to help? Thank you in advance :)
Sara (Debt Camel) says
it’s pretty hard to win a two loan case at the ombudsman when the loans aren’t large. I think you may struggle with that one.
Emilie says
I assumed as much but I didn’t want to reply to them without asking for advice first. Thank you for your reply!
Lynne says
Hi Emilie they did exactly the same to me. I’d taken out 3 loans in total and paid back 2 in full, so I too got the ”£25 goodwill gesture’ email because I hadn’t paid the 3rd loan.
Emilie says
Hi Lynne. Did you accept the voucher? If so, have you ever received it?
Lynne says
Hi yes they paid it straight into my bank within about 2 hours. To be honest I needed every penny as I wasnt working and I couldn’t be bothered to argue so I accepted it. But the main thing for me was that they agreed to remove them from my credit file so a decent result really.
Az says
Hi Lynne, on the back of your last comment, did they just remove any negative marks again the loan on your credit file, or did they completely remove the record of the loans from your credit file ?
Charlene Francis says
I had exactly the same with Mr Lender. I tried to negotiate more but they stood firm. And said if I wasn’t happy to go to the FOS. I went to the FOS who have come back today to say they are not upholding my complaint due to loan sizes, £250, £750 And £500 the last one is still outstanding. And they find they were outstanding.
I wish I had taken up Mr Lender on the £25 voucher offer now lol.
Hannah says
Hey, I raised a affordability complaint with Uncle Buck after they had gone into administration, they upheld my complaint and said the information would be removed from my credit file. Then i found out that they were referring to a loan I had took out with them and paid back in full, I was referring to a second loan that I had taken out after the first what I never paid back, they then sold this to a debt collecting agency. The worse thing is I never knew they was talking about the first loan but when I took out the second loan I was in an even worse finance position from when I took out the first loan and they agreed this is unaffordable. I feel like they deceived me here and now they have added a default on my account in 2020 when the passers it to a debt collecting agency when the loan is from 2019 , what should I do ? Please help. Should I raise another complaint?
Sara (Debt Camel) says
have the administrators agreed the second loan was unaffordable?
was the second loan sold by the administrators or by UB before adminstration?
Hannah says
Hey, they agreed the first loan was unaffordable but when I raised my complaint I was complaining about the second loan that was still outstanding. I was in an even worse position when I took out the second loan, then they said a refund would be granted if there was enough after the selling of the business in administration and all negative information would be removed from my credit file which I was more than happy with it wasn’t about the money it was more about the negative impact on my file. Then they issued a default on my account in Jan 2021 for the second loan that was then sold to a debt collection company and they issued a default on my account also , which means I have 2 defaults for the same loan. This loan is back from 2019 and 2years later the negative impact has been added, I am totally gutted and feel completely deceived , please help.
Sara (Debt Camel) says
which means I have 2 defaults for the same loan
this actually isnt something to worry about – it always happens when a loan is sold and credit scoring calulations ignore one of the defaults.
But the fact you have a default at all is wrong here. Have you asked the administrators why they have added a default on a loan they have decided to be unaffordable?
Hannah says
Hey Sara, sorry I think I am being confusing , they show situation is a mess.
1st Loan (paid back in full on time) – this was the Loan they deemed unaffordable and removed the negative impact on my file – even though there was none as this was paid back in full hence the reason they gave me a second loan.
2nd Loan (not paid back) – This is the loan I sent a complaint about , so when I received the response to say yes it was unaffordable and they would remove al l negative history of this , I was over the moon. I was in an even worse financial situation when I took this loan.
Then I received a letter to say the 2nd loan had been sold to a debt collecting agency and a default added to my credit file in 2021 even though the loan was in 2019 , the debt collecting agency have added a default for this aswell which means I have 2 default on my file for the same loan. I had no knowledge of this as I thought the issue was resolved, they sold this loan very quickly after I received my response. I feel like they deceived me and now I have this negative impact. It’s really bad and took a complete toll on my depression. I didn’t even care about any money coming back to me , I was fighting for the negative information to be removed and now this has been tarnished.
Also to add , when I raised the complaint I didn’t know the reference number for my loan . They never asked what loan I was referring to and took it upon themselves to assume it was the first loan. Hope this makes sense.
Sara (Debt Camel) says
you need to focus on the bits that need to be changed – this will be less confusing. So I suggest forgetting:
– the two defaults issues (it isn’t really a problem at all)
– and the hassle you had getting them to agree both loans were unaffordable (annoying but not relevant from here on).
They have told you the second loan was unaffordable and they would remove the negative history. They haven’t done this. Have you asked why?
Lynne says
Don’t let them get away with this. They said to me the unaffordable loan I was referring to was a different reference number that was on their records. It got sorted eventually but it all just goes to add more stress. Awful company in fact one of the worst.
Hannah says
Hey Lynne, thankyou. Can I ask how you managed to get this sorted? Any advice would be a big help x
Lynne says
Hi Hannah, uncle buck told me a couple of times they didn’t think I had an unaffordability complaint. I didnt give up and on the 3rd or 4th email eventually they upheld my complaint and said I would be due for £84 but because there was no money in the pot I wouldn’t receive anything and it’d be closed and removed from my credit file. I was happy with that decision.
Just as that was sorted someone called TM Legal Services started contacting me (out of nowhere) to say I owed £1,000 to uncle buck! I told them UB had upheld my unaffordability claim and sent them the email as proof but they then said we need to check with UB as this is a different loan ID number. Basically I told them my circumstances (unemployed etc) and they agreed to write off the other loan and remove it from my credit report.
It feels like a game with these people sometimes but honestly don’t give up. You’ve got to fight and it does wear you down sometimes but it’s your well-being that’s important at the end of the day. I feel like such a weight has been lifted now.
Hannah says
Thankyou so much for this. Can I ask, did you go directly through the debt collecting agency or back to UB? Was the process long, this has had a massive impact on my mental health it’s never ending. Q
Lynne says
No problem Hannah. It was Uncke Buck direct who confirmed to me they’d upheld my loan affordability complaint, but then it was the debt collection agency who were pursuing the ‘other’ loan. It was someone called TM Legal services. I emailed them directly and they responded to my email literally within half an hour. The whole thing was resolved almost instantly.
Hannah says
Thankyou Lynne, sorry just one last question. You said below this was resolved through the debt collecting agency, did they remove the negative impact UB had left on your credit file ?
Lynne says
Yes the debt collection said they’d contact the relevant department in order to get it removed. It can take around 4 weeks so I haven’t seen it come off yet but looking forward to next months report when I can see the changes! Best of luck!
Hannah says
I can’t reply to your last comment , just wanted to say thankyou for all your help! I wish you all the best with your current issues and hope they are resolved quickly! Thankyou x
Hannah says
Hey Lynne, sorry do you have the email address you used. I have emailed and had no response at all.
Thankyou
Lynne says
Lending Stream update. Their final response was that they’d acknowledged 1 out of 3 loans was unaffordable. They reduced the balance from £730 to £300. I explained that I still was unable to pay due to being unemployed. They’ve now written off the rest so I have no outstanding loans with them! Also they will remove it from my credit file. I can’t tell you how relieved I am about this.
Sara (Debt Camel) says
that’s good!
Sally says
Hi Sara,
Update on lending stream
FOS adjucator ruled in my favour and lending stream came back and accepted the decision , I accepted the offer today morning and they said it would be around 28 days for the refund to be issued but to my surprise it’s in my bank account already .
3 more cases left
Mrlender – awaiting to hear from them after fos adjucator ruled in my favour
Carcashpoint- with senior ombudsman
118118money with adjucator
Thanks again Sara for this great site
God bless
Marg says
Another Lending Stream success story…
I complained on 18th March, they returned a summary of the 54 loans I had taken out between Apr 14 and Aug 18 on 1st Apr.
I followed up with a little more info per the template above and today they have decided to refund the interest on loans 2 and 6 – 54, saying that although they were affordable that the number and time between the loans means they should have considered whether it was a good idea for them to make those loans.
all in all I am going to get just north of £14,000 back, which is amazing as I have a leaking roof and need new doors on my house … not glamourous, but I am so happy not to have to worry about how to get the money without borrowing more.
Good fortunes to everyone still claiming, I hope you all get speed resolutions
Thomas mcTasney says
The money shop
Received letter saying my potential
Redress was £6748.60 is it legal
For these to pay 4 per cent I was
Using these for years month after
Month using d.l.a.book to get loan
When paid loan after 4 weeks taking
It back out again till the next
4 weeks this kept going on
Sara (Debt Camel) says
I am sorry but only being paid 4% is legal. Blame the FCA whose poor regulation has led to this mess and who has not provided any backup scheme to pay people their proper compensation when a lender goes under.
Andy says
Hi Sara
Thanks to all of your help I have now managed to get all of my high cost loan and pay day loan appeals accepted. The last one was with Quick Quid who initially rejected my claim back in November, but after an appeal and a lot of back and forth they have now ruled in my favour and agreed it was irresponsible lending and will remove from my credit file. They have however advised me it could take ‘a number of months’ to do this due to the volume of accounts they have to get through. I completely understand this but I’m wondering if I dispute the record with the CRA’s directly and supply the evidence from QQ, could this speed up the removal process? Basically, as soon as this is gone I will be in a position to apply for a mortgage at prime rates as this is the only thing left that is going against me. My original plan was to wait until early 2022 for the default to be 2 years old and then apply for a sub prime mortgage, but it will be amazing if I can start the process in the near future using a high street lender.
Thanks a lot again for all of your help, you have been a life saver.
Sara (Debt Camel) says
First good news on winning the QQ appeal. Quite a few people have reported this.
If you go to the CRAs now, they will just ask QQ. I don’t know what QQ will reply. Your argument to the CRAs is that QQ has agreed your credit record is incorrect so under GDPR (the data protection rules) your record should be corrected now, not in several months time.
At some point QQ will stop replying to the CRAs, then the CRAs will have to “suppress” your credit record (see https://debtcamel.co.uk/correct-credit-records-lender-administration/). But by that point there is a good chance they will have already cleared it.
Ashley says
Hi there,
Hoping you can help me understand if I have a claim here or not, and to find out if claiming against SafetyNet Credit is normally successful.
I first took £100 out with them in November 2018. I had several other loans out at the time and had been rejected elsewhere so didn’t think I would get accepted. The last time I ‘borrowed’ from them was March 2019. In that time (4 months) I ‘borrowed’ from them 15 times, not fully realising how bad the borrowing was due to them being linked to my bank account. On some occasions during this they would take large sums from my account and then I would ‘borrow’ the money back the same day or a couple of days later. One example of this was 600.43 was ‘paid back’ which cleared my debt with them however 2 days later I had to ‘borrow’ 520 again to be able to afford to live. This didn’t happen on just 1 occasion during the 4 months. I am now repaying the loan back through a debt collecting company as I unlinked my bank account due to the loan getting larger and larger.
Would this be something I cam claim againt?
Sara (Debt Camel) says
Yes that sounds like good grounds to complain. Although this isn’t a typical payday loan, use the standard template in the article above. They set your credit limit way too high for you to be able to repay without needing to borrow more.
A LOT of people have had success against them.
Kate says
Hi,
I made a complaint to payday UK last march, I never received a response so emailed them again last year for an update, again I never had a response. I emailed them yesterday and they have sent me an email that they claim was sent last year. The final response letter is not in my inbox, I’ve never had an email back from them until today.
The final response from them says out of 7 loans they will refund the fees and interest out of good will. However I was on a debt management plan when the loans were taken out and had a number of other payday loans.
I know the cut off with FOS is 6 months but surely in these circumstances it could be an exception?
Sara (Debt Camel) says
No Payday Uk cases can go to the Ombudsman now, this is nothing to do with you complaining late, it is because they are part of the instant Cash Loans / Money Shop scheme of arrangement, see https://debtcamel.co.uk/money-shop-to-close-two-million-customers-will-be-informed/ for what is happening in the Scheme.
Kate says
Hi sorry I just checked and its payday loans.net
Will I still be able to forward my complaint to FOS?
Sara (Debt Camel) says
ok, so what exactly did they offer you in the “reply” you never received? Was that offer acceptable?
Kate says
So they offered me £300 as a good will gesture to cover the interest and fees paid towards the last loan. In total I took 7 loans out over the space of a few months.
In total I have paid just over £800 in fees and interest.
Sara (Debt Camel) says
well it isn’t a dreadful offer. If the first loans were small they would be unlikely to be refunded. Have you said you would like to accept and they have refused?
Kate says
They offered 300 as a good will gesture for interest and charges occurred from the last loan. But accepted no responsibility.
I borrowed 7 times in the space of 12 months each time was £300 then went up to £400.
Mrs B says
For anyone waiting on 247 money box. I received an email this morning confirming that amendments to CRA and redress would be between April – June 2021. I am sure this will be at the end of June as it always seems to be the latest date possible.
Danny says
Good News, that’s one I’m waiting on myself.
Anybody had news off Piggy Bank?? I emailed them last week but they told me there is no update y we and couldn’t give me any info.
Dave says
Good afternoon, I have received a few refunds over the last couple of years with the help from this site and I’m now trying to claim the 20% tax back.
The problem is that I don’t have the emails showing the amount deducted by various companies,some of whom, WDA,Wonga etc no longer exist.
Is there anyway I can find this information out or is it a lost cause?
Thanks in advance.
Sara (Debt Camel) says
If these were payouts from the administration, then there would have been no tax deducted.
If they were from before the administration, there is no way to find out these amounts now if you don’t have the relevant emails.
Lynne says
Does anyone know who the administrators are for Sunny?
Sara (Debt Camel) says
KPMG, see https://debtcamel.co.uk/500000-sunny-customers-tiny-refunds/
Dave L says
Has there been any update on the money shop
Administration ?
Sara (Debt Camel) says
See https://debtcamel.co.uk/money-shop-to-close-two-million-customers-will-be-informed/
Laura says
Hi, I started using safety net credit over a year ago, started with £100 and after 6months they were taking £670 out of my bank as I needed to get a lone from them every month. They could see that the interest was meaning they were going over the figure that even they thought I could afford. I called my bank and stopped the is tant access they have. Where do I go from here?must have had about 12 loans with a high chance of more then too 2 further loans out with lending stream as I had no money left.
Sara (Debt Camel) says
Use the template in the article above to complain to Safetynet Credit and ask for a refund of the interest you have paid. Sometimes they just offer to clear your debt, but don’t agree to this without finding out how much interest you have paid them as it may not be a good offer.
Jamie says
Hi. Anyone know when they’ll get a email back from the scheme for money shop please.?
Sara (Debt Camel) says
NO
No-one knows. As soon as anyone gets one, they will say here!