If you want to get a refund for "unaffordable" payday loans, the first step is to complain to the lender. Often it's simple as the lender has a Complaints section on their website, but some have been taken over or the website isn't there anymore, so here is a list of their email addresses. For all these emails put AFFORDABILITY COMPLAINT as the subject of the email. If you haven't already … [Read more...]
Payday loans
Payday loans - easy to take out - hard to escape from. This page has all Debt Camel's articles about them, the most recent first.
 
If you think you were given a payday loan which was unaffordable - you could only repay it if you borrowed again soon afterwards, read How to ask for a payday loan refund which has step by step instructions and free template letter.
Tens of thousands of people have got a refund of the interest they paid on some of their loans using this approach!
The better alternatives to payday loans
It's become harder to get a payday loan as large, medium and small payday lenders have gone bust or stopped lending because of Covid-19. So where can you go if you need a loan and you are refused? Or if you want to avoid the horrendous interest rates? Get a loan from a non payday lender? You can divide alternative lenders roughly into three sorts The good - ethical lenders Even if you … [Read more...]
Mr Lender is reviewing its loans from 2014-20 for affordability
In October 2020, some customers who had payday loans from Mr Lender are getting emails about a review of their loans. Mr Lender is carrying out a review of its payday loans over the last 6 years. It says: Lending practices have evolved over the years. This means that on occasion, a review of previous loans is appropriate to ensure that customers were treated fairly and that we have fulfilled … [Read more...]
QuickQuid in administration – what is happening
It is now too late to submit a Claim for unaffordable lending. The last date was 14 February 2021. The Claims Portal remains open to allow people to update their bank account details. You cannot now submit a new Claim. CashEuroNet (CEU), which owns the QuickQuid, Pounds To Pocket and On Stride brands, stopped giving loans and went into administration on 25 October 2019. I will be … [Read more...]
Coronavirus & payday loans – 1 month break with no interest
On 24 April 2020 the FCA published its guidance for payday lenders on customers with Coronavirus difficulties. With other types of credit, customers can have three month payment breaks but interest continues to be added during these breaks. This applies to mortgages, unsecured loans and credit cards, and car finance. But the FCA has taken a very different approach with payday loans. The … [Read more...]
Wonga – administration ended, company dissolved
The administration of WDFC, the legal company who operated the Wonga brand, was completed in August 2020. The company was finally dissolved in December 2020. See Companies House records for details. Background to the administration - rising complaint numbers A payday loan is "unaffordable" if repaying meant you had to get into more debt, by borrowing again or getting behind … [Read more...]
More payday lenders go under – was anything learned from Wonga?
In the last two months of 2019, Britain's largest payday lender, QuickQuid, went into administration followed by three smaller lenders: 247 Moneybox, PiggyBank and Swift Sterling. Have the lessons from Wonga's collapse last year been leaned? And how can regulators and debt advisers do better in future to protect borrowers, not just of payday loans but other sorts of high cost credit as … [Read more...]
If a lender took tax off a refund, how to reclaim some of it.
If you have received a refund from a lender, you may see that there is an "8%" element included. This applies in many situations, including PPI, affordability refunds and NOSIA refunds. Often the lender will have deducted basic rate tax from this 8% part. Since April 2016 non taxpayers and basic rate taxpayers can probably get some or all of this back from the HMRC. This article looks at who … [Read more...]
Has Wonga offered you a low settlement? Is this a good offer!
People who still have a loan from Wonga that has been paid are getting emails with what sounds like a tempting offer: Loan settlement offer to restore your credit record. The offer details are: you only have to pay about 25% of the debt; the debt will be deleted from your credit record if you accept the offer; it says the offer is "time-limited" but doesn't give a date you have to … [Read more...]
How to ask QuickQuid for a payday loan refund (old article)
UPDATE - on 25 October, CasheEuroNet which owns ate QuickQuid, Pounds To Pocket and On Stride brands went into administration. See QuickQuid goes into administration – what will happen for details. That article will be updated with any more news. This article will not be kept up to date. QuickQuid (QQ) and its smaller brand Pounds To Pocket (P2P), which in February 2019 rebranded as On … [Read more...]
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