Payments - UPDATE - 25 April 2022 Administrators have started sending emails to everyone with an upheld claim telling them what they will be paid. "The Joint Administrators are now in a position to declare a first and final dividend of 53.5p in the £" The average claim value is c £1,700. Someone with that claim value will get a payout of about £910. The payout details are given in the … [Read more...]
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!
In 2018, when Wonga went into administration, people started asking isn't there some kind of guarantee system that would step in if Wonga fails? Won't the FSCS help? This has become more important every year since then, with most of the major payday lenders failing, including the Money Shop, QuickQuid, Sunny and Myjar. From 2020, other sorts of high cost lenders have also being failing, … [Read more...]
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 … [Read more...]
A reader asked: I took out countless pay day loans a few years ago. Suddenly they have all come out of the woodwork. I now have a court claim arrive from Lantern – for an old Lending Stream loan. I have applied to extend the date for defence but am not sure what to put in my defence. There are three other accounts outstanding and I’m guessing once they’ve claimed one they will apply for the … [Read more...]
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...]
It's become harder to get a payday loan and other high cost credit as many lenders have gone bust because of affordability complaints or stopped lending because of Covid-19. So where can you go if you need a loan and you know you will be refused? Or if you realise that there is no way you can afford very high interest rates, or more. That these loans will lead you deeper into unaffordable … [Read more...]
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...]
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...]
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...]
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...]