QuickQuid (QQ) and its smaller brand Pounds To Pocket (P2P), which in February 2019 rebranded as On Stride, have been getting increasing numbers of affordability complaints from customers asking for refunds of interest. In 2018 QuickQuid became the most complained about banking and credit firm in Britain, according to the Finanical Ombudsman. Summary You may be able to get a refund if you had … [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!
The FCA announced on 26 February 2019 that Curo Transatlantic Limited (CTL) enters administration with Pre-Pack Sale. CTL owns two brands: Wageday Advance (WDA), a mid-size payday lender, and Juo Loans, a small guarantor loan brand. It also owned Speedy Cash, which ceased trading a while ago. KPMG has been appointed as administrators. They have said: CTL was subject to a significant number … [Read more...]
Update: on 26 February the FCA announced that Wageday Advance has gone into administration. See Wageday Advance (WDA) goes under – pre pack sale to Morses Club for details. The UK payday lender Wageday Advance (WDA) is currently not lending, as its website has been down for at least three days as of 22/02/19. It is blaming technical problems: We're experiencing some technical issues with … [Read more...]
This is a guest post by Councillor Andy Hull, Islington Council’s Executive Member for Finance, Performance and Community Safety and Alan Campbell, the founder of Debt Hacker. For many of us, it only takes one unexpected expense or change in circumstances to throw our finances out of kilter. Since 2006, payday loan companies operating in the UK have been profiting from people’s urgent need … [Read more...]
A reader recently told me he had taken out a loan for £650, with 18 monthly repayments of £147. This adds up to a total repayment of £2,650 - an eye-watering amount and more than four times what he borrowed. At first I thought this was probably taken out several years ago. But in fact, it was borrowed in 2018 from Loans2Go. Here is a snapshot of the personal loan page on the Loans2Go … [Read more...]
Update: on 26 February the FCA announced that Wageday Advance has gone into administration. See Wageday Advance (WDA) goes under – pre pack sale to Morses Club for details. Curo, the American parent of payday lender Wageday Advance (WDA), is in talks with the FCA about a Scheme of Arrangement (SOA) for its redress liabilities in the UK. See Curo's statement in its end of year … [Read more...]
Update: on 26 February the FCA announced that Wageday Advance has gone into administration. See Wageday Advance (WDA) goes under – pre pack sale to Morses Club for details. Wageday Advance (WDA) is not giving its customer a Final Response to complaints within eight weeks. At the end of the eight weeks it is telling customers it needs another eight weeks to consider their … [Read more...]
Caroline Wayman, the Chief Ombudsman at the Financial Ombudsman Service (FOS) gave evidence to the House of Commons Treasury Select Committee on 22 January 2019: Here I am just picking out some remarks which are relevant to payday loan affordability complaints. Complaint numbers Wayman talked about "the unprecedented growth" in FOS complaints about payday lenders this year. This was … [Read more...]
For several months QuickQuid has been refusing to consider any affordability complaints about loans made after March 2015. First it rejects a refund on any of these recent loans when a customer complains. Here is an example of how QuickQuid even classifies these loans separately in its reply to a complaint: Then, when a customer takes the case to the Financial Ombudsman (FOS), QuickQuid … [Read more...]
Having a recent payday loan on your credit history can make it much harder for you to get a mortgage at a good rate - or even at all! If you have used payday loans, the best advice for a mortgage application is: wait until at least 12 months have passed after your last payday loan; always go through a good broker; a payday loan affordability complaint may help clean up your credit … [Read more...]