People often ask Do I have a good case for a payday loan refund? If you are wondering this, it can help to look at why some people have their complaints rejected by the Finanical Ombudsman as this shows which complaints may be tricky. You may then realise that your complaint probably won't be difficult at all! Read How to ask for a payday loan refund for template letters. It has comments … [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.
Also look at the Guide to Payday Loans which covers how to apply for compensation/refunds if you think you have been given a payday loan that was "unaffordable" and the better alternatives if you want a payday loan but are refused one.
How to find out which payday lenders you used
A reader if there is an easy way to find out which payday lenders he used a few years ago. This is a really common question. Many people who had big problems with payday loans before 2015 ended up switching bank accounts, as it was the only way to stop the lenders emptying their account when they were paid. Some people even changed email addresses and phone numbers to escape from the payday … [Read more...]
News snippets about high cost credit
This page brings together news items about various types of high-cost lending in Britain, including payday loans, guarantor loans, doorstep lending, logbook loans, rent to own and other forms of high-cost credit. My comments on the latest FCA High Cost Credit Review reports in June 2018, which cover many of the different types of lending covered on this page (with the regrettable exceptions of … [Read more...]
Get a detailed list of your payday loans
To ask for a refund from a payday lender, it helps if you know the details of your loans - what you borrowed, what interest and other charges were added and what you repaid, with dates. Of course you do have to know which payday lenders you used before you can start this. If you have changed banks and got rid of old emails/letters, read Discover which payday lenders you used for ideas. If … [Read more...]
How to get a payday loan refund (with template letters)
Did payday loans make your finances more difficult or impossible? Those loans may have been "unaffordable" and you should not have been given them. You may be able to claim a refund of the interest you paid. It's easy to ask for a refund using the free template letters here. You can use these letters with any payday lender. They work if your loans were repaid on time, or late, or you still owe … [Read more...]
Payday UK sends £75 for a credit record error
In January 2018, Payday UK has written letters to thousands of people saying that an incorrect search was made on their credit record between August and November 2016. The Financial Conduct Authority (FCA), who regulates payday lenders, has made them write to everyone affected and offer £75 as compensation. Here is an extract from the letter one reader receive: This isn’t a scam Some … [Read more...]
Will asking for a payday loan refund affect a DMP?
Setting up a Debt Management Plan (DMP) is a great way to escape from payday loans and then you can also ask the payday lenders for refunds by making affordability complaints. But what if you are already in a DMP? Here you can still make affordability complaints. This article looks at some of the questions people have about this. Should my DMP carry on paying a lender if I complain? Yes. It's … [Read more...]
Refunds from Payday UK/Express & the Money Shop (updated)
Can you get a refund from Payday UK, Payday Express or The Money Shop? If you had loans from them that you struggled to repay, perhaps rolling the loans or having to borrow again every month, then you may be able to win an "affordability complaint". Read How to ask for a payday loan refund (with template letters) for details about what an affordability complaint is. These three large payday … [Read more...]
Lending Stream – poor and slow complaints handling
Most payday lenders aren't good at handling complaints, but Lending Stream, a mid-sized payday lender in Britain, is noticeably bad. And their habit of giving people loan after loan for prolonged periods means they are getting a lot of affordability complaints. I think their complaint handling is so bad that their regulator, the Financial Conduct Authority (FCA), should investigate it. A loan … [Read more...]
Payday UK stops lending after more than 10 years
Payday UK has stopped offering loans online or over the phone according to its website. They are one of the oldest and largest payday lenders in Britain. Payday UK is a brand name of Instant Cash Loans Ltd. The other online lending brands in the group, Payday Express and Ladder Loans, have also withdrawn from the market. The group's Money Shop business is unaffected, as are their smaller … [Read more...]
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