The Financial Ombudsman Service (FOS) published its Annual Review this week which highlighted the massive jump in payday loan complaints - up 130% to c.40,000 in 2018-19. The Consumer Finance Association (CFA) has responded with a blog Reflecting on the FOS Annual Review. The CFA is the trade association for payday lenders, so you won't be surprised they are not happy... Mandy Rice-Davies's … [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!
Curo Transatlantic Limited (CTL) had two brands: Wageday Advance (WDA), a mid-sized payday lender; and Juo Loans, a small guarantor lender. CTL entered administration on 26 February 2019 because of the number of payday loan affordability complaints they were receiving. They appointed KPMG as Administrators. Latest news: The Administrators published Proposals for the … [Read more...]
Wonga stopped lending and went into administration on 30 August 2019, unable to pay refunds on all the payday loan affordability complaints it was getting. An unaffordable payday loan is one you could only manage to repay if you borrowed more elsewhere or didn't pay some bills. So you may have repaid a loan but still be able to claim a refund of the interest you paid if the loan was … [Read more...]
New statistics for July-December 2018 from the Financial Ombudsman (FOS) show how payday loan complaints have jumped in the second half of 2018 and give details for how many complaints the larger lenders had. Almost all these cases are affordability complaints where a customer was given payday loans without proper affordability checks and is asking for a refund of interest paid. The … [Read more...]
QuickQuid has told some customers that it plans to delete loan data over seven years old with effect from today, 15th April 2019. It says this is to comply with its legal obligations. QuickQuid has sent emails to the affected customers asking if they would like a copy of their data before it is deleted. It seems to me that this new policy is not in the customers' interest because it will … [Read more...]
In April the Wonga Administrators published the new Online Claims Portal. This lets current and previous Wonga customers in the UK submit a claim for a refund for unaffordable loans. The Online Claims Portal will close at the end of September, so all claims should be submitted before then. The Administrators have given a set of FAQs. What is the form for? The form has two main … [Read more...]
The Wonga Administrators’ six month progress report to end February 2019 was emailed to creditors on 27 March 2019. The creditors include the so-called "redress creditors". These are the customers who complained to Wonga saying they were given unaffordable payday loans. Collecting outstanding loans When Wonga went into administration, the Gross Loan Book totalled £77 million. So far … [Read more...]
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 Finanical Ombudsman statistics. Summary You may be able to get a refund if … [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...]