Financial Ombudsman decisions are legally binding on the firm. But if it's been a couple of weeks and you haven't been paid, you may be feeling worried... This article gives some information on how you can enforce a decision from the Financial Ombudsman Service (FOS) through the courts. I'm doing this to re-assure you that it can be done, not to encourage you to rush out and do it! It is … [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.
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.
Wonga has started contacting 245,000 customers on 8th April 2017 by email to warn them their personal and financial details may have stolen. Professor Alan Woodward, a cybersecurity expert, said it was "looking like one of the biggest" data breaches involving financial information in Britain. A few days later it also started sending out text messages. This problem isn't just affecting people … [Read more...]
If you had doorstep loans from lender such as Provident, you may be able to get a refund of the interest you paid if the lender should have realised the loan was unaffordable for you. Doorstep lending - also called home credit - is where a collector comes to your house to collect the repayments. Doorstep loans are used by over 1.3 million people in Britain. The four largest lenders are … [Read more...]
QuickQuid is getting a lot of payday loan affordability complaints from customers asking for refunds of interest. Many people are going to the Financial Ombudsman and getting large payouts awarded. This article looks a what happens when you first contact QuickQuid with a complaint, what sort of offers they make and what happens when the complaint goes to the Financial Ombudsman. It also applies … [Read more...]
In November 2016. the FCA issued a very broad Call for Input on High Cost Credit. In November 2014 when the price cap and other payday lending rules were announced, it was stated that they would be reviewed after two years and this new Call for Input is part of that review. Andrew Bailey, Chief Executive of the FCA, said: We have come up to the point of reviewing the cap on payday lending, … [Read more...]
I was thinking of doing an Award for Poor Complaints Handling by payday lenders in 2016. But it all felt too serious, so I thought I would go with something more light-hearted. After all, Christmas this year is going to be better for many, many people because of the payday loan interest refunds they have received so far! So I've picked out some bits that have made me smile and some categories … [Read more...]
If you have received a PPI or payday loan refund since April 2016 where tax has been deducted, you can probably get this back from the tax man! This post explains who can claim this tax back and how to do it. Why was this taxed? People often feel cross that they are charged tax on a refund. If you return something to a shop for a refund, you wouldn't expect that to be taxed, it's your own money … [Read more...]
A reader asked: I took out countless pay day loans for example with Lending Stream, Quick Quid, MyJar, and Wageday Advance a few years ago. Suddenly they have all come out of the woodwork. I now have a court claim arrive from MotorMile Finance – for a Lending Stream account. I have applied to extend the date for defence but am not sure what to put in my defence. There are three other accounts … [Read more...]
Many people are making affordability complaints about payday loans, asking the lender to refund interest. Until now, lenders have refused to look at any refunds for payday loans that were taken out more than six years ago, saying the Financial Ombudsman will not consider these cases. Earlier this year there seemed to be some inconsistent decisions from the Ombudsman as to whether their rules … [Read more...]
On 2nd November, the FCA announced that MotorMile Finance UK Ltd (MMF) had agreed to provide redress to more than 500,000 customers for "historic failings": The firm had inadequate systems and controls over due diligence. In particular, it failed to conduct sufficient due diligence upon the purchase of a debt portfolio to be satisfied that the sums due under customer loan agreements were correct. … [Read more...]