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...]
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.
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...]
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...]
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 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 The other online lending brands in the group, Payday Express and Ladder Loans, have also withdrawn from the market.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...]
On September 13th, the FCA wrote a "Dear CEO" letter to all consumer credit firms that it authorises saying that they had reviewed complaints handling at a range of firms and found material non-compliance and other concerning practices. The letter details these problems and ends by saying that the FCA expects firms to: review how your firm identifies, records, and deals with complaints as … [Read more...]
When you get a payday loan, it arrives very quickly... so why does it take some payday lenders so long to pay out refunds for unaffordable lending? Especially as a few lenders are very fast? Hundreds of people have left comments on the How to get a payday loan refund page on the progress of their claims. This article summarises recent comments about the large and mid-sized lenders. It covers … [Read more...]
Many people are making affordability complaints about payday loans, asking the lender to refund interest. Most lenders are refusing to look at any refunds for payday loans that were taken out more than six years ago, saying the Financial Ombudsman Service (FOS) will not consider these cases. But this isn't correct! This article looks at the current situation and the implications for your … [Read more...]
You can get a "refund" for expensive payday loans if you still owe money on your the last loan. It can even be easier, as some lenders are quicker to reduce or write off debts than they are to hand over cash. The complaint process is explained, with template letters, here: How to get a payday loan refund. Use the same letters if you still have a loan outstanding, but here are some extra points … [Read more...]
Does gambling make it harder to get a refund from a payday lender? Many people who have made an affordability complaint and asked for a refund of the interest they paid are worried if there is gambling showing on their bank statements. Gambling is an issue for a significant number of payday loan complaints. The availability of easy credit from payday loans, even in the middle of the night, can … [Read more...]