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...]
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.
Recent payday loans make it hard to get a mortgage in 2019
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...]
Get a payday loan refund – with step by step details & template letters
Did your payday loans cost so much you had to keep on borrowing? The regulator will say your loans were unaffordable and this was irresponsible lending. You can get a refund of the interest you paid on unaffordable loans. It's easy to ask for a payday loan refund using the free template letters here. The letters work if your payday loans were repaid early, on time, … [Read more...]
Lending Stream stops customers complaining by email
Lending Stream has changed its complaints handling to make it harder for customers to make an affordability complaint and ask for a refund of the interest they have paid. Until recently you could send them a complaint email, as you still can to the other payday lenders. Now all emails to complaints@lendingstream.co.uk or payments@lendingstream.co.uk bounce back. Instead, you have to complete … [Read more...]
When and how to negotiate about payday loan refunds
I have been encouraging people to send a simple template letter to ask for a payday loan refund if they were given payday loans they could only repay if they then borrowed again. And often people get template letters in reply - the lender just copies a standard rejection filling in the number of loans. Is this the point you should go back and try to negotiate with the lender to get a better … [Read more...]
Refused or want to avoid a payday loan – the alternatives
It's become harder to get a payday loan: Wonga borrowers dropped from one million in 2013 to under than 600,000 in 2014. By the time they gave up in August 2018 and stopped lending their number of new loans had shrunk further; the two big high street lenders, Cheque Centres and the Money Shop, stopped lending in 2017 and 2018; Payday UK and Payday Express stopped lending in 2017. So … [Read more...]
Cash Genie – administrators say not enough money to pay full refunds
On 2 November 2018, RSM wrote to creditors of Ariste Holdings, best known for its Cash Genie payday lender brand, saying that it was no longer solvent. As a result, customers expected a refund or compensation will no longer receive the full amount they are due. Background - Cash Genie was solvent when it stopped trading in 2016 In 2015 the FCA, which regulates payday lenders, ordered Cash Genie … [Read more...]
How the Wonga administrators will handle complaints & refunds- the Proposals
The Wonga Administrators sent a letter in late October to some of Wonga's creditors with their proposals to handle the administration. These include: background on the events before administration; how to decide the payday loan affordability complaints that have already been sent to Wonga; and how to encourage other customers to submit a complaint. These Proposals were agreed by a … [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. In December 2018 the FCA has responded to consultation responses on high cost credit and overdrafts. Good to see a major change to what they are proposing for BNPL deals, see below. … [Read more...]
Wonga – Latest News on refunds (kept updated)
On 30 August, Wonga stopped lending and went into administration. At that date: there were over 200,000 people with current loans from Wonga - many of them may have a good case for the interest to be removed from their balance so they only repay what they borrowed; there were 24,000 affordability complaints awaiting a decision by Wonga and 9,500 complaints against Wonga with the Financial … [Read more...]
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