This page covered the complaints and refunds process before Wonga went under on 30 August. Events in August 2018 August 4 - Wonga forced to ask investors for £10million in funding as the cost of affordability complaints increases. 26 August - news reports that Wonga was in trouble. Sky News reported that: Directors of the payday lender Wonga could appoint Grant Thornton as the … [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.
 
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!
Calculate the 8% extra interest on refunds – not easy
When the Financial Ombudsman upholds a complaint about an affordability complaint, the typical award is a refund of interest and charges on the unaffordable credit plus 8% simple interest. This interest can add up to a lot of money if the loans were repaid a few years ago. If you want to find out more about affordability refunds, and how people are winning these cases even when they never … [Read more...]
Swift Sterling & Pounds Till Payday – refunds and complaints
Before December 2015 Swift Sterling, Pounds Till Payday and My Money Partner were trading names of Northway Financial Corporation Limited, a Maltese company. In 2016 these brand names were bought by a UK company called MMP which went into administration in December 2019. When were your loans? This affects who to complain to If your loans were before December 2015 Then you need to complain to … [Read more...]
One of the early payday loan affordability complaints in 2015
This is the story of one of the very early payday loan affordability complaints, made in September 2015. Since then there have been literally tens of thousands of affordability complaints made. All the UK payday lenders have been receiving them. four years later, in October 2019, the cost of paying refunds on these affordability complaints had forced the "Big Three" lenders tp go out of … [Read more...]
Telling my partner about my payday loans
A reader left a couple of long comments on the main Payday Loans - How to ask for a refund page. Many people may be interested in what she wrote, so I've put them together into this article. Here is TL's story: After having seen the Debt Camel article I gained the confidence to look into the case I have for a refund. Going through four years of bank statements I realised that I had … [Read more...]
Do a million need payday loan compensation?
On 2nd October 2014 the Financial Conduct Authority (FCA) announced that Wonga had agreed to compensate an estimated 375,000 customers where Wonga's "affordability" checks are likely to have been inadequate. The common reactions were first that Wonga was being made an example of to warn other payday lenders and second that this was a huge number of refunds... But should many more people get … [Read more...]
Wonga write-offs for 375,000 people in 2014
Wonga is offering write-offs to 375,000 of its current customers because its affordability assessments have been inadequate. This was agreed with its regulator, the Financial Conduct Authority (FCA) and announced on 2nd October 2014. Wonga has agreed to make significant changes to its business immediately to try to prevent these problems happening in future. Who is being compensated? The … [Read more...]