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 - 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!
When the Financial Ombudsman upholds a complaint about payday loan affordability, the typical award is a refund of interest and charges on the unaffordable loans plus 8% simple interest. This interest can add up to a lot of money if the payday loans were a few years ago. If you want to find out more about payday loan refunds, and how people are winning these cases even when they repaid their … [Read more...]
If you want to get a refund for "unaffordable" payday loans, the first step is to complain to the lender. Often it's simple as the lender has a Complaints section on their website, but some have been taken over or the website isn't there anymore, so here is a list of their email addresses. For all these emails put AFFORDABILITY COMPLAINT as the subject of the email. If you haven't already … [Read more...]
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...]
This is the story of one of the very early payday loan affordability complains, 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 business … [Read more...]
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...]
The Financial Conduct Authority (FCA) announced on 1st December 2014 that it was banning credit brokers from charging fees to customers from January 2nd 2015 unless they comply with a strict set of conditions. Credit brokers are middlemen - they don't lend money themselves. They can offer to find any length of loan but much the most common target is payday lending. This action is an unusual … [Read more...]
The FCA announced on the 11th November that it will cap the costs of payday loans from 2nd January 2015: Initial cost cap of 0.8% per day. For new loans, or loans rolled over, interest and fees must not exceed 0.8% of the amount borrowed. So for a one month loan of £100, the interest and fees if the loan is repaid on time cannot exceed £24 If borrowers cannot repay their loans on time, … [Read more...]
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 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...]