Credit broker refund?
Hi there.. so might be a bit long winded but just looking for a bit of advice (And apologies if this is in the wrong place, if so can someone direct me to the correct place to post)
Back in April 2014 I for one reason or another needed to get a payday loan. I spent a day applying for one through various websites however in the end I genuinely didn't end up getting one. I was a bit younger and didn't really know what I was doing.
Looking back I do remember some of the websites saying there would be a fee payable on completion of a loan.. however as I say I never got an actual loan from any of them.
Weeks later the below companies took payment from my account. At the time I remember doing not much more than calling the companies involved to ask for a refund but didn't really get anywhere. As I have said I was younger, not as competent at dealing with such situations as I am now. I now know what these companies are about and to expect a fight should I be entitled to any form of refund..
It is only through reading through old forum posts on here that I have found that at least 2 of the companies are actually credit brokers. I had no knowledge of this what so ever at the time and would not have agreed to have paid for a company to do this.
However despite this I have read: Section 155 of the Consumer Credit Act 1974 provides that a credit-broker may charge no more than £5 for his services if the consumer does not enter into a relevant agreement within six months of an introduction to a prospective source of credit or hire. If the broker has already charged more than £5 for his services and section 155 applies, the excess must be refunded to the consumer upon request.
Is this true? And if so is it basis for me to request refunds from the companies that are credit brokers as I never received any form of refund from any of them previously? And if so has too much time passed now? I only have bank statements as evidence of the payments being taken and me recieving no payday loan from any company? How would I go about initiating a refund request after 3 years passing?
I completley understand if this is unrealistic - it just frustrates me that so much money was taken from my account with me recievingno benefit at all
Many thanks for reading and for any advice anyone may be able to offer
Nicole
Loanzoo.co.uk - £54.99
Quidfinder.net - £65.88
Smart loans - £56.20
Loan-options.net - £67.76
Loanwizard.co.uk - £69.85
Loansdirect - £67.95
Back in April 2014 I for one reason or another needed to get a payday loan. I spent a day applying for one through various websites however in the end I genuinely didn't end up getting one. I was a bit younger and didn't really know what I was doing.
Looking back I do remember some of the websites saying there would be a fee payable on completion of a loan.. however as I say I never got an actual loan from any of them.
Weeks later the below companies took payment from my account. At the time I remember doing not much more than calling the companies involved to ask for a refund but didn't really get anywhere. As I have said I was younger, not as competent at dealing with such situations as I am now. I now know what these companies are about and to expect a fight should I be entitled to any form of refund..
It is only through reading through old forum posts on here that I have found that at least 2 of the companies are actually credit brokers. I had no knowledge of this what so ever at the time and would not have agreed to have paid for a company to do this.
However despite this I have read: Section 155 of the Consumer Credit Act 1974 provides that a credit-broker may charge no more than £5 for his services if the consumer does not enter into a relevant agreement within six months of an introduction to a prospective source of credit or hire. If the broker has already charged more than £5 for his services and section 155 applies, the excess must be refunded to the consumer upon request.
Is this true? And if so is it basis for me to request refunds from the companies that are credit brokers as I never received any form of refund from any of them previously? And if so has too much time passed now? I only have bank statements as evidence of the payments being taken and me recieving no payday loan from any company? How would I go about initiating a refund request after 3 years passing?
I completley understand if this is unrealistic - it just frustrates me that so much money was taken from my account with me recievingno benefit at all
Many thanks for reading and for any advice anyone may be able to offer
Nicole
Loanzoo.co.uk - £54.99
Quidfinder.net - £65.88
Smart loans - £56.20
Loan-options.net - £67.76
Loanwizard.co.uk - £69.85
Loansdirect - £67.95
0
Comments
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These fees were really popular a few years back and customers were chucking £70 a time at anyone who promised a loan. None of themever received loans.
You need to follow their t&cs for a refund if you can still find them. It normally involved writing a letter.0 -
As pointed out in the previous post, the T&C's will usually require you to put your refund requests in WRITING, a proper letter sent through the post, not email, text, phone call etc.
If you're not sure how to word it, I expect someone on here can provide a link to a template.
Just wondering why you thought you needed a payday loan, as it appears there was nearly £400 in your account for the brokers to take.0 -
A lot of those companies might have gone out of business now so it could be too late to claim. No harm in trying though.0
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dresdendave wrote: »Just wondering why you thought you needed a payday loan, as it appears there was nearly £400 in your account for the brokers to take.
The usual mode of operation of these shysters is to leave it a few weeks before trying to take the money.
Or
Continually trying until some funds hit the account (I believe this practive is not allowed now and that a max of 2 CPA payments can be attempted)
Or both - Parasites0 -
Out of interest OP do you have any or the original paperwork, emails etc?
Other than Smart Loans all of the above sites you mentioned no longer have a web presence and you would have to do some digging to see if they are still trading0 -
Being young is an old excuse in situations like these, other options were available to you than having to go to payday lenders.0
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I don't think being young is an excuse.
When I was growing up with all of the adverts on TV about Payday loans and what it could be used for it was extremely tempting.
I got into a spiral of debt with Payday loans, I retrospectively agree it was irresponsible at this time however I disagree with your point around being young as an excuse.
You don't know peoples personal circumstances nor do you know the factors which may have led them down that path.
I agree with most of the points to see if the websites are still active and if so you can send a letter and they should refund, there may be a timelimit on it though.0 -
I wasn't using young as being an excuse, I was saying that I was younger then and very much less aware of the practices of loan companies/Credit brokers today.
I am not saying I applied for a payday loan on the basis of being young and stupid.. I'm saying I applied for several payday loans, and being younger at the time it wasn't immediately apparent to me that i was allowing a credit broker on my behalf.. as far as I was concerned I was allowing an admin fee to be taken from my account should the loan be payable.
Thanks to everyone with helpful advice however.. I shall try to write to the companies mentioned..
In response to Richey_ .. all emails regarding this will have been sent to an old account which I suspect I could probably access upon some work with Microsoft (as it's an old account and they are currently suggesting someone may be using it fraudulently). As far as I know I never received any actual post regarding any of these..abd again will have to check old email to see if I tried any documents from them via this. Will do this asap though. Thank you0
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