Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • woody53
    • By woody53 17th Jul 15, 9:32 PM
    • 28Posts
    • 69Thanks
    woody53
    Reclaiming money back from various payday loan companies
    • #1
    • 17th Jul 15, 9:32 PM
    Reclaiming money back from various payday loan companies 17th Jul 15 at 9:32 PM
    Hi all just wanted to share some good news regarding payday loan companies.....
    From early 2011 until mid 2014 I too was caught in the payday loan trap, all my own fault may I add, I borrow the money and in the end paid every penny back, would estimate 15000 over the years maybe 20.
    Early this year I saw all the news regarding payday loan companies and irresponsible lending, unfair interest etc etc etc, so I decided to have ago and try and get a few quid back myself.
    So far I have been in contact with 5 of the companies I was lending multiple loans from at the same time with many roll overs too, I have received 4 apologies and offers totalling over 5000 and the other complaint is now with the ombudsman.
    I never expected these amounts back but if you too were in the same situation, get all your facts in order and get complaining, from the initial email sent I had the money back within 8 weeks.
Page 1
    • Gaz83
    • By Gaz83 17th Jul 15, 10:08 PM
    • 3,532 Posts
    • 6,735 Thanks
    Gaz83
    • #2
    • 17th Jul 15, 10:08 PM
    • #2
    • 17th Jul 15, 10:08 PM
    Hi all just wanted to share some good news regarding payday loan companies.....
    From early 2011 until mid 2014 I too was caught in the payday loan trap, all my own fault may I add, I borrow the money and in the end paid every penny back, would estimate 15000 over the years maybe 20.
    Early this year I saw all the news regarding payday loan companies and irresponsible lending, unfair interest etc etc etc, so I decided to have ago and try and get a few quid back myself.
    So far I have been in contact with 5 of the companies I was lending multiple loans from at the same time with many roll overs too, I have received 4 apologies and offers totalling over 5000 and the other complaint is now with the ombudsman.
    I never expected these amounts back but if you too were in the same situation, get all your facts in order and get complaining, from the initial email sent I had the money back within 8 weeks.
    Originally posted by woody53
    Why claim it back, then? You admit yourself it was all your own fault. Clearly you couldn't have failed on affordability as you paid everything back.

    This tactic of claiming back from payday loan companies even from people who have borrowed and paid back with no problems is really going to bite people with poor credit histories on the !!!! when they find out that not even Wonga will lend to them.
    "Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."
    • woody53
    • By woody53 17th Jul 15, 10:23 PM
    • 28 Posts
    • 69 Thanks
    woody53
    • #3
    • 17th Jul 15, 10:23 PM
    • #3
    • 17th Jul 15, 10:23 PM
    Gaz 83.....I never said I did not have problems in paying them back, I only came to my senses when I was too far gone owing about 5000 at the end of the month, I had to confess to my girlfriend who lent me the money.....which before you ask I have paid back.....and the part about affordability checks.....come on were they ever done before 2014....from what I have got back from these companies I think not in fact I know not.
    And when people who have no intention of paying any money back get there debts cleared and compensation thrown in,why shouldn't someone who payed it all back get a few quid back.....
    • ViolaLass
    • By ViolaLass 18th Jul 15, 8:24 AM
    • 5,036 Posts
    • 6,950 Thanks
    ViolaLass
    • #4
    • 18th Jul 15, 8:24 AM
    • #4
    • 18th Jul 15, 8:24 AM
    Let's hope you never need to borrow from them again.
    • sourcrates
    • By sourcrates 18th Jul 15, 10:12 AM
    • 12,178 Posts
    • 11,643 Thanks
    sourcrates
    • #5
    • 18th Jul 15, 10:12 AM
    • #5
    • 18th Jul 15, 10:12 AM
    It's not so much the capital borrowed, nor I suspect the stated interest, but the fees and excessive interest that were added when an account was defaulted.
    Under the legislation at the time, they could add whatever they liked in charges and interest, for a period of 60 days usually, before an account was sold to a debt collector.

    Obviously this greatly inflated the debt, and made it even more difficult for the debtor to repay it, this was the main point found to be unfair to the debtor after the regulator stepped in, it was not so much the original loan, but all the fees and interest for non payment.

    So, in my opinion, you would be well within your rights to claim theses fees and interest back from the lender, plus whatever compensation was deemed nessessary, and if that meant a full refund, then so be it, I can see no difference between this, and mis-sold PPI, in both cases the customer was unfairly treated.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there, and delete spam.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • keepcalmandstayoutofdebt
    • By keepcalmandstayoutofdebt 18th Jul 15, 10:28 AM
    • 2,865 Posts
    • 1,503 Thanks
    keepcalmandstayoutofdebt
    • #6
    • 18th Jul 15, 10:28 AM
    • #6
    • 18th Jul 15, 10:28 AM
    Well don't take out finance that can't be afforded, can somebody who was forced into a DRO or bankruptcy as a result of payday loans have that reversed? No bet not. I also learnt a lesson in having a DRO along with being massively judged to boot over the years.
    I learnt don't take out finance that can't be afforded and live with your actions. No?


    That's why I'm against making any sort of claim. Personally.
    Same went with PPI. Why should people receive money, possibly more then they EVER paid and walk of scott free?
    Not to mention the innocent people who could lose their jobs.


    Personally this thread is more discussion time. Just seems wrong.
    "If you are caught in a rainstorm, once you accept that you'll receive a soaking, the only thing left to do is enjoy the walk"
    • woody53
    • By woody53 18th Jul 15, 12:48 PM
    • 28 Posts
    • 69 Thanks
    woody53
    • #7
    • 18th Jul 15, 12:48 PM
    • #7
    • 18th Jul 15, 12:48 PM
    Why all the negativity.....most of these companies have been screwing people for many years, its only over the last few months they have been told to clean up there act.
    When I made the complaints I never asked for a set amount of money back, they set the amount they deemed fair, and if they were not guilty of irresponsible lending and massively unfair charges why would they apologies and compensate people.........many thousands of people have been put in a massive financial strain because of payday loans.......yes we borrowed but sometimes there is no other way....if this post convinces one person am more than happy with that.
    • Rossim1985
    • By Rossim1985 18th Jul 15, 10:37 PM
    • 81 Posts
    • 147 Thanks
    Rossim1985
    • #8
    • 18th Jul 15, 10:37 PM
    • #8
    • 18th Jul 15, 10:37 PM
    I completely agree with the OP! I sometimes think people are far too quick to judge and hold a 'I am holier than thou' attitude on this forum. Having been in the payday loan trap myself in the past, this is something I am very interested in, and OP I'm going to PM you directly if you don't mind!

    As you state, it's only in the last few months that these firms have cleaned up their acts, with many of the more dubious firms disappearing completely having made an awful lot of money in a short time by exploiting people.
    • sourcrates
    • By sourcrates 18th Jul 15, 10:57 PM
    • 12,178 Posts
    • 11,643 Thanks
    sourcrates
    • #9
    • 18th Jul 15, 10:57 PM
    • #9
    • 18th Jul 15, 10:57 PM
    Well don't take out finance that can't be afforded, can somebody who was forced into a DRO or bankruptcy as a result of payday loans have that reversed? No bet not. I also learnt a lesson in having a DRO along with being massively judged to boot over the years.
    I learnt don't take out finance that can't be afforded and live with your actions. No?


    That's why I'm against making any sort of claim. Personally.
    Same went with PPI. Why should people receive money, possibly more then they EVER paid and walk of scott free?
    Not to mention the innocent people who could lose their jobs.


    Personally this thread is more discussion time. Just seems wrong.
    Originally posted by keepcalmandstayoutofdebt
    Your entitled to your point of view, but I have to disagree, until the regulator intervened, the payday loan industry was an unregulated mess, as I said before, it was not so much a problem to people paying back the original loan, it was the excessive interest and charges applied to accounts, for missing the repayment date, that pushed people over the edge.

    Quite small debts became Hugh ones within a very short space of time, they were taking advantage of an unregulated industry, and making a fortune, whilst making life hell for a lot of people, in any other area of finance this would not of been allowed, the powers that be were slow to react to a Hugh serge in demand for these products, but eventually, common sense was restored.

    You say they should not of borrowed what they could not afford to pay back, that's a very sweeping statement and a very nieave one, things happen in life, there are 1001 reasons why people can't meet there financial commitments, hell, if everyone thought like you, there would be no need for this forum, no one would miss a payment, and debt collectors would be out of business, tell me please, where is this perfect world of yours ?
    People mess up, it's Human nature, they should not be exploited because of this, if people were overcharged in this way, they should be compensated, period.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there, and delete spam.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • woody53
    • By woody53 21st Jul 15, 1:20 PM
    • 28 Posts
    • 69 Thanks
    woody53
    Thanks for the positive posts.......I think everyone who is or were in bad financial situation caused by the payday loan companies and there unfair crippling charges should fight back.......ive had lots of messages for advice, I am no expert but will be happy to help anyone, just inbox me.......
    • Kay159
    • By Kay159 8th Sep 15, 8:45 PM
    • 12 Posts
    • 5 Thanks
    Kay159
    Would you mind me asking who the companies were as I have been in a very similar situation with 7 companies and the first two have point blwnk refused their lending was irresponsible though they agree ongoing checks were never made and cannot show exactly what the credit check checked.
    Thanks
    • woody53
    • By woody53 9th Sep 15, 7:28 AM
    • 28 Posts
    • 69 Thanks
    woody53
    Hi kay159 I have sent you a message.....if you need anymore information get back me....am happy to help in any way I can.
    • andyfromotley
    • By andyfromotley 9th Sep 15, 10:38 AM
    • 2,014 Posts
    • 2,964 Thanks
    andyfromotley
    Well done woody,

    This type of lending was appalling. Marketed to the desperate and stupid.

    The whole business model depended upon people being unable to repay on time and incurring huge penalties and fees or 'rolling' over. These despicable practices were eventually even to much for UK regulators to stomach (and thats saying something!) and were stopped. Having recognised the inherent unfairness in the practices they ordered them to pay compensation.

    Well done you on getting that. I am astounded at some of the responses on here.
    £1000 Emergency fund No90 £1000/1000
    LBM 28/1/15 total debt - £23,410 24/3/16 total debt - £7,298
    !
    • takman
    • By takman 9th Sep 15, 1:38 PM
    • 2,706 Posts
    • 2,249 Thanks
    takman
    My friend who had used Wonga a fair few times and other Payday loan companies saw that he was able to get a £1000 loan from Wonga a couple of years ago. He took the loan out knowing he could not repay it then closed his bank account. A few months ago he wanted me to help him start improving his credit report. So when checking what money he was due we found an email from Wonga saying that they never performed the correct affordability checks so they have written off all the money he owed them and removed all references from his credit file!.

    I think its fair that any excessive charges or interest are removed from loans but i don't think they should write off the original amount loaned because the person who chose to take out the loans needs to take some responsibility.
    • Stevie Palimo
    • By Stevie Palimo 9th Sep 15, 1:46 PM
    • 3,099 Posts
    • 4,417 Thanks
    Stevie Palimo
    I do not believe for a second you have got back 25% of what you had in loans here as the interest on the loans taking out as individual loans would not be major, Ie:- £100- over 30 days approx. £125- owed back factor this in across several loans as you say and then add it all up.


    No way on earth have you had 25% back here as a minimum as you did say it could be £15.000 meaning you have been paid back 1/3rd of ie. Cloud cuckoo land comes to mind as you would get some redress but pull the other one with your vastly inflated figures.
    • 00947
    • By 00947 9th Sep 15, 2:20 PM
    • 1 Posts
    • 1 Thanks
    00947
    Ive probably borrow 5-7k in the last few years off Wonga and a couple of others.


    I never missed a payment though.


    Could I claim money back ???
    • takman
    • By takman 9th Sep 15, 5:19 PM
    • 2,706 Posts
    • 2,249 Thanks
    takman
    Ive probably borrow 5-7k in the last few years off Wonga and a couple of others.


    I never missed a payment though.


    Could I claim money back ???
    Originally posted by 00947

    The claims are based on people who have been given loans and not been able to afford them and have been hit will massive late fees and interest. By you paying back every loan on time it shows that were able to afford them and you paid back the amount you agreed.
    If you regularly take them out then i would strongly suggest you get a Credit Card. Then if you need money for 30 days it will always be interest free.
    • woody53
    • By woody53 9th Sep 15, 8:44 PM
    • 28 Posts
    • 69 Thanks
    woody53
    As I said before I always paid them on time, its the fact I had to keep re loaning from each company the day after I had paid them back and in other instances roll the loans over multiple times, one which was rolled over 20 times......I always had to borrow from one to pay another.
    Some people are quick to judge and give all these high and mighty comments.....again I will say if these companies did nothing wrong why would the pay me and many others back, they dont make huge profits by giving free money away there is always a reason.
    • sourcrates
    • By sourcrates 9th Sep 15, 8:52 PM
    • 12,178 Posts
    • 11,643 Thanks
    sourcrates
    As I said before I always paid them on time, its the fact I had to keep re loaning from each company the day after I had paid them back and in other instances roll the loans over multiple times, one which was rolled over 20 times......I always had to borrow from one to pay another.
    Some people are quick to judge and give all these high and mighty comments.....again I will say if these companies did nothing wrong why would the pay me and many others back, they dont make huge profits by giving free money away there is always a reason.
    Originally posted by woody53
    Woody !!

    Pay no attention to trolls !

    Take the thieving, money grabbers to the cleaners mate, I'm with ya 100% !!!!!

    I wish you the best of luck !!
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there, and delete spam.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • woody53
    • By woody53 10th Sep 15, 6:12 AM
    • 28 Posts
    • 69 Thanks
    woody53
    Thanks sourcrates.....just gets on my tats how good some people on here think they are.....
    I mean take mr palimo/psychic sally for instance his psychic powers are that good he seems to 100% know how much I got paid back....am sure mr palimo's many many friends can back him up on this instance and tell me how much of a leg end he is and is always right at guessing compensation claims.....but am thinking he can not possibly have many friends less than 25% of what he tells us, he vastly inflates everything...see you in cloud cuckoo mr palimo........
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

281Posts Today

1,851Users online

Martin's Twitter
  • I was surprised to see the three people in front of me in the newsagents were all shocked their old £1 coins were no longer taken.

  • RT @natdebtline: If you?ve been visited by a bailiff since April 2014 we want to hear your story for our #bailiffreform campaign https://t.?

  • Well so far it seems there's one thing remainers and leavers agree on - the EU is getting the better of the negotia? https://t.co/70z5ffpG8S

  • Follow Martin