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@.

    • AriaJane
    • By AriaJane 17th Jul 17, 9:05 AM
    • 6Posts
    • 2Thanks
    Pay Day Loan Comp
    • #1
    • 17th Jul 17, 9:05 AM
    Pay Day Loan Comp 17th Jul 17 at 9:05 AM
    Hi there,

    I heard an advert on radio that if someone has ever had a pay day loan then they could be eligible for some form of compensation. I've googled but can't seem to find a definitive answer to what the compensation is for.

    I had got myself into financial trouble 2011 / 2012 and had pay day loans to help me out of sticky spots, but I wasn't ever not able to pay them back and I never defaulted on them but I do remember that I'd take out a new loan because my wage was spent paying back the last one - if that makes sense?

    My question is, what's the basis of any kind of compensation?

    Many thanks
Page 1
    • zx81
    • By zx81 17th Jul 17, 9:11 AM
    • 15,977 Posts
    • 16,974 Thanks
    • #2
    • 17th Jul 17, 9:11 AM
    • #2
    • 17th Jul 17, 9:11 AM
    The basis would be whatever your complaint is.

    There's no automatic right to compensation from anyone for anything. Nothing you've said suggests any sort of wrong doing.

    Apart from perhaps by the radio ad.
    • AriaJane
    • By AriaJane 17th Jul 17, 9:21 AM
    • 6 Posts
    • 2 Thanks
    • #3
    • 17th Jul 17, 9:21 AM
    • #3
    • 17th Jul 17, 9:21 AM
    Thank you, zx81.

    It's what I suspected as the results I was getting on search engines were really quite vague about any basis for money due back to me.

    The interest rate was high, but I signed on the dotted line knowing what it was and I can't fault them, they helped me out when I most needed them.
    • -taff
    • By -taff 17th Jul 17, 7:54 PM
    • 7,394 Posts
    • 5,444 Thanks
    • #4
    • 17th Jul 17, 7:54 PM
    • #4
    • 17th Jul 17, 7:54 PM
    Have a look on the debt free wannabe board, there's sticky about pay day loans
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

4,525Posts Today

5,180Users online

Martin's Twitter