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Reclaiming money back from various payday loan companies
woody53
Posts: 31 Forumite
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.
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.
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Testing 1230
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MSE_ForumTeam1 said:Testing 1230
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I wish I could remember who loaned to me, I think I had about 6 - 7 at one time, borrowing one to pay another etc. It was a complete mess. I remember one being Wonga but I think they went bust. I can't remember any others and they are now long gone from my credit historyVery (Shopping) £796.16 Paid in FULL as of 17/08/2021
Simply Be £1463 £1432 £1195.13 £801.02 £645.24 Paid in FULL 30/09/2021Likely Loans £2465.73 £2191.76 £1917.79 Paid in FULL May 2022
Overdraft £500 Paid in FULL Jan 2023
PayPal Credit £566.53 Paid in FULL Jan 2023
Total debt £5824.89 at the very start of DFW Journey.
Current debt £5,028.73 £4997.73 £4384.31 £3990.20 £3823.06 £2260.37 £1066.53 £0.00
Debt added since start of journey £9000 (borrowed from partner for car)
Current balance of £8550 £8150 Paid in Full June 2022
My debt free diary:
https://forums.moneysavingexpert.com/discussion/6291011/debit-free-diary-starting-august-2021-target-may-2022#latest0 -
I have been a serial payday loan victim for over 10 years. In the beginning having up to 13 up and running concurrently. Plate spinning every month to refinance.
Anyway, I think I've claimed all I can now. Those from over 6 years ago just got away with it, some companies just disappeared.
I am annoyed with accepting Lending Stream's derisory settlement when I was younger and more naive. It was just after Wonga had gone bust and I was absolutely wrongly convinced LS would follow them in days - so I accepted what they offered.
My best refund was on a rolling credit facility from SafetyNet. Many, many thousands refunded without even a quibble.
Leap Day 2024 - the day of freedom. The day my pernicious debts finally died.
Legacy Default dates :
Mr Lender - 31/10/2022
Fund Ourselves - 22/12/2022
Bamboo - 30/3/2023
Likely Loans - 14/4/20230 -
Hi uuse seen this can I ask how u did this was it just a email to say it was irresponsible lending? How far back can u go?
A family member fell in to the trap borrowing one to pay the other for a while.Been hiding under a rock for that last few years hoping it will go away but it doesn't now is the time for the rocket 🚀 I want to be no I need to be debt free Debt free #45 £5.50- £500 1p challenge £47.19 - £667.95 (Doing this in a random order). £5 a day Jan - total £103.37 (short but only way is up£5 a day Feb - total £19.13. Debt free by march 2025 (if pay mins)0 -
I've managed a couple of successful reclaims, but the problem is remembering who I had used and borrowed from.0
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