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Reclaiming money back from various payday loan companies

edited 30 November -1 at 1:00AM in Debt-Free Wannabe
3.6K replies 621.3K views
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  • woody53woody53 Forumite
    31 posts
    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.
  • andyfromotleyandyfromotley Forumite
    2K posts
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    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 - [STRIKE]£23,410[/STRIKE] 24/3/16 total debt - £7,298
    !
  • takmantakman
    3.9K posts
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    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.
  • 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.
  • 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 ???
  • takmantakman
    3.9K posts
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    00947 wrote: »
    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 ???


    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.
  • woody53woody53 Forumite
    31 posts
    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.
  • sourcratessourcrates Forumite, Board Guide
    20.7K posts
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
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    woody53 wrote: »
    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.

    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, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
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    Any views expressed are mine and not the official line of MoneySavingExpert.com.
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  • woody53woody53 Forumite
    31 posts
    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........
  • woody53 wrote: »
    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........





    Blimey you have such a way with words don't you Woody, For the record I work in this field and do know what is offered out in relation to goodwill gestures to previous clients and can say that your figures of between 25-33% against what has been paid to you from the payday Companies is utter nonsense made up rubbish so claiming I am in cloud cuckoo land is really taking the biscuit. Good luck in your little jackanory world though. ;)
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