Payday Loans Interest Charges Claim

Jodel

Hi,
I'm new to this forum so not sure if this is in the right place or has been asked previously.
A few years ago my car failed its MOT, needing the car to get back and to, to work I needed to fund £350 quickly! As I knew my credit score was poor I resorted to a payday loan! Daft I know and if I could change that decision I would in a heartbeat!
Anyway, I took that loan out and had the car repaired. It's scary how quickly things spiralled out of control after that, I paid that loan back, along with almost double in interest out of my next months salary, after that it was just a merry go round of me paying loans off, then taking another one a couple of days later to survive the month! I ended up with I think at one point 4 loans to different companies. I was doing ridiculous amounts of overtime to pay them off, due to the amount of overtime, a new job which was better paid and two months living off toast and soup and walking back and to, to work to save petrol money. I managed to clear them all! It was a horrendous time, I took the first loan out in 2012 and managed to be clear of them in 2014.
I've seen a few websites offering to get loan interest back from the payday loan companies.
Has anyone done this, if so is there a correct way of doing it?
I know the loan was my choice and no-one forced me to apply. I didn't realise how quickly you could lose control!
For anyone thinking of getting a payday loan now-DONT! If you need something, completely cut back to basics for a month and pay cash the following month, that's what I now do but I learned the hard way!

Any help regarding claiming back would be greatly appreciated, thanks for reading

enthusiasticsaver

https://forums.moneysavingexpert.com/discussion/5289150

There is a thread about it on the DFW board.

[Deleted User]

I don't see where you have any claim, you admit your willingly borrowed and spent the money I don't see any issue or reason why you should have a claim.

Dribiddi

venison wrote: »

I don't see where you have any claim, you admit your willingly borrowed and spent the money I don't see any issue or reason why you should have a claim.

Perhaps that the OP had x4 of then running at the same time?

[Deleted User]

I do wonder sometimes if certain people should be excluded from all financial services as they have no ability to be accountable for their own actions.

To resort to payday loans, a person clearly has no ability to manage their money - if they were capable, a mainstream lender would have helped.

To borrow £350 knowing full well you couldn't pay it back without causing on-going hardship is irresponsible.

Yes, some payday companies exploited people and they should be shut down. However, the OP made the active choice to borrow money they couldn't afford. Now it's everyone else's fault!

IAmWales

Dribiddi wrote: »

Perhaps that the OP had x4 of then running at the same time?

Even if he did, that was his choice, there's no suggestion of coercion or lack of mental capacity.

OP did the right thing in working hard to pay them off. That's what decent people do when they incur debt.

Jodel, you're a great example of how to get yourself out of a difficult situation. All credit to you for that. You don't tell us anything that would suggest misselling, so you don't have grounds for complaint. All the best.

Jodel

Enthusiasticsaver thank you for the reply. I've had a look at that thread.

ndf9876

OP - Ignore the moaners, I suggest you visit this website :

https://debtcamel.co.uk/payday-loan-refunds/

Plenty of people (myself included) have submitted complaints regarding payday loans granted without appropriate affordability checks, to the Financial Ombudsman Service, which were upheld. It isn't a hard process and certainly something you can do yourself.

My personal suggestion would be to take a look and see if you feel you can evidence that the loans were "unaffordable", and go from there.

dresdendave

Jodel wrote: »

Hi,

A few years ago my car failed its MOT, needing the car to get back and to, to work I needed to fund £350 quickly! As I knew my credit score was poor I resorted to a payday loan!

Out of interest (no pun intended), how would you have paid for the repairs, which were needed to allow you to get to work, if the PDL company had declined your application due to affordability issues?

System

Hello folks just came across this forum.

My friend recently told me about claiming back.

I had loans with:
Quick quick
Peachy
Wage day advance
Piggy bank
Payday UK
Ferratum
Money boat.

Within 2 days of writing to them all peachy offered me 112.00 back. So I accepted. That was interest and charges.

Waiting to hear from the rest. Anyone any success with these companies in the end?

Quick quid was my biggest borrowing around 2000 in total. I had repaid them once with the help of my mum and requested them to ban me from their service however in a moment of madness 2 months later I had racked up another 700 quid loan.

To be honest it was my own fault but the charged me a fortune so anything back would be good. How soon anyone reckon I will hear from the others.

Any other info on refunds from the other companies mentioned?

ndf9876

@cclem345

https://forums.moneysavingexpert.com/discussion/5289150

The above thread is probably a better place to ask your question.