Cheque centre loans refund

Gaily123

Has anyone had any success claiming for irresponsible lending from cheque centre who have gone Into administration. I am getting mixed messages as to whether it’s worth claiming

[Deleted User]

Why do you believe they irresponsibly lent to you?

Gaily123

I had 36 roll overs starting at 400 ending up at 1000, paid an extortionate amount in charges and don’t believe during the 3 years or so they re-evaluated my credit status and affordability. I had no option but to rollover each month

BoGoF

Even it were possible how do you think you would get money back from a company that has went bust?

Gaily123

Have heard that monies were available and just wanted to know if anyone had any similar experiences

boo_star

Gaily123 wrote: »

I had 36 roll overs starting at 400 ending up at 1000, paid an extortionate amount in charges and don’t believe during the 3 years or so they re-evaluated my credit status and affordability. I had no option but to rollover each month

If they’d performed a credit check then you would’ve had no option (you believe) but to pay it back and if you couldn’t, default. So why didn’t you do that instead?

robber2

Gaily123 wrote: »

Have heard that monies were available and just wanted to know if anyone had any similar experiences

Seems unlikely. Where have you heard that?

System

Gaily123 wrote: »

I had 36 roll overs starting at 400 ending up at 1000, paid an extortionate amount in charges and don’t believe during the 3 years or so they re-evaluated my credit status and affordability.

]
Did you mention you had problems with paying them when you got your top up? Or when they asked if you could afford it did you say yes so you could get your money? If you had never been in arrears why would they have any reason to believe you couldn't afford the repayments of the top up you had clearly explained to you?

I take it this sudden belief you were mis-sold has been triggered by reading/seeing other people claiming for it?

I had no option but to rollover each month

Absolute utter rubbish. I bet you were like my idiot sister in law was with the Provvie woman for years. They came to get their payment and told you you could have a top up of say £100 if you wanted and the payments would remain the same, you saw the opportunity to put £100 in your pocket without paying out any more a month and said yes. Like her they didn't force you.

StopIt

You may want to study this thread


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


I'd kindly request that people keep the judgement out of this. The FCA have repeatedly censured the PDL industry for irresponsible lending and there is a formal pathway to complain about it. If the lender or then the FOS judge the lender to be in the wrong, redress will be awarded. If not, it wont.


Saying "Haha, aren't you an idiot, why didn't you do differently" helps nobody other than your ego for being "better" than that. Some people aren't, and I'd rather drag people up then punch them down.

robber2

Stopit, just out of interest whats the position when trying to claim against a payday loan company in administration. Does the claimant simply join the list of creditors (a long way down the list) or is there a seperate ringfenced compensation fund to settle claims?

I suspect the former but would welcome your input.

thanks

Rob

StopIt

robber2 wrote: »

Stopit, just out of interest whats the position when trying to claim against a payday loan company in administration. Does the claimant simply join the list of creditors (a long way down the list) or is there a seperate ringfenced compensation fund to settle claims?

I suspect the former but would welcome your input.

thanks

Rob

You'll be another creditor on the list, yes.


I distinctly remember another PDL going into administration and this happening and surprisingly the dividend wasn't too bad. I'll have to do some digging.


Of course, if the lender has no money, the OP will get no money.


It depends on the why/when of the Administration and the level of insolvency they faced going into it. Of course, if they still have the loan book with them, they should have funding coming into themselves also.