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Trying to reclaim payday loan monies

a few years back I got into a spiral of payday loans. I bought one to pay off abother. it got out of control, i got depressed and I ended up on a payplan debt management plan. I have a company who are now advising they can claim back money for me from these lenders. I was considering this despite their 36% fees as I cannot see on here how to chade them myself. does anyone know or have any advise?
thanks

Comments

  • StokieBecks
    StokieBecks Posts: 4,997 Forumite
    Part of the Furniture 1,000 Posts Photogenic Xmas Saver!
    My advice - don't use any company that charges a fee!

    There is a massive thread about it HERE

    Do it yourself for free but you need to have a read of the sticky thread I have linked and also Debt Camel have a great page about the same subject before yu do anything. Don't pay anyone to do this for you
    £2 Savers Club for 2022 #12
  • sourcrates
    sourcrates Posts: 30,188 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    a few years back I got into a spiral of payday loans. I bought one to pay off abother. it got out of control, i got depressed and I ended up on a payplan debt management plan. I have a company who are now advising they can claim back money for me from these lenders. I was considering this despite their 36% fees as I cannot see on here how to chade them myself. does anyone know or have any advise?
    thanks


    Under no circumstances engage a claims management company to do this for you.

    Can you write a letter ?

    Yes ?

    Good, then you can make a claim yourself.

    Full guide to reclaiming interest and charges is here, plus a template letter to send to the lenders :


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


    Lots of others are doing this for themselves, the link to the thread is in the post above.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • I had already seen the post you linked before posting, however I am still.none the wiser as to how to make a claim and what the letters i write to them should say. On what basis am.i able to claim back monies from them? All I know is that a company is trying to get me to use them to reclaim these monies at a cost of 36%. If I can't figure out how to do this then 36% of something is better than 100% of nothing?
  • foxtrotoscar_2
    foxtrotoscar_2 Posts: 1,717 Forumite
    I had already seen the post you linked before posting, however I am still.none the wiser as to how to make a claim and what the letters i write to them should say. On what basis am.i able to claim back monies from them? All I know is that a company is trying to get me to use them to reclaim these monies at a cost of 36%. If I can't figure out how to do this then 36% of something is better than 100% of nothing?

    ....no 64% of something is better than 100% of nothing is what you mean. BTW it's going to be 36% + VAT.

    If you've read the link, as a starting point why do you think you have a claim?
  • StokieBecks
    StokieBecks Posts: 4,997 Forumite
    Part of the Furniture 1,000 Posts Photogenic Xmas Saver!
    There are sample letters on the debt camel site that sourcrates has linked you to
    It is easy! Fill the blanks on the sample letter, adjust it so the information suits your personal situation (whether consecutively borrowed on same day as repaid etc ) then print off copies and send out. It will cost you a few stamps.

    The 36% they will charge will not include VAT which they will then take on top.
    £2 Savers Club for 2022 #12
  • sourcrates
    sourcrates Posts: 30,188 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    edited 23 May 2018 at 4:54PM
    I had already seen the post you linked before posting, however I am still.none the wiser as to how to make a claim and what the letters i write to them should say. On what basis am.i able to claim back monies from them? All I know is that a company is trying to get me to use them to reclaim these monies at a cost of 36%. If I can't figure out how to do this then 36% of something is better than 100% of nothing?

    On the basis that the loans were unaffordable for you, if you think they werent, then do not bother, otherwise fill in the blanks in the template letter and send to your lenders in the form of a complaint.

    The instructions are pretty clear on how to do this.

    Template letter here :

    I have had x loans from you between date and date. [if you dont have a full list give rough date eg You havent yet sent me the list of my loans, but I borrowed a lot from you in 2013 and 2014]
    The repayments took so much of my wages that I had to borrow again to cover my next month expenses.

    For this period my income averaged about £x a month.

    [If you have a family, add some details eg We have two small children. We had child benefit and credits which averaged about £x a month.]

    My living expenses were roughly: rent/mortgage £x. Council tax £x. Utilities and bills £x. Transport costs £x. Clothes £x. Food, toiletries, nappies £x. Child expenses £x Other debt repayments £x. Total £x per month. This shows that there was no way I could afford these loans. When I repaid them, I had to borrow again to get through the next month.

    You should have realised from the number of times I rolled loans or borrowed again that my debt problems were getting worse. It was not responsible to continue to lend to me. [Add more details eg how often you borrowed or rolled loans if you know them, how the amount borrowed went up etc]

    [Include/change this if your credit record would have shown big problems: My credit reports would have shown my other debt repayments and problems including late payments/defaults / CCJs / debt management.]

    You should never have given me these unaffordable loans. I am asking you to refund the interest and any charges I paid. The Financial Ombudsman suggests that statutory interest is added.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
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