Payday loans interest charges

wiggyakashalot

hi all,
i'm starting the process to see if i am entitled to any interest refund from Wonga, but i'm not entirely sure if i even have a case so was wondering if anyone had any advice?

From 2012 i borrowed once or twice each month large amounts - although i did pay them back on time - within 3 days or so i was taking out another to compensate the money i haddn't got to pay my bills. however at the time i had an income twice the amount i tended to borrow with only half needed to officially be expenses.. apart from large catalog payments which did vary, and increase quite a bit at times.

there was one occasion i told them i couldn't pay it back and my account got frozen with warning so in panic i borrowed off family to pay them the full amount.. and often borrowed off family to pay them back in the first place. As my credit check was quite poor to the point no other lender ever considered me, i wasn't even allowed to take out a contract phone.

but my main concern is the fact that i borrowed more and more and only ever got told no once (after the 2014 law change), i often topped up the loans and took another out once payed as i had managed to get myself into an awful cycle.. but on record i'm not sure whether to them it looked affordable? but surely the fact i borrowed that consistently with little to no gaps between would have raised concern with them? And the fact my credit was so low other lenders wouldn't accept me .. does that mean they did not do the credit check correctly?

I have already contacted them for information about my past loans and they stated it would take up to 3 days for the email to arrive.

boo_star

I'd argue that the fact that you were paying them back, especially within 3 days, would give the impression that they were affordable.

wiggyakashalot

boo_star wrote: »

I'd argue that the fact that you were paying them back, especially within 3 days, would give the impression that they were affordable.

i wasn't paying back within three days.. i was borrowing within three days of paying them back sorry for not being clear

boo_star

wiggyakashalot wrote: »

i wasn't paying back within three days.. i was borrowing within three days of paying them back sorry for not being clear

Fair enough, I misread it.

The point stands though, if you were paying it back it would appear, at least from their point of view, that it was affordable.

If you disagree then complain to them about it. Realistically the responses you'll get on here, even if people agree that it was irresponsible lending, are meaningless.

[Deleted User]

I don't see that you have a case but its always worth checking

Sncjw

Plus you say you have double the amount of income against he loan

Pixie5740

Nothing ventured nothing gained.

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

-taff

Look on the debt free wannabe board, there's a sticky about payday loans

T-G-C

You need to accept the fact that you borrowed cash and with that, comes charges, which at the time of the loan, was much higher due to it being before the regulations capping interest.

As far as I am aware, Wonga are not legally obliged to reimburse the interest, because at the time, they were not breaking the law. There was a massive uproar back in 2014 and a lot of people had loans written off their credit file etc. however as your loans are settled, charges were as agreed and credit checks, at the time, were within practice guidelines, there is no reason for them to refund you.

wiggyakashalot

after getting information about my loans and checking my past financial income i have discovered that i was left with much less that i originally thought.

Thank you all for the advice

National_Debtline

Hi wiggyakashalot


You may potentially be able to get a refund of the interest and charges from a payday loan if you had undue difficulty repaying them. Indicators of this could include having to take out another loan to pay off a previous one, taking out bigger and bigger loans each time, not repaying an important bill so you could repay the loan or only managing to repay a loan by going without essentials, such as food.


It won't cost you anything to complain, and if you are not happy with the payday loan lender's response you can take it on the Financial Ombudsman Service (FOS) www.fos.org.uk. The earlier link from Pixie5740 will give you some more useful information.


Good luck with it


Susie
@natdebtline