Pay Day Loan Refund

edited 30 November -1 at 1:00AM in Scotland
5 replies 3.1K views
SamandTedsMammySamandTedsMammy Forumite
3 Posts
edited 30 November -1 at 1:00AM in Scotland
Hello,

I was wondering if anyone could recommend a company who would help me try and get a refund on payday loans I took out a few years ago. I am in Scotland. I have mental health problems and struggle to do these things myself so any advice would be much appreciated! :T

Replies

  • keepcalmandstayoutofdebtkeepcalmandstayoutofdebt Forumite
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    Hello

    You do realise these types of claims management companies will charge you upward of 30% + VAT so that's well a third you've lost guaranteed.

    When unemployed, I come by a job advertisement for one such place so it was interesting looking into it (...and I had to chuckle at how long the job would last!) I just know from however brief previous experience in reclaims of other financial products the percent being charged should be off putting if nothing else.

    No matter how desperate, there are some things best left alone.
  • slbhillslbhill Forumite
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    Hello

    You do realise these types of claims management companies will charge you upward of 30% + VAT so that's well a third you've lost guaranteed.

    When unemployed, I come by a job advertisement for one such place so it was interesting looking into it (...and I had to chuckle at how long the job would last!) I just know from however brief previous experience in reclaims of other financial products the percent being charged should be off putting if nothing else.

    No matter how desperate, there are some things best left alone.

    Not sure what your point is, keepcalm? Just keep the high cost loan?? That doesn't seem a good idea to me, and not very constructive particularly to an OP who has already said they struggle with mental health.


    OP I think you'll get a better response on the loans board https://forums.moneysavingexpert.com/forumdisplay.php?f=12 (although you can also expect a few "helpful" people saying you shouldn't have taken one in the first place, just ignore them!)


    Or there seem to be a few good results using the free template letters here:
    https://debtcamel.co.uk/payday-loan-refunds/


    Good luck and well done for taking the first step :T
  • slbhillslbhill Forumite
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    Or there is a thread here with the ombudsman which may be useful?
    https://forums.moneysavingexpert.com/showthread.php?t=5072990&highlight=payday
  • Thanks so much for your kind advice!:)
  • Mornin SamanTed’s Mammy,
    I’m new to this as well so signed up with PaydayLoan Refund Company. My thinking was that they will do all the work and I’ll just wait for offers.
    I cancelled with them though on the advice of a poster on here called Sourcrates, for this reason:
    30% + vat of £300 is about £100.
    If you have a few loans then 30% could equal £1000s
    I used email and the template off DebtCamel and am gonna keep the emails in a folder in my Sent messages.
    If you do struggle or don’t know how to print off the template then let the company do the work for you.
    I’d prefer to recover a few thousand pounds in interest actually so I’m gonna try it myself..Depends how much in control you are.
    Good luck whatever ya do!
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