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Claiming missold payday loans whilst in IVA
Hi all.
A bit of background. I got myself in about £13000 worth of debt from payday loans. I fell into the trap and couldn’t get out. As soon as I got paid all my wages were going to paying off loans and it got to the point where I had to pay off loans and lend from them again to pay off other ones and to live. This snowballed.
I entered into an IVA as I saw no way out.
I have done my research recently for claiming against the payday loan providers and everything says that all the money will go to my IVA company and not me and it won’t benefit me in anyway.
I received a letter from my IVA company saying that they can claim missold Paysay Loans on my behalf and they ensure that all money received will come to me. I rang them and challenged them on this and they said they take a percentage but the rest will go towards paying off my IVA. They did talk a lot of IVA talk which I didn’t understand too much about how it ‘might’ make my IVA complete early however when I asked into this further they again gave me a lot of IVA talk. Are they just trying to get me to claim against the payday lenders so they can benefit from the money or will it actually affect me. I had payday loans over about a 6 year period and a rough estimate I think I could probably claim about £5000 back. Does anyone know how all of this works that can help?? I just want to know it will benefit me if I let them do it and not just benefit them.
A bit of background. I got myself in about £13000 worth of debt from payday loans. I fell into the trap and couldn’t get out. As soon as I got paid all my wages were going to paying off loans and it got to the point where I had to pay off loans and lend from them again to pay off other ones and to live. This snowballed.
I entered into an IVA as I saw no way out.
I have done my research recently for claiming against the payday loan providers and everything says that all the money will go to my IVA company and not me and it won’t benefit me in anyway.
I received a letter from my IVA company saying that they can claim missold Paysay Loans on my behalf and they ensure that all money received will come to me. I rang them and challenged them on this and they said they take a percentage but the rest will go towards paying off my IVA. They did talk a lot of IVA talk which I didn’t understand too much about how it ‘might’ make my IVA complete early however when I asked into this further they again gave me a lot of IVA talk. Are they just trying to get me to claim against the payday lenders so they can benefit from the money or will it actually affect me. I had payday loans over about a 6 year period and a rough estimate I think I could probably claim about £5000 back. Does anyone know how all of this works that can help?? I just want to know it will benefit me if I let them do it and not just benefit them.
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Comments
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Have a look at the article linked below:How to get a payday loan refund (with template letters)
You might want to see if you can get refunds on some of the older PayDayLoans too...
Edit: And welcome to the forum CB_1987
Edit 2: Also, check out the thread below that discusses how MSE members got on with their refund claims.
https://forums.moneysavingexpert.com/discussion/5289150/reclaiming-money-back-from-various-payday-loan-companiesI work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job
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Post on the bankrutcy board for advice with this. It's likely that any redress would go to your IVA, similar to PPI.Non me fac calcitrare tuum culi0
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