Payday Loan - MoneyShop

lynx3ffect

[FONT=&quot]Hi all,[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]Loving the website & forum. It's brilliant! I wonder if you can help me with my query.[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]A number of years ago, when I was working part-time, I took out a couple of pay-day loans from the MoneyShop. [/FONT]
[FONT=&quot]
I specifically remember not being eligible for the loan originally because I was earning under the threshold. However, I was accepted when I had an extra holiday bonus (my holidays where paid, not taken). There was 1 payslip with this holiday payment, all other payslips had me under the threshold of eligibility. [/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]My MoneyShop account went into default. They sent the debt collectors (unsuccessfully). [/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]The problem is I have none of the original paperwork for the loans, only the debt collector letters. Additionally, I have switched banks since. So I don't know the date I opened the account and I have no evidence of me taking the loans or evidence of payslips. I know they scanned the payslips though. [/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]Question 1: Am I entitled to a refund?[/FONT]
[FONT=&quot]Question 2: How would I go about obtaining the necessary documents to claim a refund?[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]Thank you in advance! [/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]Andy [/FONT]

twhitehousescat

SAR request to My MoneyShop

antrobus

lynx3ffect wrote: »

]My MoneyShop account went into default. They sent the debt collectors (unsuccessfully).....]

Did you repay anything of the original loans?

Fairly obviously, you can only get a refund of what you paid.

lynx3ffect

Brilliant. Do you think I would be eligble for a refund?

lynx3ffect

The first loan I repaid fully. The second I made partial repayments but ultimately defaulted.

dealer_wins

Dunno about a refund, how about paying back the rest of what you borrowed lol

Farmer_Johnson

A refund of what? You took their money and didn’t pay it back.

That’s like stealing clothes from Primark and asking for a refund when they don’t fit.

sourcrates

lynx3ffect wrote: »

The first loan I repaid fully. The second I made partial repayments but ultimately defaulted.

Hi,

You can reclaim interest and charges from payday loans, if you can show you had a history of excess use of them, you must of been caught up in a debt spiral where you were constantly rolling over loans, and/or taking out new borrowing to repay existing borrowing.

To someone caught up in such a situation, these refunds have been very successful, before better regulation, a lot of payday loan companies deliberately targeted such individuals and really took advantage of them, most of these chancers have now left the market altogether.

As you only had 2 loans, the company may argue you do not fall into the above category, however, depending on why you defaulted on loan 2, you never know the outcome until you try, be aware, if you still owe money on this loan, all that will happen, if you are successful, is that any redress will be used to reduce the balance owed.

Vikipollard

lynx3ffect wrote: »

[FONT=&quot]Hi all,[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]Loving the website & forum. It's brilliant! I wonder if you can help me with my query.[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]A number of years ago, when I was working part-time, I took out a couple of pay-day loans from the MoneyShop. [/FONT]
[FONT=&quot]
I specifically remember not being eligible for the loan originally because I was earning under the threshold. However, I was accepted when I had an extra holiday bonus (my holidays where paid, not taken). There was 1 payslip with this holiday payment, all other payslips had me under the threshold of eligibility. [/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]My MoneyShop account went into default. They sent the debt collectors (unsuccessfully). [/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]The problem is I have none of the original paperwork for the loans, only the debt collector letters. Additionally, I have switched banks since. So I don't know the date I opened the account and I have no evidence of me taking the loans or evidence of payslips. I know they scanned the payslips though. [/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]Question 1: Am I entitled to a refund?[/FONT]
[FONT=&quot]Question 2: How would I go about obtaining the necessary documents to claim a refund?[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]Thank you in advance! [/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]Andy [/FONT]

So you knew you were below the threshold, yet took the money anyway? Now you want a refund....?