making a payday claim

epg200

Hi. A friend of mine has multiple old loans from lending stream and morses club. They were in a financially strained position when they took them out. It seems to me they probably have a good case to claim a refund but they don’t want to deal with it as they don’t want reminding of it and don’t feel they know what they are doing. 

Is there actually any downside to making a claim? And are there any guidelines to who is likely to succeed?

helpyhelper

There is no real downside apart from the time it takes. If your friend doesn’t want to deal with it themselves and is not sure how to, they can get representation, but obviously it will cost them a portion of their refund if they are successful. The following link gives a guide to who has a valid claim and how to claim using representation. 

https://www.freedebtsolutions.co.uk/refund-on-loan

If they want to do it themselves then there are guides to doing this:

https://www.moneysavingexpert.com/reclaim/free-payday-loans-refunds/

epg200

Thanks @helpyhelper. That’s what I thought. Looks like they are likely eligible so will try to get them on it.

[Deleted User]

epg200 said:

Thanks helpyhelper. That’s what I thought. Looks like they are likely eligible so will try to get them on it.

Please don't use a claims firm like that dodgy link from "helpyhelper" who has form for linking to similar claims firms

Use a reputable debt help site like MSE or Debt Camel https://debtcamel.co.uk/payday-loan-refunds/

If they want it done hand holding use MSE's favoured tool Resolver https://www.resolver.co.uk/ 

sourcrates

Agree with Farfetch, all it takes is one letter, use the guide on Debt Camel, don`t involve a claims management company for heavens sake, they take on average a whopping 35% of any remedy you might get.

Such as waste for posting a letter on your behalf, which is for the most part, all they do.