Myjar redress.

jcf1957

Hi, I was in a bit of a financial pickle for a while and took out several payday loans with several lenders they are all paid off in full, some of the lenders have offered me redress and I have been paid by them without issue, however one of the lenders namely Myjar concerns me, as you will be aware they have been in administration for some time now, I continued to pay off my loan and the last installment was a few weeks ago at no time did the administrators tell me to stop paying the installments even though they would have been aware quite sometime before the end of the loan that I was due redress amounting to £227, two weeks after the final payment I received an email stating I was owed the £227 redress but that I would only receive 1 or 2p in the pound as compensation and in reality I received £6.53 compensation!, had I been aware that I was due £227 redress prior to completing the installments I would almost certainly have stopped the payments, it seems to me that the administrators have knowingly delayed informing me about the redress until I had completed all the payments therefore reducing their payout!, it all seems a bit unfair to me does anyone have any views or advice on this?.

[Deleted User]

You did the right thing in continuing to pay.

You'd have incurred late payment fees of more than the redress and would also have further damaged your credit history.

[Deleted User]

The 1-2p in the pound was made clear on the administrators site once they took over, it was not hidden or delayed, it was made freely available

The firm going under doesn't remove your obligation to pay your loan back, just someone else is running it and will no doubt sell it on to someone else. Cancelling your payments would simply have resulted in a default on your record for the next 6 years. You do need to recognise that MyJar are defunct, the money from their remaining funds was distributed to creditors like you, not paying your instalments wouldn't have changed what you got back