Payday loan refund

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Getting.sorted
Getting.sorted Posts: 8 Forumite
in Loans
Hi all. Long time reader just joined. Following advice on here I applied for a refund from a main payday lender under irresponsible lending. Here's what they sent/offered me:

would like to offer the following:
• ! A refund of all interest and charges paid in respect of the above loan, totalling £2845.67 (you borrowed £2312.62 and repaid £4798.29)
• ! Simple interest at 8%, calculated on the above figure and totalling £845.67.

I cant work out how much they are offering. 845 or 2845 or 845+2845.

Any help gratefully received. Thanks
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  • sourcrates
    sourcrates Posts: 28,888 Ambassador
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    edited 16 April 2018 at 11:59AM
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    I would assume it to mean that they are paying you £2845.67, which represents the interest and any charges you paid on your loans.

    plus, they must add simple interest @8% on the above figure, which comes to £845.67.

    Total refund of £3692.34p
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Getting.sorted
    Getting.sorted Posts: 8 Forumite
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    Thanks for the reply sourcrates. When I first read it I thought the offer was 845 and was chuffed. Then read it again and confused myself
    Only emailed them once
  • sourcrates
    sourcrates Posts: 28,888 Ambassador
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    Getting.sorted wrote: »
    Thanks for the reply sourcrates. When I first read it I thought the offer was 845 and was chuffed. Then read it again and confused myself
    Only emailed them once

    That, on the face of it, seems like a very good offer, in effect your loan was interest free, plus a bit back on top.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Dullville
    Dullville Posts: 297 Forumite
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    Getting.sorted wrote: »
    Hi all. Long time reader just joined. Following advice on here I applied for a refund from a main payday lender under irresponsible lending. Here's what they sent/offered me:

    would like to offer the following:
    • ! A refund of all interest and charges paid in respect of the above loan, totalling £2845.67 (you borrowed £2312.62 and repaid £4798.29)
    • ! Simple interest at 8%, calculated on the above figure and totalling £845.67.

    I cant work out how much they are offering. 845 or 2845 or 845+2845.

    Any help gratefully received. Thanks
    Hi, please can you point me in the right direction for the advice you followed to claim a refund for irresponsible lending from a payday loan
    Company? Was it on this site.
    Had a couple of emails from claims company who will do it but obviously they won’t be doing it for nothing.
    Thanks.
  • WillyWonga
    WillyWonga Posts: 324 Forumite
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    The person chose to get a "loan"

    The company "decided to take on the risk and factor charges accordingly"

    The person "agreed to the terms" and took the money

    The person claims it was not responsible lending and gets money back.

    No wonder world is going nuts....:eek:
  • sourcrates
    sourcrates Posts: 28,888 Ambassador
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    Dullville wrote: »
    Hi, please can you point me in the right direction for the advice you followed to claim a refund for irresponsible lending from a payday loan
    Company? Was it on this site.
    Had a couple of emails from claims company who will do it but obviously they won’t be doing it for nothing.
    Thanks.
    Full guide to reclaiming here :

    https://debtcamel.co.uk/payday-loan-refunds/

    Life is never black and white gentleman.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Getting.sorted
    Getting.sorted Posts: 8 Forumite
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    Dullville wrote: »
    Hi, please can you point me in the right direction for the advice you followed to claim a refund for irresponsible lending from a payday loan
    Company? Was it on this site.
    Had a couple of emails from claims company who will do it but obviously they won’t be doing it for nothing.
    Thanks.
    Hi, I followed the advice and used the template on debt camel, took about 10 minutes, sent it off, they have 8 weeks to reply. They replied on the 8 week point with an offer.

    I can't post a link as new user here. Just Google debt camel payday loan refund

    dont pay a ccompany , its really easy
  • Dullville
    Dullville Posts: 297 Forumite
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    sourcrates wrote: »
    Full guide to reclaiming here :

    https://debtcamel.co.uk/payday-loan-refunds/

    Life is never black and white gentleman.
    Thanks Sourcrates...:beer:
  • Dullville
    Dullville Posts: 297 Forumite
    First Anniversary Name Dropper First Post Combo Breaker
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    WillyWonga wrote: »
    The person chose to get a "loan"

    The company "decided to take on the risk and factor charges accordingly"

    The person "agreed to the terms" and took the money

    The person claims it was not responsible lending and gets money back.

    No wonder world is going nuts....:eek:
    What makes you so righteous? Hiding behind your keyboard acting the big man.. :rotfl::rotfl::rotfl:
  • Getting.sorted
    Getting.sorted Posts: 8 Forumite
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    Dullville, have a good read on that site, get the email filled in and send it off. Good luck
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