Trying to reclaim payday loan monies

TrynaBdebtfree wrote: »

a few years back I got into a spiral of payday loans. I bought one to pay off abother. it got out of control, i got depressed and I ended up on a payplan debt management plan. I have a company who are now advising they can claim back money for me from these lenders. I was considering this despite their 36% fees as I cannot see on here how to chade them myself. does anyone know or have any advise?
thanks

Under no circumstances engage a claims management company to do this for you.

Can you write a letter ?

Yes ?

Good, then you can make a claim yourself.

Full guide to reclaiming interest and charges is here, plus a template letter to send to the lenders :


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


Lots of others are doing this for themselves, the link to the thread is in the post above.

TrynaBdebtfree wrote: »

I had already seen the post you linked before posting, however I am still.none the wiser as to how to make a claim and what the letters i write to them should say. On what basis am.i able to claim back monies from them? All I know is that a company is trying to get me to use them to reclaim these monies at a cost of 36%. If I can't figure out how to do this then 36% of something is better than 100% of nothing?

On the basis that the loans were unaffordable for you, if you think they werent, then do not bother, otherwise fill in the blanks in the template letter and send to your lenders in the form of a complaint.

The instructions are pretty clear on how to do this.

Template letter here :

I have had x loans from you between date and date. [if you dont have a full list give rough date eg You havent yet sent me the list of my loans, but I borrowed a lot from you in 2013 and 2014]
The repayments took so much of my wages that I had to borrow again to cover my next month expenses.

For this period my income averaged about £x a month.

[If you have a family, add some details eg We have two small children. We had child benefit and credits which averaged about £x a month.]

My living expenses were roughly: rent/mortgage £x. Council tax £x. Utilities and bills £x. Transport costs £x. Clothes £x. Food, toiletries, nappies £x. Child expenses £x Other debt repayments £x. Total £x per month. This shows that there was no way I could afford these loans. When I repaid them, I had to borrow again to get through the next month.

You should have realised from the number of times I rolled loans or borrowed again that my debt problems were getting worse. It was not responsible to continue to lend to me. [Add more details eg how often you borrowed or rolled loans if you know them, how the amount borrowed went up etc]

[Include/change this if your credit record would have shown big problems: My credit reports would have shown my other debt repayments and problems including late payments/defaults / CCJs / debt management.]

You should never have given me these unaffordable loans. I am asking you to refund the interest and any charges I paid. The Financial Ombudsman suggests that statutory interest is added.