Claiming back once pay day loans

TrumpCard · 20 April 2018 at 8:41PM

Hi all,

To give a little background. I’m 28 and I over the past 4-5 years I became addicted to gambling, over the years I’ve gambled myself into about 30k worth of debt.
On a sightly more positive note, after help and other means of recovery, I am gamble free for 6 months and slowly (but surely) paying my way back into a normal life one day.
I have come across something re. Pay day loans, due in my gambling years, I borrowed thousands from these companies. Often I’d pay back but when things got to the end of the road, some of them were ‘nice’ enough to cut off interest and with family help let me pay these off as the amount Is borrowed.
So apparently you can claim interest back on these loans and claim against unresponsible lending, now, I know I took the loans and I was out of control gambling any money I could get my hands on. But the reality is at some points I had 9-10 different pay day loans taken out at one time. This is irresponsible either?

I just wanted advice as to whether I’d be wasting my time trying to claim anything back or how I go about doing it? Would an ombudsman help

Cheers

[Deleted User] · 20 April 2018 at 9:05PM

"Some people tell us they don't think they should have been given the loan in the first place. It's very rare that we tell a payday lender to write off someone's debt completely. But if we decide a loan wasn't affordable, we'll usually tell the lender to refund the fees and interest - meaning someone will only have to pay back the original amount they borrowed."

http://www.financial-ombudsman.org.uk/publications/technical_notes/payday-lending.html

http://www.ombudsman-complaints-data.org.uk/

"some of them were ‘nice’ enough to cut off interest" would worry me, but I'm not the ombudsman granted. This could go any way.

Debtnomoreplease · 20 April 2018 at 9:13PM

Hi, First of all I want to congratulate you on being 6 month gamble free-i have a very close family member who has been battling this addiction for a while, so I (on some level) know your struggle.

This isn't linked and you may not agree and that is absolutely fine. However, I over the last few years have acummulated a lot of debt via pay day loans-again a lot a one time and barely, if at all been able to repay them. I was in he cycle for over 12months and agree the interest rates are shocking. However, I've come to realise- it was my choice. I could (potentially) go down the claim route and may/would probably be owed money back. Although for me (personally) I agreed to those loans-right or wrong; ridiculous interest rates or not-I signed and agreed.
For me, my road to become debt free was to battle through and clear what I owe.
All those who have claimed monies back, I truly am happy for. And I'm not at all saying you don't deserve money back and if you do decide to go through to process I do truly wish you luck.

Just for me (well aware we aren't all the same, so if this doesn't apply to you then Ignore) but my journey has been pure hard graft (not at all saying you don't work hard-i don't even know what you do) but every penny I have paid back has reminded me to never get into debt again because it has been so physically and mentally draining to get out of debt ( if that's makes sense) I think for me (again personally) I feel I've worked to pay my debt back (never been so exhausted!) a full time job, plus a part time job.
so it will forever make me think about spending money I don't have. I just worry that people get lump sums of money (claims, inheratence etc) it's a lump sum paid off and not been been paid off penny by penny by that person etc.

Obviously, you are the only to decide what you do. And a truly wish you well.

Sadly, i didn't find this site sooner and it's full of fabulous advice that had again accumulated (some) through experience, which is absolutely invaluble.

Good luck with everything x

sourcrates · 20 April 2018 at 9:54PM

We have a dedicated thread to this issue on the Debt free wannabe board, ideally you should of posted there, but I can give you the link to a full guide to reclaim all interest and charges from any payday loans you may of had, that are considered to be mid-sold.

Link here :

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

Start the process yourself, then involve the FOS later, if you need too.

TrumpCard · 20 April 2018 at 11:43PM

Thanks guys. I!!!8217;ll look into it.

@ nomoredebtplease : I do understand your point, I guess the saying !!!8216;you!!!8217;ve made your bed so lie in it!!!8217; applies. And I to agree that I agreed to these loans. But understand that when I was in my gambling zones I didn!!!8217;t even read any small print, I just got the most I could get from them without hardly any consideration on repayment affordability for myself. It!!!8217;s hard to say after that, but I am actually a rather switched on guy, not stupid. But when I!!!8217;m hamvkjng and chasing losses, all common sense and reality is washed away just for that next bet to be possible. It!!!8217;s a horrible horrible place to be.
So I do also feel that having 10 pay day loans at once that totalled just over 8k last year must have required some irresponsibility, from me of course, but also frommy lenders. (I think interest was roughly about £110-120 a day combined. Madness)

Debtnomoreplease · 21 April 2018 at 2:34PM

Fair enough. I wish you luck on your journey x

Claiming back once pay day loans

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