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  • FIRST POST
    • Getting.sorted
    • By Getting.sorted 16th Apr 18, 10:43 AM
    • 8Posts
    • 6Thanks
    Getting.sorted
    Payday loan refund
    • #1
    • 16th Apr 18, 10:43 AM
    Payday loan refund 16th Apr 18 at 10:43 AM
    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
Page 1
    • sourcrates
    • By sourcrates 16th Apr 18, 10:50 AM
    • 18,486 Posts
    • 17,383 Thanks
    sourcrates
    • #2
    • 16th Apr 18, 10:50 AM
    • #2
    • 16th Apr 18, 10:50 AM
    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
    Last edited by sourcrates; 16-04-2018 at 10:59 AM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".

    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views expressed are mine and not the official line of MoneySavingExpert.com.

    Helping you deal with problem debt.

    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
    • Getting.sorted
    • By Getting.sorted 16th Apr 18, 11:02 AM
    • 8 Posts
    • 6 Thanks
    Getting.sorted
    • #3
    • 16th Apr 18, 11:02 AM
    • #3
    • 16th Apr 18, 11:02 AM
    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
    • By sourcrates 16th Apr 18, 11:08 AM
    • 18,486 Posts
    • 17,383 Thanks
    sourcrates
    • #4
    • 16th Apr 18, 11:08 AM
    • #4
    • 16th Apr 18, 11:08 AM
    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
    Originally posted by Getting.sorted
    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 Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".

    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views expressed are mine and not the official line of MoneySavingExpert.com.

    Helping you deal with problem debt.

    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
    • Dullville
    • By Dullville 17th Apr 18, 10:59 AM
    • 183 Posts
    • 171 Thanks
    Dullville
    • #5
    • 17th Apr 18, 10:59 AM
    • #5
    • 17th Apr 18, 10:59 AM
    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
    Originally posted by Getting.sorted
    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
    • By WillyWonga 17th Apr 18, 1:50 PM
    • 321 Posts
    • 190 Thanks
    WillyWonga
    • #6
    • 17th Apr 18, 1:50 PM
    • #6
    • 17th Apr 18, 1:50 PM
    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....
    • sourcrates
    • By sourcrates 17th Apr 18, 4:40 PM
    • 18,486 Posts
    • 17,383 Thanks
    sourcrates
    • #7
    • 17th Apr 18, 4:40 PM
    • #7
    • 17th Apr 18, 4:40 PM
    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.
    Originally posted by Dullville
    Full guide to reclaiming here :

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

    Life is never black and white gentleman.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".

    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views expressed are mine and not the official line of MoneySavingExpert.com.

    Helping you deal with problem debt.

    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
    • Getting.sorted
    • By Getting.sorted 17th Apr 18, 5:16 PM
    • 8 Posts
    • 6 Thanks
    Getting.sorted
    • #8
    • 17th Apr 18, 5:16 PM
    • #8
    • 17th Apr 18, 5:16 PM
    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.
    Originally posted by Dullville
    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
    • By Dullville 17th Apr 18, 5:20 PM
    • 183 Posts
    • 171 Thanks
    Dullville
    • #9
    • 17th Apr 18, 5:20 PM
    • #9
    • 17th Apr 18, 5:20 PM
    Full guide to reclaiming here :

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

    Life is never black and white gentleman.
    Originally posted by sourcrates
    Thanks Sourcrates...
    • Dullville
    • By Dullville 17th Apr 18, 5:21 PM
    • 183 Posts
    • 171 Thanks
    Dullville
    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....
    Originally posted by WillyWonga
    What makes you so righteous? Hiding behind your keyboard acting the big man..
    • Getting.sorted
    • By Getting.sorted 17th Apr 18, 5:23 PM
    • 8 Posts
    • 6 Thanks
    Getting.sorted
    Dullville, have a good read on that site, get the email filled in and send it off. Good luck
    • Dullville
    • By Dullville 17th Apr 18, 5:28 PM
    • 183 Posts
    • 171 Thanks
    Dullville
    Dullville, have a good read on that site, get the email filled in and send it off. Good luck
    Originally posted by Getting.sorted
    Thanks mate..I will.
    I will keep you posted.
    • jonesMUFCforever
    • By jonesMUFCforever 17th Apr 18, 6:14 PM
    • 26,123 Posts
    • 13,283 Thanks
    jonesMUFCforever
    I wonder if the OP looked at the reverse of the letter?? LOL
    I'm sure the total amount will be on there together with a deduction of 20% for tax. It does not matter if the OP is a taxpayer or not.
    What goes around - comes around
    give lots and you will always receive lots
    • Getting.sorted
    • By Getting.sorted 17th Apr 18, 7:05 PM
    • 8 Posts
    • 6 Thanks
    Getting.sorted
    I wonder if the OP looked at the reverse of the letter?? LOL
    I'm sure the total amount will be on there together with a deduction of 20% for tax. It does not matter if the OP is a taxpayer or not.
    Originally posted by jonesMUFCforever
    I think you need to read the camel site as you have outdated information my friend, people come here for facts, not opinions.

    'From April 2016 if you are a basic rate tax payer and you receive less than £1,000 of interest in a year in total, from PPI or payday loan refunds plus any from your savings, then you won’t have to pay any tax. If you receive over £1,000, you will have to pay tax on the extra'

    As it's only applied to the interest, my interest is less than £1000......so tax man gets zilch, diddly sqaut, nil points, zero.....
    • Dullville
    • By Dullville 17th Apr 18, 8:15 PM
    • 183 Posts
    • 171 Thanks
    Dullville
    I wonder if the OP looked at the reverse of the letter?? LOL
    I'm sure the total amount will be on there together with a deduction of 20% for tax. It does not matter if the OP is a taxpayer or not.
    Originally posted by jonesMUFCforever
    Another so called expert coming on here spouting off like the font of all knowledge and proved WRONG...you couldn’t make it up with some of the people who give absolute tosh comments..smacks of jealousy to me that someone gets the hump because someone has a nice result.:
    • jonesMUFCforever
    • By jonesMUFCforever 17th Apr 18, 11:25 PM
    • 26,123 Posts
    • 13,283 Thanks
    jonesMUFCforever
    I think you need to read the camel site as you have outdated information my friend, people come here for facts, not opinions.

    'From April 2016 if you are a basic rate tax payer and you receive less than £1,000 of interest in a year in total, from PPI or payday loan refunds plus any from your savings, then you won’t have to pay any tax. If you receive over £1,000, you will have to pay tax on the extra'

    As it's only applied to the interest, my interest is less than £1000......so tax man gets zilch, diddly sqaut, nil points, zero.....
    Originally posted by Getting.sorted
    I don't read camel sites ----- they give me the hump.

    Perhaps the PPI firms have a crystal ball - how do they know what you have been paid in any tax year?
    Would it not be a case of them deducting it at source and you claiming it back?
    What goes around - comes around
    give lots and you will always receive lots
    • jonesMUFCforever
    • By jonesMUFCforever 17th Apr 18, 11:27 PM
    • 26,123 Posts
    • 13,283 Thanks
    jonesMUFCforever
    Another so called expert coming on here spouting off like the font of all knowledge and proved WRONG...you couldn’t make it up with some of the people who give absolute tosh comments..smacks of jealousy to me that someone gets the hump because someone has a nice result.:
    Originally posted by Dullville
    Thank you for the constructive comments.
    What goes around - comes around
    give lots and you will always receive lots
  • archived user
    Really...are you socially challenged?
    Originally posted by Dullville
    Because I expect people to honour the contract they signed, because I expect them to exercise personal responsibility and to live with the consequences of their poor decisions instead of being rewarded for them?
    • takman
    • By takman 18th Apr 18, 11:54 AM
    • 3,785 Posts
    • 3,470 Thanks
    takman
    I think you need to read the camel site as you have outdated information my friend, people come here for facts, not opinions.

    'From April 2016 if you are a basic rate tax payer and you receive less than £1,000 of interest in a year in total, from PPI or payday loan refunds plus any from your savings, then you won’t have to pay any tax. If you receive over £1,000, you will have to pay tax on the extra'

    As it's only applied to the interest, my interest is less than £1000......so tax man gets zilch, diddly sqaut, nil points, zero.....
    Originally posted by Getting.sorted
    So you must have very little savings if the £845 doesn't push you over the level you need to pay tax.

    Maybe you should think twice before blowing the money on a holiday otherwise you may end up needing payday loans again in the future!.
    • Getting.sorted
    • By Getting.sorted 18th Apr 18, 2:19 PM
    • 8 Posts
    • 6 Thanks
    Getting.sorted
    So you must have very little savings if the £845 doesn't push you over the level you need to pay tax.

    Maybe you should think twice before blowing the money on a holiday otherwise you may end up needing payday loans again in the future!.
    Originally posted by takman
    Ah ha. ....another misinformed, judgemental post, the E should be removed from MSE.

    You don't know why I needed financial help 5 years ago, or my current and future situation. In the last 3 years I've inherited a mortgage free house anf flat and a six figure sum from my late mother I keep my money in a Santander 123, which is perfect as only pays interest on the first 25k.
    So, with two mortgage free properties, another with 7 yrs to go, no debts, a royal navy pension payable in 5 years, a further privare pension,plus my wife's pension, a large lump sum when I leave and retire in 5 years at age 55, with a very healthy joint income til then. ....I think I might just be okay.


    So if you've got no real advice, nor no my situation. ...move along snowflake.
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