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  • FIRST POST
    • Getting.sorted
    • By Getting.sorted 16th Apr 18, 11:43 AM
    • 9Posts
    • 6Thanks
    Getting.sorted
    Payday loan refund
    • #1
    • 16th Apr 18, 11:43 AM
    Payday loan refund 16th Apr 18 at 11:43 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 2
    • Tarambor
    • By Tarambor 18th Apr 18, 1:18 AM
    • 3,967 Posts
    • 3,001 Thanks
    Tarambor
    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, 12:54 PM
    • 3,786 Posts
    • 3,450 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    I think you need to read the camel site as you have outdated information my friend, people come here for facts, not opinions.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, 3:19 PM
    • 9 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.
    • Getting.sorted
    • By Getting.sorted 18th Apr 18, 3:35 PM
    • 9 Posts
    • 6 Thanks
    Getting.sorted
    And whether or not in anyone's opinion if it is right or not.....blah blah blah, just think for one minute. If these companies that charge desperate people extremely high rates of interest is wrong, if not why would the FCA/ombudsman intervene and ensure refunds are given.

    I couldn't care less on what some key board warrior thinks, my question was answered in a non judgemental manner, then I get a load of outdated information and tosh, thanks but don't need it. In fact no one does, why come on here to be judgemental? Are your lives really that unfulfilled? Maybe best leaving this forum if you can't be constructive.

    I may think of you whilst enjoying my free holiday in Cuba.
    • takman
    • By takman 18th Apr 18, 4:36 PM
    • 3,786 Posts
    • 3,450 Thanks
    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.
    Originally posted by Getting.sorted
    Fristly the Santander 123 current account pays interest on a £20,000 balance and not £25,000; paying 1.5% interest on the maximum amount equals £300 which when you add your £850 puts you over the £1000 threshold. So you were wrong earlier when you said:

    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
    Secondly the E in the name of this site refers to Martin Lewis being the "Money Saving Expert" and doesn't refer to anyone else who posts on this forum!. But the fact you have a six figure sum in a Santander 123 account shows you are a far far way from being any kind of expert and obviously won't learn anything with your attitude.
    You may think your "showing off" by all these claims of inheritance but all i can think about is the thousands upon thousands of pounds you are effectively throwing away in interest by not being smart with your money.

    There is no need to and insult me after i gave you some very sensible advice based on the information you have provided so far. The only reason your doing well now financially is because your mother died and you inherited her wealth (so i assume your father is also dead?).

    But no matter how much money you had it wouldn't bother me in the slightest because i have something you will never have again...
    • sourcrates
    • By sourcrates 18th Apr 18, 9:51 PM
    • 15,894 Posts
    • 14,945 Thanks
    sourcrates
    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
    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?
    Originally posted by Tarambor
    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

    Why bother spending your time dealing out this monotonous dross to people, you cannot possibly know or understand what circumstances led to these events.

    Telling people they should honour the contract and trying to belittle them on a public forum shows a shocking lack of respect.

    Things happen in life, situations change, but your flat earth thinking cannot seem to understand that.

    If you have nothing more constructive to say, just say nothing.

    Your actions could easily dissuade others from asking for help.
    Last edited by sourcrates; 18-04-2018 at 10:13 PM.
    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 are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • takman
    • By takman 19th Apr 18, 9:05 AM
    • 3,786 Posts
    • 3,450 Thanks
    takman
    Why bother spending your time dealing out this monotonous dross to people, you cannot possibly know or understand what circumstances led to these events.

    Telling people they should honour the contract and trying to belittle them on a public forum shows a shocking lack of respect.

    Things happen in life, situations change, but your flat earth thinking cannot seem to understand that.

    If you have nothing more constructive to say, just say nothing.

    Your actions could easily dissuade others from asking for help.
    Originally posted by sourcrates
    I really don't see what the problem is with me saying that the OP should save the money so they don't need to use payday loans in the future.

    You seem to make a lot of posts trying to justify people getting into financial trouble as if it was out of their control. But how does that negative attitude possibly help anyone?. I would much rather someone tell me the possible mistakes i made so i can avoid making them again.

    If you maintain the position their was nothing they could do and say it wasn't their fault how will that possibly help them in the future?. The most common reason for getting into financial trouble is no forward financial planning. Just look at how many people who have large debts due to over committing on loans, credit cards, finance etc. Then they loose their job and can't afford the repayments, the problem was not loosing their job; the problem was them building up debt with no contingency plan.
    • keepcalmandstayoutofdebt
    • By keepcalmandstayoutofdebt 19th Apr 18, 9:22 AM
    • 3,433 Posts
    • 1,812 Thanks
    keepcalmandstayoutofdebt
    And whether or not in anyone's opinion if it is right or not.....blah blah blah, just think for one minute. If these companies that charge desperate people extremely high rates of interest is wrong, if not why would the FCA/ombudsman intervene and ensure refunds are given.
    Originally posted by Getting.sorted
    But so much so, they still leave these companies trading eh?

    Anyone can make a post claiming they get a lot more back then they did.
    "If you are caught in a rainstorm, once you accept that you'll receive a soaking, the only thing left to do is enjoy the walk"
    • JimmyTheWig
    • By JimmyTheWig 19th Apr 18, 12:41 PM
    • 11,778 Posts
    • 11,330 Thanks
    JimmyTheWig
    your mother died and you inherited her wealth (so i assume your father is also dead?).

    But no matter how much money you had it wouldn't bother me in the slightest because i have something you will never have again...
    Originally posted by takman
    Um, I may have got the wrong end of the stick here, but are you gloating that you have living parents and the OP doesn't? That's sick. You've lost any moral high ground you may have previously had.
    • Kimboava15
    • By Kimboava15 8th Aug 18, 11:12 AM
    • 2 Posts
    • 0 Thanks
    Kimboava15
    Hi I was just how you started the email did you put your name and then start the complaint email thanks.
    • Ian 875
    • By Ian 875 13th Aug 18, 7:04 PM
    • 63 Posts
    • 34 Thanks
    Ian 875
    Yeah, great isnt it. Two weeks all inclusive to Cuba booked for a ten minute email. No brained
    Originally posted by Getting.sorted
    Wow.

    Look forward to seeing you back in a few years when you're skint again.

    Some people just never learn
    • Willing2Learn
    • By Willing2Learn 13th Aug 18, 7:11 PM
    • 1,833 Posts
    • 1,418 Thanks
    Willing2Learn
    Hi I was just how you started the email did you put your name and then start the complaint email thanks.
    Originally posted by Kimboava15
    Hi,

    Full instructions at the link below:
    How to get a payday loan refund (with template letters)

    Good luck!!
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • raptor25
    • By raptor25 28th Aug 18, 8:01 PM
    • 3 Posts
    • 0 Thanks
    raptor25
    Financial hardship
    Hello
    I would like some help in finding a letter template. I have £30k worth of debt and interest charges has caused me hardship. Does anyone have a letter I can send to my creditors to state that the interest charges have left me in severe hardship with little or no chance of paying the full amount back. I have a DMP but it will take me until 2027 until im debt free. I borrowed £1100 off a payday loan and they have charged me a total of £1000 in interest eventhough I told them I was in financial difficulty. Any help would be greatly received.
    This was as a result of redundancy in 2015.
    • Willing2Learn
    • By Willing2Learn 28th Aug 18, 8:05 PM
    • 1,833 Posts
    • 1,418 Thanks
    Willing2Learn
    hello
    i would like some help in finding a letter template. I have £30k worth of debt and interest charges has caused me hardship. Does anyone have a letter i can send to my creditors to state that the interest charges have left me in severe hardship with little or no chance of paying the full amount back. I have a dmp but it will take me until 2027 until im debt free. I borrowed £1100 off a payday loan and they have charged me a total of £1000 in interest eventhough i told them i was in financial difficulty. Any help would be greatly received.
    This was as a result of redundancy in 2015.
    Originally posted by raptor25
    hi,

    full instructions at the link below:
    how to get a payday loan refund (with template letters)

    good luck!!
    Originally posted by willing2learn
    ….. .....
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Duncw1991
    • By Duncw1991 21st Sep 18, 9:31 PM
    • 3 Posts
    • 0 Thanks
    Duncw1991
    Email
    Hi all so I have just taken the first step and emailed 2 loan company's using the template letter from debt camel. How have you found the response from the lenders?

    Have they been helpful or negative?
    • wilson1972
    • By wilson1972 21st Sep 18, 11:11 PM
    • 23 Posts
    • 5 Thanks
    wilson1972
    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?
    Originally posted by Tarambor
    People get desperate, we dont know their reasons for taking on high interest loans.

    When reading your initial comment, it seemed harsh to me .
    • swardean
    • By swardean 22nd Sep 18, 9:48 AM
    • 48 Posts
    • 21 Thanks
    swardean
    I wonder if the judgemental trolls with a superiority complex on here, saying people should honour their payday loan agreements, refused their PPI reclaims?

    Surely they knew the terms of that agreement when they signed up?
    • camelot1971
    • By camelot1971 22nd Sep 18, 12:13 PM
    • 924 Posts
    • 1,429 Thanks
    camelot1971
    I wonder if the judgemental trolls with a superiority complex on here, saying people should honour their payday loan agreements, refused their PPI reclaims?

    Surely they knew the terms of that agreement when they signed up?
    Originally posted by swardean
    They wouldn't have taken PPI in the first place unless it was appropriate for their needs. They would have read their contract, made a reasoned choice to borrow money and understood the consequences should their circumstances change.
    • takman
    • By takman 22nd Sep 18, 1:00 PM
    • 3,786 Posts
    • 3,450 Thanks
    takman
    I wonder if the judgemental trolls with a superiority complex on here, saying people should honour their payday loan agreements, refused their PPI reclaims?

    Surely they knew the terms of that agreement when they signed up?
    Originally posted by swardean
    Having an unsuitable PPI policy is also a sign of poor financial management. I never had PPI because I didn't feel it was worth it and I always refused to have it.
    People seem to blindly accept financial agreements without considering what it means and what they are committing to. This has now led to financial institutions having to treat adults more like children because people seem unable to take responsibility for their choices and blame it all on everyone else.
    • PROLIANT
    • By PROLIANT 23rd Sep 18, 10:33 PM
    • 6,045 Posts
    • 5,599 Thanks
    PROLIANT
    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?
    Originally posted by Tarambor
    Typical Labour party voters - wheres my free stuff!
    Since when has the world of computer software design been about what people want? This is a simple question of evolution. The day is quickly coming when every knee will bow down to a silicon fist, and you will all beg your binary gods for mercy.
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