Payday Loan Refunds

[CharlieP123]

Hi All,

I have recently started looking into submitting complaints regarding irresponsible lending. I used QQ and Wonga for quite some time over the years and have already sent letters off to these and waiting for a response. I didn't default (not that I can remember), with either of these companies, but at some stage was taking out loans and rolling over every month. I have a rough idea of what I have borrowed and repaid (checked all through my statements). If they make me an offer, how do I justify what amount to be reasonable before I reject and escalate the issue to FOS?

I have also borrowed from Lending Stream and Money Boat. I've noticed interest with these is soooo high!! I think I ignored it initially because I was desperate for money. I only borrowed from these 2 companies on one occasion, although I am still paying them back and will be for the next few months! Can I submit a claim against these, or is it pointless as I have only taken a loan out with them once?

Thanks in advance.

[charitynjw]

Re: Payday Loan Refunds

Hi CharlieP123
[MENTION=48934]Debt Camel[/MENTION] is the person to ask....this will give her a 'nudge'

Meantime, have a read of Debt Camel's advice
http://legalbeagles.info/forums/show...dability-Claim

[Debt Camel]

Re: Payday Loan Refunds

Hi All,
I have a rough idea of what I have borrowed and repaid (checked all through my statements). If they make me an offer, how do I justify what amount to be reasonable before I reject and escalate the issue to FOS?

The amount you paid in interest and charges is the amount you borrowed less the amount you repaid.

It's up to you what you think is fair. it's common to get all interest back after the first 2,3 or 4 loans if you go to the Ombudsman. But your case may be different if the first loan was rolled a lot or if there are a lot of big (more than 1 month) gaps between repaying one loan and taking the next out with the same lender.ou probably won't get the interest back on the first 2-4 loans if you go to the Ombudsman.

I have also borrowed from Lending Stream and Money Boat. I've noticed interest with these is soooo high!! I think I ignored it initially because I was desperate for money. I only borrowed from these 2 companies on one occasion, although I am still paying them back and will be for the next few months! Can I submit a claim against these, or is it pointless as I have only taken a loan out with them once?

Well they are payday lenders, what did you expect, a bargain?!?

You can claim for single loans but they are harder to win. Getting the interest removed is the best you can hope for.

[Peter_Rad]

You can claim a refund from existing loans and loans you've already paid off, as long as you raise the case within six years of taking out the loan (if it's longer than six years, contact the FOS as in some circumstances, you may still be able to claim).