• Welcome to the LegalBeagles Consumer and Legal Forum. If this is your first visit to LegalBeagles and you need assistance then you can ask a question here;
    Create a Thread
    Please Register to get the most out of the forum. Registration is free and only needs a username and email address.
    REGISTER
    Please do not post your full name, reference numbers or any identifiable details on the forum.

Payday Loan Refunds

Collapse
Loading...
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • CharlieP123
    started a topic Payday Loan Refunds

    Payday Loan Refunds

    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.
    Tags: None

  • Peter_Rad
    replied
    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).

    Leave a comment:


  • Debt Camel
    replied
    Re: Payday Loan Refunds

    Originally posted by CharlieP123 View Post
    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.

    Leave a comment:


  • charitynjw
    replied
    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

    Leave a comment:

View our Terms and Conditions

LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.

If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.


If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.

Announcement

Collapse

Court Claim ?

Guides and Letters
Loading...



Search and Compare fixed fee legal services and find a solicitor near you.

Find a Law Firm


Working...
X