Claiming compensation from payday loans

1. Claiming Compensation from Payday Loans

2. • Are you burdened with payday loan or has payday
loan made your finances difficult and miserable.
For many of you these loans might have been
unaffordable. If that’s the case then you need not
to pay anymore or should not have paid those
loans.

3. • The payday loan companies have operated
without any regulations for a long time.
Good news for you that the situation has
changed as the Financial Conduct
Authority (FCA) introduced new rules on
how payday lenders would be allowed to
lend in the summer of 2014.

4. • Since then there have been cases where
some high profile companies have paid
millions as restitution to their customers
for the advantages they have taken. So
how do you claim your payday loan refund
and how much can you get?

5. • In order to claim refund you have to be
eligible to claim compensation for your
payday loan and proceed on step by step.
How much you will get depends on your
case. Read on to know how you should
move forward to claim compensation from
payday loan.

6. • ● First of all get all the facts. Calculate the
amount of money you have borrowed and
the amount you have paid. The more
precise you are the better it is to move
along with your claim.

7. • You may be able to find your dealings on
the lenders website if you can sign in.
Make a copy of your profile if you can find
it, in case it is not available later.

8. • Next thing you need to do is to contact
your lender and write a letter to them
stating your claim. Notify them about all
the facts regarding you loan.

9. • Mention the amount you have borrowed,
the date you were due and how much you
have paid in total. You also need to include
your family income & expenses and why it
was hard for you to repay them or you are
unable to pay.

10. • ● You might get a refund after that.
However it’s not unusual that your lender
will refuse to pay you compensation or
they might offer a very poor amount.

11. • In most cases they don’t respond. Also
don't worry if they reply and say your
claim is not valid. They do this so you that
you stop moving forward.

12. • Eight weeks after you have first contacted
you lender if the lender rejects your
complaint or don't give you a reasonable
response or offers you a small amount,
you need to take a step further.

13. • Don’t get depressed and file in a full
complaint with the Financial Ombudsman.

14. • As of June 2017, in every month more
than a thousand new cases were sent to
the Financial Ombudsman and among
them 68% of these cases are being upheld.

15. • This means that most of the cases are
legitimate and there is a higher rate of
success than any other type of complaint!

16. https://www.redbridgefinance.co.uk/