Ever Struggled To Repay A Loan?
You May Able To Claim A Refund
If you complain you could claim a refund for mis-sold products and get compensation for unaffordable loans
You may be entitled to loan compensation if you can relate to any of the below
Fees or charges not clear?
When you took out your loans were the charges and associated fees made absolutely clear to you?
Unable to pay bills?
Your payments for the loan were so large that you struggled to pay for your monthly essentials like bills or mortgage payments.
Rolling over loans?
You had to take out a further loan to pay the initial one back, supporting unaffordability.
Lenders taking automatic payments?
Automatic payments being taken from your account put you in difficulty to pay other essentials.
Encouraged to borrow further?
Lender’s ‘good customer’ offers promoted regular use and the ability to get better deals the more you borrow.
Despite clearly not being able to pay the first loan back, your lender continued to offer more through consolidation.
If any of the above statements apply to your experience, you could be eligible to claim compensation. Millions of pounds have already been refunded to people just like you. If you wish to start your claim and get in touch with an experienced team who will guide you through the process, we can help you. Just click below!
For Hassle-Free Refunds
A claims specialist
can do all the hard work so you don't need to!
Making a claim is simple. With just a few details you can start your application.
No Win, No Fee
You are only charged after the claim has been won and you have your refund!
You do not need to use a claims management company to make your complaint to your lender. If your complaint is not successful you can refer it to the Financial Ombudsman Service yourself for free.
How Much Compensation Could I Recieve From A Mis-Sold Or Unaffordable Loan?
When the Financial Ombudsman upholds a complaint about payday loan affordability, the typical award is a refund of interest and charges on the unaffordable loan plus 8% simple interest. This interest can add up to a lot of money if the payday loans were a few years ago. There is no guarantee any loans are refunded, and if you have multiple loans, many times some have a successful complaint but not others.
You don’t have to calculate this extra interest to make a claim. When you make a claim, this is calculated automatically. But if you want to check that an offer is correct, or work out how much compensation you can expect from your claim, then keep reading.
Simple interest is simply 8% times the number of years since each amount is refunded (as opposed to cumulative interest where you earn interest on your interest). This can actually get quite complicated, as the interest and charges are generally paid at various different dates.
Take a typical example: the Ombudsman tells a lender to refund all interest after the third loan and you know these add up to £1,000. You can’t just take 8% of this total, because the amount of interest that is added depends on how long ago each payment was. So if the loans being refunded were between 2012 and 2014, the interest payments for the first loan will have roughly 4 years of interest added and the last loan will only have about 2 years of interest added.
To work this out, you need a list of all the interest/fee payments that you made. You can’t get this from your bank statements, because the payments you were making would usually have included repaying the capital amount you borrowed. When you repay a loan, even if the amount you pay is consistent, the amount of those payments that is interest vs repayment of capital changes with time, as the amount owed decreases through the life of the loan. This includes a lot of very complicated maths if you want to split all interest and capital payments. If possible it is best to ask your lender to break interest vs capital payments for each payment.
When you have a list of all charges and interest for each payment, find the number of days between the payment date and now and calculate:
8% simple interest = payment being refunded x number of days x 8 / 36500.
Then add up these individual amounts.
Maximise Your Compensation
We will go through your previous borrowing and can help you claim from an extensive list of lenders.
Your complaint is handled by professionals
Your claim will be handled by an experienced team, who will complain to your lender on your behalf.
Reclaimed funds to be Transferred
After a claim is successful, the redress money is transferred straight to you.
Why Use The Claims Guide For My Claim?
Help Maximising Claims - We will go through your previous borrowing and help you claim from an extensive list of lenders. Other claims companies will more likely turn you away if you are not claiming against one of their few approved lenders.
Low Fees - Our rates are also competitive and lower than many other claims management companies. You pay nothing upfront and we work on a no win no fee basis. A breakdown of our fee structure can be seen here.
We Make It Easy - Claiming a refund can be a daunting task. We make it easy and ensure everything you need is included so you don't have to spend much time on it.
Professional - Each claim is different and specific circumstances that are relevant to the claim should be explained by a professional. The Financial Ombudsman has previously been unable to progress some complaints that involved a “template” or “standard letter”.
How Much Will I Receive If My Claim Is Successful?
If you successfully claim a refund from a lender, you can claim back the interest and charges on your loans, plus, typically, 8% statutory interest. For more information on how this is calculated click here.
What Information Do I Need to Provide?
You just need to provide the name of your lender and your personal details including the address that you lived at when registering with them. Once you have given these we can obtain details of any loans where a refund may be due.
How much will I be charged?
Claiming through us always works on a no win no fee basis, meaning you won't pay a thing unless you win compensation. You will have the right to cancel the agreement within 14 days with no penalty. If you cancel after 14 days you may be charged for work done up until the time of cancellation. We use multiple partners to ensure we are able to offer claims against all lenders, from whom we receive payments. The exact fee structure will depend on which lender you are claiming against, as this decides which of our partners is most suitable for your claim. A breakdown of our fee structure can be seen here. The fees for Diesel Emissions Claims are calculated differently due to it being a group action lawsuit.
How Do I Submit My Claim?
Simply complete our online application form by clicking on the "Get Started" button. This is the first stage of your complaint to the payday lender where you could receive compensation. For more information on the process please click here.