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Payday loans refunds are available to anyone who has taken out numerous payday loans before and struggled to pay them back. Customers who believe they were mis-sold loans can potentially claim up to £20,000 over loans that were given to them over the years.
If you have taken out 5 payday loans with one lender, you will be eligible to claim for the entire loan amount and interest paid – and whilst the average payout has been £500, this can often be £1,000, £2,000 and MoneySavingExpert recently reported a claim worth £20,000.
We are working with Payday Loans Fight Back, which is run by a team of experienced claims lawyers, who can allow you to check your eligibility for free:
Step 1: Submit a Claim in Just Two Minutes
Step 2: A Professional Claims Lawyer Will Process Your Claim
Step 3: Wait To Hear Back and Receive Maximum Compensation
What is the Eligibility for a Payday Loans Refund?
- Minimum of 5 payday loans taken out with the same lender
- You are not currently using a debt management company
- You are not currently bankrupt or using IVA
- You struggled to make repayments
- You were offered rollovers or extensions
Which Payday Lenders Are Offering Refunds?
- Quickquid
- Payday UK
- Sunny
- Payday Express
- WageDay Advance
- The Money Shop
- Wonga
How Much Can I Get From a Payday Loans Refund?
A payday loans refund will pay any unfair fees and charges plus 8% compound interest.
Depending on how many loans you took out and whether you had rollovers and extensions, it is possible to claim for a few hundred or thousand pounds.
How To Apply for a Payday Loans Refund Online
Step 1 – Complete a Two-Minute Form
Enter your details into the form provided by Payday Loans Fight Back. This is completely free of charge and will cross-check your details with previous loan applications.
You may need to provide:
- Previous loan agreements
- Previous bank statements
You may be required to provide further information including loan agreements and bank statements. You would have received emails from the payday lender you borrowed money with and they usually would have provided a PDF copy of your loan agreement – so going through your inbox and finding this will be useful.
Completing a payday loans refund form is only takes two minutes and is based on a no win, no fee basis – so if you are not successful with your claim, you will not be charged.
Step 2 – A Claims Lawyer Will Process Your Claim
A professional claims lawyer working with Payday Loans Fight Back will process your claim, compiling all the relevant information and putting your case forward to the Financial Ombudsman Service.
Step 3: Wait For a Decision and Receive Your Refund
The appointed lawyer will submit your claim directly with the lender you previously used (e.g Sunny, QuickQuid) and wait to hear back, which can take a few weeks.
If successful, you will receive your compensation in the post via cheque.
Why Should I Apply For a Payday Loans Refund?
No win, no fee – If you do not win your claim, you will not be charged by the lender or the lawyer. It is as simple as that. If successful, the lawyer will take a small administration fee.
You could be owed thousands – Some ex-customers have been amazed and the total value of their claims and never dreamed of being able to claim as much as £10,000 or £20,000 – which can often be a life changing amount of money.
Your credit score can be reversed and majorly improved – If the regulator and lender accept your claim, they will also update your credit score for any missed payday loan repayments, which could have a huge impact and improvement on your score, helping you access more affordable loans and products in the future.
There may be a deadline – Payday lenders only have a finite amount that they can refund to previous customers, or they risk going bankrupt, which has been the case for Wonga, WageDay Advance and The Money Shop. Currently, these lenders have created a deadline and are only offering 10% of the overall claims value.
Therefore, to maximise your claim amount and avoid losing out, it may be better to make a claim, sooner rather than later.
Why Are Payday Lenders Offering Refunds?
Payday loans have often been seen as one of the most expensive forms of borrowing (including unauthorised overdrafts), often with APRs higher than 1,500% . Although the industry was once booming and worth £2 billion in its peak, the regulators of the FCA and FOS have determined that more than 3 millions loans per year were funded and many of them without adequate affordability checks.
Many customers have struggled to repay payday loans and fallen into cycles of debt due to:
- Being offered revolving credit
- Lack of credit checks
- Lack of affordability checks
- Being unemployed
- Being on benefits
- Being offered loans despite having other loans open
With this mind, the regulators are giving previous customers the chance to claim refunds and compensation – so every application goes via the Financial Ombudsman Service and if successful, you will receive a lump sum in compensation, like thousands of people in the UK have so far.