Payday Loan Refunds

Payday Loan Refunds

If you have had or currently have a Payday loan and you feel the payday lender may have acted irresponsibly when you initially borrowed from them or throughout your lending relationship causing you financial difficulty, contact us so we can assess your individual case to check if you have a potential claim.

Even if you have already paid back your loan, you may still be able to get your money back.

Complaints against payday lenders

Several payday loan companies have been criticised for selling loans that were unaffordable.

During the first six months of 2015, the Financial Ombudsman Service (FOS) upheld 71% of all complaints made against Wonga and 80% of complaints against Quick Quid – compare that with 29%, the average for all banking and credit companies.

As a result of these complaints:

• Wonga has agreed to refund customers who were not given thorough enough affordability checks (Source )
• Cash Genie has agreed to pay back £20 million to over 92,000 customers (Source )
• The company that owns Quick Quid and Pounds to Pocket has agreed to refund £1.7 million to its customers (Source )
• The company behind The Money Shop, Payday UK, Payday Express and Ladder Loans has agreed to refund £15.4m to 147,000 customers (Source )

Am I eligible for a payday loan refund?

At Money Management Team, we can contact your lender on your behalf and determine if you are eligible for a refund.

• If you are still paying off your loan — we will try to have your loan written off in full, and reclaim all payments, interest & charges
• If you have already paid back your loan — we will try to get every penny you have paid refunded