Claiming compensation from payday loans

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Claiming Compensation from Payday Loans
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• 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 thats the case then you need
  not to pay anymore or should not have paid those
  loans.

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• 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.

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• 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?

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• 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.

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• ? 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.

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• 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.

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• 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.

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• 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.

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• ? You might get a refund after that. However its
  not unusual that your lender will refuse to pay
  you compensation or they might offer a very poor
  amount.

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• In most cases they dont 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.

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• 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.

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• Dont get depressed and file in a full complaint
  with the Financial Ombudsman.

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• 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.

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

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