Mis-Sold Payday Loan Claim in Carrickfergus

Mis-Sold Payday Loan Claim in Carrickfergus

Speak to our experts to find out if you could claim a refund or get compensation for payday loans which were incorrectly sold to you by your lender.

Payday Loans Compensation in Carrickfergus

Payday Loans Compensation in Carrickfergus

You might be entitled to compensation if you were approved for a payday loan which you couldn't afford to pay back, or if the lender treated you unfairly.

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Mis-Sold Payday Loan Claim in Carrickfergus

If you believe you are entitled to make a mis-sold payday loan claim, we are here to help. Many people turn to these short term loans to help them out if they’re stuck for cash in an emergency. However the truth is these can end up causing many more problems in the long run as they can be difficult to pay back.

You may discover that you have been mis-sold your loan, which could give you the option of claiming compensation and having the debts written off. There are a number of ways that these loans could be incorrectly sold by the lender, but it depends on your individual situation.

What is a Payday Loan?

A payday loan is a short term way to borrow money if you need it in an emergency and can’t wait until you next get paid. These can be seen as a quick fix but they often come with high costs, making them quite expensive to pay back. Before January 2015, the lenders could apply extortionate interest rates meaning a lot of people fell into debts as a result.

Since then, they have been more regulated and the interest they can charge has been capped at 0.8% per day of the amount borrowed. As a result of these regulations, a number of these companies have ended up closing. The ones that still run are required to carry out checks to make sure their loans are affordable for anyone wanting to apply. All charges and fees must be clearly explained to the borrower prior to the loan being granted. Our other services include advice on holiday sickness pay outs so check out this page - http://www.the-claims-services.co.uk/holidays/sickness/carrickfergus/ to learn more about that.

Payday Loans Compensation

You may be entitled to receive payday loans compensation if the lender has incorrectly sold them to you. If this is the case you may be able to get a full refund of the interest and charges you paid along with statutory interest of 8% on top. You could also have the existing repayments written off.

Any loans which are deemed as ‘unaffordable’ can be removed from your credit records. This is any amount that you could only afford to repay by borrowing more from another lender. For the repayments to be affordable, you need to be able to pay it back the next month without it affecting any of your existing bills and regular payments. If you were unable to do this, the lender should not have approved the loan in the first place and it was mis-sold. We also offer advice on mis-sold mortgages - http://www.the-claims-services.co.uk/missold/mortgage/carrickfergus/ so feel free to get in touch for more details.

This will be the case if any of the following apply to you:

  • You continuously borrowed money again after repaying.
  • Some of your repayments were late.
  • You borrowed money in increasing amounts.
  • The loan was a large part of your income.

If the Financial Ombudsman feels that the loan you got was unaffordable, you will receive a refund of the interest you paid. The company should have treated you fairly if you made it clear you had financial difficulties. If they didn’t treat you correctly you could get compensation through a mid-sold payday loans claim.

Have you been Mis-Sold a Payday Loan?

There are a few different criteria to determine whether or not you were mis-sold your payday loan. If any of these apply to you then you could be able to make a claim for a refund or compensation. Check if one or more of the statements below relate to you:

  • The lender did not make the fees and charges clear from the beginning.
  • You needed to borrow more from another lender to pay off the first amount.
  • You got several loans from one lender simply to afford the repayments.
  • Your first loan was rolled over multiple times, meaning you couldn’t afford to take it out in the first place.
  • You couldn’t afford to pay your regular bills or buy food after repaying the loan.

All of these points suggest that you were either not in a position to borrow the initial amount, or it as unaffordable for you to continue borrowing more money. In these cases, the lender should have known this and not allowed to take out the loan.

How to Make a Payday Loans Claim

We can help you with claiming a refund or getting compensation if you feel you have been treated unfairly or mis-sold to by one of these companies.  There are a few options available and it depends on your situation and what will work best for you.

It is possible to contact the lenders directly to complain and ask for a refund on the money you paid. You will need to include details of dates for when you borrowed, and how much money you were granted by them. You should also mention reasons for being unable to repay the loan and explain why they were wrong in approving you initially. We also offer medical claims advice including industrial deafness - http://www.the-claims-services.co.uk/medical/hearing-loss/carrickfergus/ if you are interested in this too.

Another option is to speak with the Financial Ombudsman if your lender will not refund you or discuss the situation. If you file a claim this way, they should be able to determine whether or not you have grounds to make the claim, and then help you with refunds.

Speak to Us

Get in touch with our team today if you need more advice on a mis-sold payday loan claim. We can help you determine if you’re eligible to get your money back or have the existing balance written off. Many people have been successful in making these claims as they often find at a later date that the companies were not working fairly. Use our contact box to speak to us now and we’ll do our best to help!

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