This document provides instructions for claiming compensation from payday loan companies in the UK. It explains that new regulations introduced in 2014 have resulted in payday lenders paying millions in restitution. It outlines the steps to claim compensation, which include gathering loan details, contacting the lender in writing with your claim, and if denied, filing a complaint with the Financial Ombudsman. The document suggests that over 68% of complaints to the Financial Ombudsman currently are upheld, indicating a high success rate.

1. Claiming payday loan
compensation

2. • 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 that’s the case then
you need not to pay anymore or should not have paid those
loans.

3. • 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.

4. • 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?

5. • 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.

6. • ● 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.

7. • 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.

8. • 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.

9. • 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.

10. • ● You might get a refund after that. However it’s not
unusual that your lender will refuse to pay you
compensation or they might offer a very poor amount.

11. • In most cases they don’t 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.

12. • 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.

13. • Don’t get depressed and file in a full complaint with the
Financial Ombudsman.

14. • 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.

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

16. https://www.redbridgefinance.co.uk/