This document provides information about making a payday loan compensation claim in the UK. It explains that new regulations introduced in 2014 have resulted in payday lenders paying millions in refunds to customers. It outlines the steps to claim compensation, which include gathering loan details, contacting the lender in writing, and if denied, filing a complaint with the Financial Ombudsman, who has upheld over 68% of such claims.

1. Making a payday loan
compensation claim

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