Hey everyone, Over the past eight years or so, I have taken out countless amount of payday loans from QuickQuid mainly due to gambling despite evidence to suggest that I might not be able to pay it back. On many occasions I have had to set up a repayment plan due to not being able to pay back my loan. Despite this, as soon as my repayment plan finished, they continued to offer and accept further payday loans for me. I would guess that I have taken out about 100 payday loans over the years. If I was to successfully claim back interest I would estimate a refund of around £10,000 which would enable me to become debt free instantly. Therefore I am seriously considering making a complaint but wondered what other people thought and if anyone has actually done this?
Thanks.
Hi SFC,
Whether or not payday loan companies will lend is normally based solely on affordability and they rarely take credit rating or history into consideration.
If you completed affordability (income and expenditure) details (whether or not you were 100% honest is irrelevant) and you met the criteria set out by the FSA then I can't imagine you'll have a case. If you didn't then Google 'Debt Camel' as there's lots of good advice on there about managing debt.
Personally though, if you were repaying one loan and then applying for another then I can't see why you would be due anything.
I know many PayDay loan companies have in their Terms & Conditions that the money is not to be used for gambling so, if you did make a complaint but they were able to prove you were gambling then this would harm your case.
My personal opinion is, as abhorrant and payday loan companies may be, there is no denying that they are upfront with the cost of their loans which could make it very difficult to plead that you were giving misinformation.
I'd be intersted to see how you get on but be sure to make this a secondary focus AFTER your recovery.
Phil
I just googled 'interest repaid by payday loan company' there is article in mirror about affordability. There is also info on debt camel.
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