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Payday Compensation

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Title: Payday Compensation


1
Payday Compensation
2
  • A lot of people turned to payday loans in times
    of need but because of the way the companys lend
    loans might be reason to get some of that back to
    you.

3
  • Most of the companies lend loans to anyone they
    wanted at whatever rates they wanted without any
    reasoning, leading thousands of people to
    experience financial hardship and misery.
    According to the report published by the
    Financial Ombudsman Service in May 2016,
    complaints against payday lenders have tripled in
    the past year.

4
  • Most customers have a number of issues with
    payday loan companies and one of the most
    significant areas of complaint is customers
    looking for a loan refund.

5
  • If youve borrowed money from a payday loan
    provider and feel that you might have a case for
    compensation then you would like to find out if
    you qualify to claim a refund. Read on to find
    out the cases which will enable you to get
    compensation.

6
  • According to the regulations of the Financial
    Conduct Authority (FCA), payday loan companies
    ought to check whether their customers can repay
    or not before issuing a loan.

7
  • If a borrower cannot meet the basic needs after
    paying off their online loan then the loan
    shouldn't be approved. If payday lenders didn't
    check your affordability before lending you
    money, you have the right to ask for a refund.

8
  • Many payday loan companies take money directly
    from peoples bank accounts using a method called
    Continuous Payment Authority (CPA). This is the
    perfect way to make sure the lenders receive
    payments regularly.

9
  • But, according to the new regulations companies
    are required to inform customers in advance when
    will take money from their accounts. Besides they
    are now limited to two attempts for collecting
    payment using CPA. If they violate any of these
    terms you should complain immediately.

10
  • Payday loans are supposed to help you cover
    unexpected expenses that you cant meet with your
    regular income.

11
  • If the lender didn't evidently state that payday
    loans are short-term loans as well as advise you
    not to use payday loans as a long-term borrowing
    and your agreement did not clearly state this,
    you might get a refund.

12
  • Another case is if payday loan lender has
    irritated you through phone calls. It not clearly
    mentioned that what could be regarded as
    harassment.

13
  • Sometimes a series of daily calls reminding you
    that you are due payments might be considered by
    the Ombudsman. Also they should not be calling
    you after 8 pm. There are cases when customers
    are harassed deliberately and if that happens
    then you stand a good chance of winning a refund.

14
  • The Citizens Advice Bureau estimates that more
    than 76 percent of the people who borrowed money
    from payday lenders may be qualified to make a
    refund claim.

15
  • Hence they suggest customers to take advantage of
    the new regulations set up by the Financial
    Conduct Authority (FCA) and "fight back" against
    unethical practices by the payday loan industry.

16
https//www.redbridgefinance.co.uk
Redbridge Finance Limited,1 Forbes Business
Centre,Kempson Way,Bury St. Edmunds,IP32 7AR
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