Have you recently taken out a payday loan and feel that you are owed compensation? According to the Financial Ombudsman, the number of complaints that were being made about payday loan companies rose by around 178% in the year to March 2017, showing that plenty have started their applications for a mis-sold payday loan claim already.
Six steps to receiving your mis-sold payday loan claim
There are six steps to take that will help you to receive compensation for your mis-sold payday loan. Each of these steps will ensure that you are fully prepared to go through with the claim and will help you to have the correct information relating to your loans and then claim that you will be making.
Most claims end either by reaching out to the lender and receiving compensation from them, or from following through your claim with a claim service that will help you if you were unhappy with the response from your lender. These steps will help you to be prepared for both options, so you won’t struggle when fighting for your compensation.
Step 1: Check that you’re eligible to claim
When you make your claim you need to be able to prove that there was “unfair lending” involved in your case, and that your loans couldn’t be repaid without any “undue difficulty”. The FCA states that any payday loan you take should be affordable for you, so you shouldn’t have had any difficulty repaying the loan the following month, and should have been able to pay your rent/mortgage, food, bills, transport and any other debts you may have had.
If you found that you had to keep borrowing money or were making late payments for your payday loan, or you couldn’t make other payments then your payday lender(s) were lending irresponsibly – which is how you could be entitled to receive compensation.
Step 2: Gather your facts
You’ll need to have a list of your loans prepared to prove that you were treated unfairly – you might be able to get this from your online accounts that you have with the lenders themselves, or your bank statements or credit report may also have these available.
Step 3: Build your case
Building a strong case can help you to prove that your payday loan was unaffordable, which will hopefully convince the lender that they need to settle with you before you have to take your claim further.
Once you’ve made your list of payday loans that you took out you’ll also need to add details like your monthly/weekly income, and your expenses – this will include things like rent, council tax, gas and electricity, telecoms and broadband, transport, clothing, insurance, supermarket shopping, childcare and other debt payments.
Step 4: Contact your lender(s)
Once you’ve compiled your list of loans and your income and expenses, you can submit your claim(s) to your lender(s). Writing a letter or email is the best way to contact them (as it can help you to track time passed since sending), and helps you to lay out your claim clearly to the lender.
Your claim should state that you wish to complain that you received “unaffordable loans”, and that you want a refund of all of the interest you paid, as well as any charges that you paid on the loan – plus the 8% statutory interest on top. You should also ask for your loan to be deleted from your credit record it it is still there, as you don’t want this to continue damaging your credit score.
Step 5: Wait for (up to) 8 weeks
Your payday lender will have 8 weeks to respond to your mis-sold payday loan claim, and may be likely to respond with a rejection letter or a small offer of compensation. You don’t have to accept their offer, especially if you are sure that you paid significantly more in interest than they are offering you.
Many payday lenders offer a ‘goodwill gesture’ to reduce the amount that they have to pay back in claims, but you shouldn’t feel that you have to accept this – you should make sure that you’re receiving the full amount of compensation that you are owed.
If you’re given an offer then don’t worry about losing it if you don’t accept straight away – make sure you sit down and think about if this is enough money for you before you sign anything.
If you’re sent a letter of rejection, don’t worry, as you still have the right to take your complaint to a claim service 8 weeks after you first raised the issue to ensure that you’re getting fair compensation.
Step 6: Find a claim service
If you’re not happy with your offer of settlement, or your claim was rejected – or your lender failed to writer back to you at all – then you can still forward your claim to a claim service. Once you find a reliable claim service to help you further your claim, you shouldn’t struggle to make your mis-sold payday loan claim.
If you have more than one lender then you should put in separate complaints for each lender. From here an agent will investigate your complaint and they’ll reach an opinion based on the information you include – so make sure your claim is fully researched.
If your claim is upheld then you should get a full refund of interest as well as charges paid, plus a statutory interest of 8% on top.
If you are struggling to find a reputable claim service that will help you to investigate your case for your mis-sold payday loan claim, you shouldn’t look much further – by simply filling out your details here on Consumer Rights you’ll be able to get in contact with a trained agent who will know exactly how to handle your claim. In no time you’ll know whether your claim will be pursued, and you’ll be working with a knowledgeable agent who can help you receive exactly what you’re owed.
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Smart Energy Saving in Your Home!
Saving energy only offers benefits. Whether you want to save money on energy costs, contribute to a better environment or climate, it is important that we are less dependent on foreign fossil fuels, or perhaps all of these reasons at the same time …
By saving energy you can achieve all these different benefits.
Most people do it mainly for their wallets. But tips for saving energy can often be found in two extremes: expensive measures or a fall in comfort. Why should you choose between a cold house or an empty wallet?
There are enough energy saving tips that cost very little but result in high savings! The energy and money you save will be earned back on your energy bill the following year. And that can generate a lot of money. For example, in some cases you can save up to 50% on your gas bill; that can add up to £1000 a year! But you don’t have to spend thousands of pounds for that. Many tips cost you nothing or just a small investment. As a result, you quickly recoup these costs.
Unfortunately, saving energy does not happen automatically. You have to take action, but this doesn’t have to take too much time. You can easily apply all tips yourself. Doing this will make it a lot cheaper. While energy costs rise, there are many options for reducing your consumption. One thing is certain: the savings will not fall from the sky; you have to save energy yourself.
Don’t Sacrifice Your Comfort!
Do not sit in the cold in an attempt to save energy, because so much more is possible. Save hundred of pounds without sacrificing comfort. There are many cheap ways to save a lot, for example consider a Radiator foil, or a water-saving shower head. Find more energy saving devices here.
Saving electricity is easy thanks to the many savings tips available online. Some devices in your home use more power than you might think. You can save a lot of money on ‘stealth’ power that is used without you realizing it. See below for some examples.
How a master slave socket works
One device is the master in the socket. For example, this could be a desktop computer. When the computer turns on, the power strip switches on the slaves. That can therefore be the monitor, printer and audio boxes. As soon as the computer is switched off, the slaves are also switched off. This way you automatically save electricity.
The socket reacts to the power consumption of the master. If the power consumption falls below or above a certain level, then the other sockets are also switched off or on. You can easily set this limit yourself. By increasing the setting, for example, the sockets will only be switched on later. This can be useful if, for example, you leave the computer in standby. The computer then consumes a little more power. The slaves then remain switched on.
This way you can easily save power without having to switch yourself! You could also use it with other devices, such as your television, hi-fi and DVD recorder. Be creative and save a lot of energy and money!
This is your digital TV receiver, also called a decoder. A relatively small device, but the TV cabinet uses power day and night. You do not use the device for most of the day. So you can save a lot of electricity with that.
Research by climate agencies in 2011 showed that set top boxes use a lot of energy. The consumption turned out to even be up to 29 watts. That is £55 electricity costs per year, it may not seem much but everything adds up. The device to watch TV consumes 24 hours a day, while you will probably only watch TV for a few hours.
So it saves a lot to turn off the set-top box during the hours that no TV is watched, this includes any Freeview, Sky or Virgin boxes. For example, think of night hours or during the day on work days when you are not home. You can then turn off the device for many hours and save a lot of money!
Modern, digital time clocks take the work off your hands. There are digital timers that you can set based on time and date. And even on weekdays and weekends. They stay exactly on time thanks to the DCF signal and therefore also switch automatically to summer and winter time. Set the time of activation and deactivation precisely to the minute. Very handy!
Flight Delay Entitlement
Having your outbound or return flight delayed can really put a dampener on your trip, as well as potentially being highly disruptive to your business plans. This is not something you need to simply accept and you may well be entitled to compensation depending on the circumstances surrounding your delayed flight such as the causes and the length of the delay. Flight delay entitlement is something which is well worth looking into if you have been the victim of a delayed flight in the past six years, and can go some way to perhaps covering the costs incurred as a result of your delay or simply making up for the inconvenience you have suffered.
Flight delay entitlement doesn’t exclusively apply to delayed flights. You are also well within your rights to claim for a cancelled or even overbooked flight should that match your situation, and the claims process is very much the same.
Flight Delay Entitlement Explained
Here we are going to discuss in more depth your flight delay entitlement. Even if you have suffered a significant delay, you may not always necessarily be entitled to be compensated in the form of money. Your airline will, however, be required to help you out in other ways such as food vouchers to account for the additional time spent in the airport, as well as arranging and paying for overnight stays in hotels should the situation require it. All of this depends on the length of extra time you will need to stay in the airport as well as the reasons for which your flight got delayed.
Your flight delay entitlement may also be impacted by the actual length of your delayed flight itself, but all of this will become more clear as we explain the flight delay entitlement process.
If your delayed flight totals anything under 2 hours you are not eligible to receive any form of compensation, however anything above this means that you may be able to claim reimbursement. For those who’s flight delay was between 2-3 hours you will not be entitled to a financial reimbursement, but you must receive food and drink from your airline, access to a phone or at least some mode of communication and even overnight accommodation if necessary. If your flight is delayed by more than 3 hours you are legally entitled to everything we have already mentioned, as well as actual financial compensation provided that the delay was caused by a fault of the airline. Circumstances such as inclement weather conditions or security issues will mean that compensation will be unlikely. The amount you are likely to gain in compensation typically varies depending on factors such as flight distance, how long your flight was delayed for and whether or not your destination falls within the European Union. You can find out more about the precise amounts which you are entitled to depending on your circumstances here.
If your flight delay totals more than five hours then you are faced with a number of options. You can choose whether or not you wish to still board the plane, and if you choose to do this then you could claim as much as £600 as well as all of the additional benefits we have touched on for flights with a sub-five hour delay. If you decide against taking the flight, which you are also well within your rights to do, then you are entitled to a full refund for your ticket as well as any other flights on your trip which may have been affected as a result.
If you would like more information about the flight delay claims process click here for our comprehensive guide to flight delays and how you can go about claiming what you are owed.
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