Some of my debt was for payday loans. Most of them have been paid off or in some cases written off.
There are only two Payday Loans left for me to pay. One for Lending Stream and the other for a company called Satsuma.
The paid off Payday Loans
For the Payday Loan debts I repaid, I wrote to the companies concerned and made a Full and Final Settlement Offer.
What that means is I asked if I could pay say £220 to settle a £400 debt. Given all of the charges and the interest and fees that were added on it made sense to do this.
It’s important to note that all of my Payday Loan debts are with Debt Collection agencies.
All the companies accepted my offers, in this case they were a company called Uncle Buck, Txtloan, Mr Lender and Wageday Advance.
The written off Payday Loans
These particular accounts were where I complained to the lender on the basis that they shouldn’t have granted my loans, and that if they had carried out a proper credit check they most likely wouldn’t have given me credit.
Payday UK didn’t agree with me but did write the remainder of my balance off and also sent me a cheque for £125.
QuickQuid did not uphold my complaint and I referred it to the Ombudsman. After doing this QuickQuid wrote off the remainder of my debts and sent a refund of £250.
Wonga also did not uphold my complaint but did so after the Financial Ombudsman got involved. I received a refund of the interest for seven of my loans amounting to £960.
Payday Express also sent me a £150 refund after the Financial Ombudsman’s involvement.
If you have some older Payday Loan debts and you don’t feel they should have been granted, consider making a complaint, it could be worth a few quid.