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Claiming Compensation from Payday Loans

Are you burdened with a 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 pay any more or should not have paid those loans. 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.

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? In order to claim a refund, you have to be eligible to claim compensation for your payday loan and proceed to 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 a payday loan.

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. This means that most of the cases are legitimate and there is a higher rate of success than any other type of complaint!