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Payday Loan Compensation

Have you ever taken out a Payday Loan? If you have, you could be due compensation from the Lender you had this with.

During April 2014, The Financial Conduct Authority (FCA) took over the regulation of the Payday Loan industry, and since then, the sector has found itself having to repay millions to its clients after it irresponsibly gave out loans.

Payday Lenders issued loans to people who were not in positions to make repayments and also to people who did not have sound mental health at the time of applying. This meant that these people then found themselves forced to take out further loans just to keep up with the repayments; basically, they were in a vicious debt spiral. This then lead to numerous charges being applied to their loan for late and missed payments, making it impossible for them to get out of debt.

Many borrowers have claimed that the Lender did not carry out essential checks properly; ensuring that they could afford to make repayments and that the loan would not result in them being placed in a worse financial position. Since the FCA took over the regulation of the sector, Payday Lenders have been required to carry out tougher affordability checks, and, in January 2015, price caps on the loans came into effect.

Thankfully, the FCA has now seriously clamped down on this irresponsible lending and Lenders have been told they must compensate their clients where it is due. Here at Fast Track Reclaim, we are now offering Payday Loan services. We will work for our clients to claim back what is rightfully theirs, and, with our huge success rate with PPI, we are sure we will be just as successful with this product too.

So, if you have had a Payday Loan(s), then get in touch with us today and find out how we can help you:

Jones, Rupert. ‘Payday Loans Complaints Rise 22% Despite FCA Clampdown.’ The Guardian Online.