Are You Eligible for Payday Compensation

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Are You Eligible for Payday Compensation
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• 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.

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• 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.

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• 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.

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• 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.

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• 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.

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• 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.

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• 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.

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• 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.

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

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• 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.

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

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• 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.

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• 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.

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• 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.

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Redbridge Finance Limited,1 Forbes Business
Centre,Kempson Way,Bury St. Edmunds,IP32 7AR