Payday Loan Complaint

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Payday Loan Complaint

• https//www.redbridgefinance.co.uk

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• A payday loan is intended to help you out when
  you need a small amount of money to tide to over.
  Most payday lending companies have to follow good
  practice guides and rules set out by
  the FCA (Financial Conduct Authority). These
  rules and regulations include making sure they
  receive certain information from you and check
  certain things before allowing you to take out a
  loan. This is to make sure that you dont end up
  taking out a loan that you cant afford to
  repay. 

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• However, many payday lenders havent followed
  these rules and ended up giving loans to people
  who shouldnt have been given them, and those
  people ended up having to borrow more to pay off
  their loans. If a payday lender that you have
  used hasnt followed these rules properly then
  you may be entitled to make a formal complaint.

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• There are different reasons that you can complain
  and these include  
• If the lender didnt make it clear how much it
  would cost you to repay the loan. Before
  borrowing any money, the lender should have given
  you an example of the charges and fees that it
  would cost you to borrow a certain amount. 

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• If you werent given a detailed description of
  how and when to pay back your loan including
  dates to repay, what instalments it should be
  paid back in etc. 

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• If the lender that you went to didnt check your
  personal circumstances or your financial history.
  They should do this so that they can get a clear
  picture of whether you can pay back the loan or
  not. 

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• If the lender didnt tell you what to do if you
  would like to make a complaint or if they didnt
  tell you that you shouldnt use a payday loan if
  you are in real financial difficulty. 

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• If you had difficulty repaying the loan and then
  the company should have dealt with your situation
  sympathetically and positively. If they didnt
  then you can make a complaint.

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• If they didnt offer to freeze interest charges
  if this will help you make your repayment with
  more ease. 
• If they pressurised you into extending the loan,
  especially if they charged you more for each time
  that you had to extend it. Or if they didnt make
  it clear how much it would cost to extend the
  loan. 

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• You should also make a note of what things
  in your life have suffered as a result of taking
  out this loan. For example, these could be things
  like what you cant afford as a result of your
  loan, whether the loan has affected your family
  life or personal life in any way. You should also
  make note of how your mental health has been
  affected and how you feel that your debts have
  spiralled out of control. 

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• It is important to also make a note of any
  contact with the lending company, including any
  letters of correspondence, make notes of any
  phone calls that you make to the company. Most
  companies record a lot of their calls for
  training purposes, so if youve dealt with poor
  customer service then you may be able to find out
  if theyve recorded any of your conversations.
  This might not always be the case but its worth
  checking because anything like that will only go
  towards helping your case. 

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• You may feel that taking on a big loan company is
  scary and not worth the hassle, but if you have
  been negatively affected by one then you deserve
  to make a complaint. If you think you have gone
  through any of the things on the list above then
  you are well within your right to make a
  complaint. You can make a complaint directly to
  the payday lender, although another option is to
  go to your Financial Ombudsman. This is a long
  process so it is always worth going to the lender
  first, before getting the Ombudsman involved.