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Are You Eligible for Payday Compensation

Are You Eligible for Payday Compensation

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Are You Eligible for Payday Compensation

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  1. Are You Eligible for Payday Compensation

  2. A lot of people turned to payday loans in times of need but because of the way the company’s lend loans might be reason to get some of that back to you.

  3. 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.

  4. 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.

  5. If you’ve 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.

  6. 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.

  7. 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.

  8. Many payday loan companies take money directly from people’s bank accounts using a method called Continuous Payment Authority (CPA). This is the perfect way to make sure the lenders receive payments regularly.

  9. 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.

  10. Payday loans are supposed to help you cover unexpected expenses that you can’t meet with your regular income.

  11. 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.

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

  13. 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.

  14. The Citizen’s 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.

  15. 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.

  16. https://www.redbridgefinance.co.uk Redbridge Finance Limited,1 Forbes Business Centre,Kempson Way,Bury St. Edmunds,IP32 7AR

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