Redbridgefinance.Co.Uk

So nice to get an unprompted email from a happy customer: Hi Ben,
You sir have just made my year! :)
... I can confirm the money is now in my account.
I’d also like to say a massive thankyou to yourself and the team at Redbridge for handling this so efficiently and effectively.
I wish you all the very best for the future and again, thankyou very much! :)
Kind regards, Paul.
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An email from a happy customer: I have just read your e-mail. Thanks to you and all the team at Redbridge for your service on this and other matters. Its took a great weight off my shoulders. Once again, thank you very much.

Mis-sold Payday Loan
How can a loan be mis-sold? I say that because surely you would only take out a loan if you needed to borrow money, and if you need to borrow money, you go either to a loan broker or a direct lender, and then you take out a loan.
If you take out a loan, you will check all the-the details of the loan before taking it out. If you did check all the details of a loan before you borrowed the money, you would know all the terms and conditions of that loan. If y...ou do everything mentioned above, you could not be mis-sold a loan?
A new industry is springing up that looks after people who claim to have been mis-sold a payday loan. These companies will get information from the consumer who appoints them to claim on their behalf. Loans from around 2007 to 2014 are normally considered to be fair game for a claim. A leading company working within this space is Redbridge Finance who are handling many claims on behalf of UK consumers. Looking at their website www.redbridgefinance.co.uk they do not make claims against all lenders, only lenders who rolled over loans or allowed consumers to have back to back loans.
It appears that they work on a "no win no fee" basis which means that a customer can pull out of the agreement right up until a case has been won and not face any charges. Should a claim be successful, they charge 25% plus vat which is 30% of any win.
So how can a loan be mis-sold?
Well even if a consumer is aware of all the terms and conditions of a lender at the time they took out the loan, there may still be a case for payday compensation. Many people who used/use payday loans do so as they have no other way of surviving.
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Claim Back Payday Loan Interest
Claiming back payday loan interest is a challenge as most lenders are not going to be overjoyed to have to give you money back that they lawfully acquired from you.
There is a fair and reasonable thought process that says that if someone took out a payday loan, knowing the interest rate, rolled the loan over as they could not afford to repay it and then, years later, asks for the money back that the lender would be within their rights to tell ...the borrower to go away. But we live in a world that makes it easy for consumers to make complaints and get their money back or claim compensation. But does that make it right?
On the one hand, I think that it is unfair to make compensation claims when the lender actually believed that they were operating within the law and within the rules and regulations that were in place at that time. On the other hand, I do think that a lot of payday lenders abused their positions and bent the rules and made a lot of money out of consumers that could not afford to repay the money they borrowed let alone the interest on the loans. A lot of borrowers never intended to repay the money they borrowed and then they want to claim compensation from the payday loans lenders for lending them the money in the first place.
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Payday Loan Compensation
Redbridge Finance is unashamedly a Payday Loan Compensation claims company. Formed by three experienced claims management & payday loans guys, we are possibly the most experienced team in this sector.
People sometimes ask if it is right to encourage people to claim redress/compensation, we are asked if we are doing nothing more than promoting the compensation culture that the UK seems to have developed in to.
... We know that a lot of people should not be trying to claim the interest back from their previous payday loans. Some customers come to us having had a payday loan that they never paid back and ask us to make a claim for compensation on their behalf. So, just to be clear, these chaps have taken out a loan, never paid it back ( so actually stolen the money) and tehn want us to go to the lender and ask them for compensation. Obviously, we say no!
Then we get people who were totally dependant upon payday loans and had them continuously for months and in some cases years. These people had no choice but to continue taking out payday loans and in some cases were charged many, many thousands of pounds in interest.
These people are right to go to the lender and say, "hey you Mr Lender, you knew I was in financial trouble, and you did nothing to help me. You did not freeze interest; you did not ask if I was okay if you had I would have told you I was slowly drowning in debt."
These people should have the right to go back to the lender and ask for some money back. These are the people we want to help, the ones who did not know that they had the right to expect some forbearance and support.
The real problem was in the years between 2007 and 2014 when the rules and regulations were loose and easy to abuse or, in fairness misunderstand. At this time payday loans were not as tightly regulated as they are now, lenders were allowed to charge whatever interest rate they liked and also they were rolling people over month after month, allowing their customers just to pay the interest each month.
So, yes we do agree with UK consumers claiming compensation for payday loans and mis-sold payday loans. We are careful who we help, and we always make sure that there is a case to be answered.
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We had a great week last week for wins. One of our wonderful clients won over £5,500 on a claim we made against Quick Quid.
We are still finding Wage Day Advance very difficult to deal with. They do everything they can to be awkward, they refuse to send us the final decision letters and appear to be trying to get our clients accept low offers.
We have reported them to their regulator, the FCA.

Blooming 'ell

Were lenders wrong to roll over payday loans?
A payday loan is not a bad way of borrowing. Quite a statement, but true, if used properly a payday loan is a great way to cover a short term hole in your finances.
Here’s an example. You are 10 days away from your next payday and you have no money. You need £250 to see you through, so you apply online to a payday lender and get a loan for £250. At the time of writing there is a rate cap so lenders cannot charge more than 0.8% in...terest per day. So you need the loan for 10 day and the interest will be £2 per day, so you will be charged £20 interest. Sounds pretty fair to me. You have someone else’s £250 for 10 days so they charge you £20.
But the problem is that Payday Lenders cannot make money at £20 revenue per loan. Before the middle of 2014, the solution was easy for lenders, they identified that if you get a customer to extend the loan (rollover) then you could get another interest payment without any additional costs. So it was not unusual for a lender to actively encourage the borrower to extend or roll the loan over for another month. Sometimes people rolled over their loans over 12 times.
As the average monthly interest charged on a payday loan was 25-30% per month, it only took around 4 months for the lender to have got all their money back in interest payments and the borrower still owed them the amount they borrowed.
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FCA to extend payday loan price cap until 2020 Regulator says 60,000 borrowers are saving a total of £150m per year as a result of tougher consumer credit rules
By Sam Barker 31st July 2017 8:48 am
... The FCA has extended its payday loan price cap until at least 2020, saying the regime has delivered “substantial benefits” to consumers.
The regulator announced the move in its review into high cost credit, published this morning.
The FCA says: “The review provides clear evidence that FCA regulation of high-cost short-term credit (often known as ‘payday lending’) has delivered substantial benefits to consumers.”
The regulator adds 60,000 borrowers are saving a total of £150m per year as a result of tougher consumer credit rules.
In 2015 the FCA said the interest and fees on payday loans should be capped at 0.8 per cent per day.
It also said default charges should not top £15, and that no borrower should ever pay back more than double the amount they borrowed.
Payday lenders are now much less likely to lend to those who cannot afford to repay, the regulator claims.
It adds debt charities are seeing far fewer clients with debt problems linked to high-cost short-term credit.
But the regulator does have “clear concerns” with other forms of high-cost credit.
The FCA says charges for unarranged overdrafts are often too high and can be hard for the public to understand.
The FCA also flagged up concerns in the rent-to-own, home-collected credit and catalogue credit sectors.
The regulator will consult on action to address these concerns in Spring 2018.
FCA chief executive Andrew Bailey says: “We are pleased to see clear evidence of improvement in the payday lending market after a period when firms’ treatment of customers and their business models were often unacceptable.
“However, there is more that we can do, and this review is about identifying the areas where consumers may be suffering harm so that we can focus our efforts accordingly.”
The FCA has also published proposals to clarify its rules on creditworthiness and affordability.
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A number of the UK payday lenders really do not like us. They have now resorted to writing to me at home and making sorts of threats. Not playing fair!

This is pretty scary!