Everyday Lending is a UK-based lender that provides its customers with personal loans. Despite its reputation, there have been numerous complaints about the company’s high-interest rates and harsh collection practices. As a result, many borrowers have filed claims for refunds, resulting in the emergence of Everyday Lending refunds.
In this article, we’ll explain what Everyday Lending refunds are, the reasons why customers claim them, and how to get one.
What are Everyday Lending refunds?
Everyday Lending refunds are payments made by Everyday Lending to customers who have claimed compensation for Reasons such as mis-sold loans, unfair collection practices, or unsatisfactory products and services. Common reasons why customers claim refunds from Everyday Lending include charging interest rates that are higher than the legal limit, imposing excessive fees, and applying unfair charges for missed or late payments.
Why do customers claim Everyday Lending refunds?
Some customers have claimed Everyday Lending refunds because they were unaware of the interest rates and fees associated with their loans. Others have claimed refund after being pressured, harassed or threatened by Everyday Lending’s collection agents while repaying their loans.
Another reason why customers have claimed Everyday Lending refunds is due to the company’s violation of the Financial Conduct Authority (FCA) rules, which stipulate that lenders should provide customers with transparent and accurate information about their products and services. For example, Everyday Lending failed to disclose the full extent of the interest rate that customers would be charged for their loans, or the complete details of the fees they would be charged.
Additionally, some customers who have applied for debt consolidation loans from Everyday Lending have reported that their debts have grown rather than decreased. This has led to more debt and a worse financial position than before they took on the loan.
How do you know if you’re eligible for an Everyday Lending Refund?
If you’ve ever taken out a loan from Everyday Lending and believe that you were misled or mistreated, you may be eligible for compensation. Some of the indicators that you may be eligible for an Everyday Lending refund include if you observed the following elements:
• Unfair charges: Everyday Lending charges you more than the legal limits allowed for interest, late payment, or missed payment fees.
• Mis-sold payment protection insurance (PPI): If you bought PPI from Everyday Lending alongside your loan, but were unaware of it.
• Harassment: Everyday Lending threatened you with legal action or other aggressive tactics to convince you to repay your loan.
• Repayments exceeding your means: You were pressured to take a loan that you couldn’t afford to repay.
How Do You Claim An Everyday Lending Refund?
The first step to claiming an Everyday Lending refund is to make a complaint to the company. The official complaints channel is online via the Everyday Lending website. You can also put forward your complaints via post or telephone to the Everyday Lending address and helpline respectively.
When making a complaint, be sure to provide as much information as possible to support your claim, such as details of your loan agreement, your payment history, and any other relevant documentation. Give a detailed explanation of when and how the issues occurred and how you have been affected.
After sending your complaint, you’ll receive a response from Everyday Lending within 8 weeks. The response will indicate whether or not your claim has been approved. If the response is received after 8 weeks, you have the right to take your complaint to the Financial Ombudsman Service.
If your claim for an Everyday Lending refund is approved, you’ll receive instructions on the amount of compensation that you’ll receive and when it will be paid.
Conclusion
If you think that you have been wronged by Everyday Lending in any form, you have the right to claim a refund. Every borrower is entitled to fair and transparent practices, but that does not mean that they will receive it. Claiming an Everyday Lending refund can be a bit of an uphill task, but it is possible, and there are resources to help you get the process underway. Start by sending a complaint to Everyday Lending, detailing how you were mistreated, misled or unfairly charged. If the money you owe is because of circumstances beyond your control, a refund from Everyday Lending may help you to get your finances under control.