Martin Lewis: Money Saving Expert On How To Recover Payday Loans
Today Martin gave viewers an urgent warning about payday loans and explained what to do if you’ve been sold poorly.
The expert explained to viewers how to check if it is affecting them and how to get it back if it is.
He said, “Paying off payday loans is a very big thing. What they should have done when you got a loan is examine your finances to see if you could afford to pay it and if the loan was affordable.
“In many cases, it wasn’t. They should also have told you your money and your repayment schedule when you got the loan, if they didn’t then you were badly sold and you can get your money back and there are free tools online for do it.
“Particularly for customers of breakdown giant Wonga, which collapsed last year, there is a special compensation path – but it has a deadline of September 30.
“You must apply for Wonga compensation through a website set up by Grant Thornton administrators – all you have to do is enter your details, and Grant Thornton will assess if you have the money, so you don’t. no need to explain why you were sold poorly.
“If you fail, you can escalate your complaint to Grant Thornton, but you cannot go to the ombudsman because payday lenders are not in his or her purview.
“Unfortunately, although you may only get a few cents for every pound of money owed to you, depending on what the trustees have collected.”
He explained that the deadline for those who collect the money from a Wonga loan is September 30, so the British must act quickly.
The expert recently hosted the Martin Lewis Money Show where he gave advice on the best way for Britons to save money.
On the show, he gave an “important warning” to those with savings accounts and advised what to do during this time of uncertainty.
The expert said Britons could benefit from switching savings accounts if they don’t receive enough interest.
Recently, he revealed the best term savings accounts in the country.
Speaking on BBC Live 5, Martin answered a listener’s question and advised him which savings account would be best if he hoped to put aside a large sum of money.
He also asked if an Isa Purchase Aid or a Lifetime ISA was better for savers.
Martin responded to a question from a caller who explained that their son is a student and received an inheritance of £ 10,000.
The expert told the caller: “If he wanted to put aside for three years, he would go for one of the best fixed three-year savings accounts on the market. If that’s a bit too long for a fixed-term contract, maybe go for two.
“If he doesn’t want to touch the money at all during that time, you’re looking at something like the top payer right now, Access Bank, which pays 2.1% on a two-year fixed account.”