How to find out which companies you had a payday loan from

If you have been the victim of a mis-sold payday loan you may be able to claim a refund from the lenders.

If you  took out multiple short-term loans, years ago, how do you find out which companies you borrowed from?

See also: Am I entitled to a mis-sold payday loan refund?

I cannot remember which payday lender I borrowed from 

If, like many people, you were concerned that the lender might empty your bank account as soon as you were paid, you may have switched bank accounts, or changed your email address and phone number and in doing so have lost the lender’s records. To find out who your lender was you will need to do a bit of research:

Credit Records

For loans taken out over the last six years you can access your credit records through Noddle, which provides a record of data held at the Call Credit reference agency (used by most payday lenders).  The service is provided and is free of charge

It is not a perfect source of information as not all lenders reported loans to them, however if the information is there, you can also check whether or not the loan was repaid. 

Some credit records show a zero against a record, even when it has not been paid off. This is because the debt has been sold by the lender to a debt collector. Be aware that if you have a claim, it is against the lender who loaned you money you could not afford to repay, not the debt collector. 

Bank Statements

For older loans or more information, you will need to look at old bank statements. If you have not retained these you can request them from your bank, even if the account was closed. Since May 2018, new GDPR regulations means this is also free, although you may need to call into a branch to obtain these.

If that does not work you will need to send the bank Subject Access Request and ask for copies of bank statements for the relevant years.

The information included on your bank statements can be used to establish that the loan was unsustainable and will help in pushing your claim.

Here’s what the solicitor will look for:

  • The ‘money in’ or credit column showing the amount you borrowed, the date it was credited to your account, and the name of the lender
  • The ‘money out’ or debit column showing the payments you made to that lender (including the capital, interest and charges). A payday loan should only have one payment, but there may be several regular payments, followed by one larger one if you have had to defer or ‘roll’ a payday loan. 

If you took a cash loan from the Money Shop there will be no credit showing. Any repayments will show in the debits as cheque payments.

Refunds may be obtained on this type of lending, but not for loans arranged by payday loan brokers (where debits will also show for any repayments made).

The bank statement will also show your income and some of your expenditure and therefore help to demonstrate that the loan was unaffordable.

I still do not recognise the names of the payday loan  lenders

Some lenders trade under different brands and only the parent company name shows on a statement.

Can a solicitor help?

A solicitor will help find the right company from which to claim. He will also be able to access the names of major lenders, which may help jog your memory.

Once the solicitor has lodged your claim the payday lender has eight weeks to reply – and this is often a rejection or offer to pay a very small amount.  In this case, a solicitor will most likely advise you to reject the offer, and if necessary will refer it to the Financial Ombudsman if the loan company does not resolve the complaint in full. 

If you took out loans with several companies and want to claim against them all, you will need to claim against each one individually. You do not have to wait until you have information about all the loans to start your claim; as it is a lengthy process, we advise you to register complaints against the ones you know about straight away.

How can we help?

It is estimated that around 800,000 people have been mis-sold a payday loan. If you were mis-sold a payday loan, you may be entitled to a refund.

Quittance's solicitors are experts in financial mis-selling claims and have recovered thousands on behalf of payday loan customers.

To find out more about our no win, no fee service call us on 0800 612 7456.

Gaynor Haliday, Legal researcher

About the author

Gaynor Haliday is an experienced legal researcher and published author. She has had numerous articles published in the press and is a legal industry commentator.

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