Are Cash Lady Loans UK harassing you about a loan? Can you not afford to pay your loans back? Are Cash Lady Loans UK saying they may take you to court? Was the loan unaffordable at the time you received it, and you believe you should never have been offered it? If these issues sound familiar about Cash Lady Loans UK then this article is just for you. You might be able to cancel your loan and even obtain a refund.
It’s not your fault. Complaints to the Financial Ombudsman have risen this year from 830 to 2,006, so it’s safe to say that you’re not alone.
Deal with your debt today and feel better tomorrow.
Who are Cash Lady Loans?
Cash Lady is a UK-based broker that offers short-term loans of up to £2,000. They offer a repayment of up to 12 months and can provide an outcome to an application within 24 hours. Cash Lady works with a panel of lenders to provide applicants with the based loan offer at the lowest rates.
Are you trying to find the Cash Lady Loans Login Page?
Some people land on this page by mistake when looking for the Cash Lady Loans login page. Have you done the same? If so, we are pleased we have bumped into you! This article is about Cash Lady Loans and how to handle contact from them. You might not even need to pay them back!
Should the eligibility criteria be changed with lending?
It can be far too easy to borrow money from lenders. There are many loan companies out there, making promises which are appealing to those who want access to funds quickly. These include ‘get your loan in minutes’ and ‘same day loans – no credit checks!’ It is no wonder that many people have found themselves in trouble, with the lending criteria making it far too easy for people to lend money – even those with no means of paying it back.
What causes debt problems and what the government is doing to deal with loan sharks
With these things in mind, it is no wonder that debt problems have escalated. The debt situation is a lot better than it was previously though. At one point the loan market toppled £2 billion, as a result of high interest rates and the lending criteria not been tight enough. This is why the government had to step in to review the situation, which was quickly getting out of hand, and causing severe debt problems.
The Financial Conduct Authority undertook some work which resulted in some fines being allocated to those lending companies who were involved in unfair practices. These included Wonga, who were charged an astounding 220 million, which inevitably, put them out of business. Others received the same fate, and many failed to recover. These companies were found to be lending money to people with no means of paying it back, due to their “limited criteria”, which resulted in full refunds being issued to many customers. The punishment worked, and the number of loans being issued dropped, as well as the amount of lenders.
Are you due a refund? Read through the next section in which we look at these new rules in some detail. If Cash Lady Loans UK is in breach YOU MAY BE DUE A REFUND EVEN IF YOU HAVE PAID OFF THE LOAN.
Government cap – loan interest and other charges
Price caps were introduced by the Financial Conduct Authority in order to try and protect borrowers from excessive charges. The caps include:
- 0.8% per day cost cap on the value of the loan borrowed – including interest and fees.
- Default fees cap of £15 – interest can still be charged after the default, however, it must not be more than the original rate of 0.8% per day.
- Complete cost cap of 100% – you should not be asked to pay more than 100% of the money borrowed.
The limits are applicable to credit agreements with an interest rate of 100% or more per year and that are due to either be fully or substantially repaid in a year.
There are other regulations which have applied since May 2017. Lenders have a responsibility to provide details of all their products on a price comparison website, which must be authorised by the FCA and lenders have a responsibility to provide borrowers with a summary of the total cost of borrowing.
If Cash Lady Loans UK has not followed the regulations and they are attempting to charge you more than you are required to pay, your credit agreement with them will become unenforceable and they will not be in a position to make you repay the loan.
Find your best debt solution (in 1 minute!)
Is all this information starting to feel overwhelming? Don’t panic! I’ve put together a 4 question debt calculator so you can quickly and easily find the best solution for you. If you’re eligible for the new government scheme, you could write off up to 85% of your debt! Answer the four questions now.
Is Cash Lady Loans UK a legitimate company?
Some loan companies are not authorised to make credit agreements, and should not be doing so. This means that they cannot enforce payments. If Cash Lady Loans UK is not a legitimate company, you would not need to pay them. However, if they are, then you have a responsibility to pay back the debt, in whatever way you can.
If you are unsure as to whether Cash Lady Loans UK is an authorised company, you can check by searching on the Interim Permission Consumer Credit Register or the financial services register. If there is no up to date entry on either of these, you can stop making payments, and they won’t be able to do anything about it. If you find them on one or both of these registers, you should start to make payments to clear your debt.
There are other indicators that Cash Lady Loans UK may not be legitimate, including a company website with a lack of information, or information which is out of date. If the APR is not visible on the website, this could be another sign that they are not authorised, and as such, you will not need to make payments.
Do you want to make a complaint about Cash Lady Loans UK?
You have the right to make a complaint about Cash Lady Loans UK if you feel that they are in breach of the regulations, and they are treating you unfairly. You can make your complaint formally, and if they do not resolve it, or they fail to respond to it within eight weeks, you have the right to escalate it. This would involve making a complaint to the Financial Ombudsman, who will deal with it on your behalf.
In order to make a complaint, you will need to be able to back it up with evidence. This might include an (unreasonable) list of phone calls, or text messages/letters, which you feel are abusive or threatening. You can write to Cash Lady Loans UK with ‘Complaint’ at the top. You may also say how you want them to resolve the matter.
If Cash Lady Loans UK do not provide a conclusion you are happy with, you may wish to make a complaint to the Financial Ombudsman. You can do this by calling them on 0800 023 4567 or 0300 123 9123. They will deal with the situation on your behalf.
If Cash Lady Loans UK are found to have treated you unfairly. For example, if they have been harassing or threatening you, you could be entitled to a refund, even if the loan is paid off. If this happens you would always get the interest you have paid, as well as other charges. You may also be permitted to received 8% interest on all of the payments.
Loan companies have a responsibility to lend in a responsible manner. If Cash Lady Loans UK have been found to have provided you with a loan which was unaffordable, it could be taken off your credit record. The balance on the account may also be cancelled.
You should write to your lender, in the first instance, to state the case, and request compensation from them.
If there is no response within 8 weeks or one that you are happy with, you may wish to follow it up by contacting the Financial Ombudsman by phone on 0800 023 4567 or 0300 123 9123.
Continuous Payment Authority and what you need to know
You may be asked to repay your debt using a CPA or Continuous Payment Authority. With this, the lending company will be able to take money from your account as repayment, whenever they wish. They should inform you before they debit your account, but unfortunately, many don’t do this. This can mean that your account is completely cleared without your knowledge, which is obviously not an ideal situation.
If you are already struggling with other bills, which many are, including your bills, and rent, and Cash Lady Loans UK take this payment, it can lead to serious issues. You may even have put your home in jeopardy if you can’t pay your bills.
Fortunately though, the regulations have been updated, and now if the CPA fails twice, the debt company cannot try any more attempts at debiting from your account.
The new regulations also state that they cannot just take any amount of money to make up the payment. They can only take the full value of the debt, otherwise, they cannot take anything. Many loan companies try to take partial payments to make up the full amount, but this is no longer permitted. Of course, if you give them permission to do this, they have the right to take partial payments, but this must be permitted.
If you have found that Cash Lady Loans UK have tried on more than two occasions to take the money, or they have debited a partial payment, they could be in breach of the regulations. If this is the case, you have the right to report them to the Financial Ombudsman, who you can reach on 0800 023 4567 or 0300 123 9123.
What if you can’t pay the loan back?
You should not pay the loan back if it will leave you in trouble with other payments. If you have set up a repayment plan, and you can no longer adhere to it, these are some steps you can take.
If you have set up a CPA, direct debit or standing order with Cash Lady Loans UK, you can cancel this. This means that Cash Lady Loans UK cannot just take payments from your account, and you will take back control of your account. It is a good idea to let Cash Lady Loans UK know that you are cancelling it, otherwise they will probably be back in touch with you straight away! You do not have an obligation to do this though, if you don’t wish to let them know, you don’t have to.
Cancelling the payments from Cash Lady Loans UK does not mean the debt will disappear. You will still owe it, and they will still try to collect it. You should speak to Cash Lady Loans UK and let them know why you have cancelled, and what steps you wish to take next to resolve the situation. They should always be respectful about your situation and agree to delay repayments or find another solution.
These are some rules that lenders must adhere to:
- Provide you with information on where you can find free independent debt advice
- Ensure debt recovery is held off for a reasonable period while you set up a suitable repayment plan which may involve using a debt advisor
- Allow you reasonable time to pay back the loan, potentially freezing interest and additional charges.
Should you roll over?
You may find that Cash Lady Loans UK will advise you to roll your loan over, as this is how they will make even more money on interest and charges. This is not a good idea though, so if this is suggested, you should refrain from doing it, as you could just be plunging yourself further into debt.
Getting debt help
These are some of the most popular organisations who provide free independent advice on debt:
Should you trust loan companies?
They have a bad reputation, but not all loan companies are out to get you. Some offer a great service which is highly valuable for those who are unable to get access to credit elsewhere. Lending companies should never put profits ahead of the welfare of customers though. They should adhere to regulations, and should not lend to those who can’t afford to pay it back. There are many companies who still act as ‘sharks’, but there are also those who provide an important service.
If you have found Cash Lady Loans UK to be breaching the regulations, you will not be required to pay them, as the debt will not have become unenforceable. If you just can’t afford to pay them, but they have followed the guidelines, call one of the organisations we have listed above for help and support.
If you can’t pay back your loan do check out my other article here.