Myjar.com (MyJar) is an independent, UK based lender, with a history dating back to 2009. To date, MyJar has serviced 2 million consumer loans totalling £405 million. Notably, at the time of writing, this is a brand that holds an impressive rating of 9.3 out 10 on TrustPilot. They present as a lender that’s a little different to most, and they say that their fair treatment of customers set them apart. Today, this lender supports charities such as Payplan, Stepchange and Christians Against Poverty. Yet this isn’t to say that MyJar always delivers the levels of customer satisfaction they seek to associate with
Exploring the past of MyJar
Unlike a large majority of the payday market, MyJar have previously not been fined by either the Financial Conduct Authority or the Financial Services Authority. However they have formed part of core communications in relation to the payday industry and the problems it previously faced (namely including the Government’s insistence that lenders must be found on comparison sites; that their borrowers should be able to identify if they can repay early; and that accurate and reliable information must always be readily available for consumers, amongst other pointers).
MyJar was also to come under fire in 2014, when a Which? Investigation found that many payday lenders were charging unfair fees. This was based on the Office of Fair Trading (OFT) previously deciding that penalty charges for credit cards should be no more than £12, unless there were exceptional factors. In contrast, MyJar was charging £25 – which, amongst other lenders, was criticised by consumer groups as being ‘excessive’.
“We welcome Which?’s interest in this area and we are already considering default fees as part of our work on capping the total cost of credit”.
The Financial Conduct Authority
One of the few sources of valuable data about current, consumer issues with MyJar comes directly from MyJar themselves – in the form of data on their internally handled complaints. The most recent data (compiled on complaints between 1 December 2016 and 31 May 2017) show 1127 were opened, 29.8% of which were upheld.
We have a good track record of holding MyJar to account for not recognising repeat borrowing patterns and telltale signs of unaffordable lending. We’ve been in business for a long time, and have become a trusted name for addressing the mistreatment of borrowers by payday lenders.
If you believe that MyJar failed you, we can help. Here’s how…
✓ We have a rock sold payday loan claim success rate.
✓ You’ll never step foot into a court, nor will you need to face your lender
✓ We’re fully and comprehensively regulated
✓ Our application process is based online for your convenience, whilst our experts are on hand when you need them
✓ Our claims service is strictly no win, no fee – and if you do win, we charge transparent, fair fees
We realise that claiming against a high cost loan lender can seem daunting. We aim to make the claiming process as simple as possible. We specialise in affordability claims. Our experienced team will communicate with the lender (and where required, the Ombudsman service) on your behalf. We use bespoke technology to ensure efficient claims handling. Throughout the process, we inform you of claim progress using a “stage process”, so you can track your progress easily. Please remember though, that you do not need to use a claims management company to make your complaint to your lender, and if your complaint is not successful you can refer it to the Financial Ombudsman Service yourself for free.
Pre complaint investigation and analysis
Formal mis-selling complaint made
Lender responds with a Final Response Letter
If appropriate resolution cannot be reached with the lender, referral to Financial Ombudsman Service.
We are one of the few claims management companies that offers a “No Cash, No Fee” service. This means our success fee is only charged on the actual cash you receive – not on debt deductions applied by your lender. To put it simply, you’ll never be left with less cash in your pocket than you began with if you use us.
Our standard success fee is 30% inclusive of VAT calculated on the cash-in-hand that you receive. It couldn’t be more simple.
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To be clear, we do not charge the success fee for tax deductions or debt deductions of any kind.
Working fee examples:
If you are awarded £1,000 in redress but your lender also deducts £500 for outstanding liabilities, our success fee is calculated on £500 cash in hand. Our success fee would be = £150 (inc. VAT).
But don’t just take our word for it – why not try our calculator to see how our fees work on a hypothetical award:-
Allegiant Finance Services is widely regarded as a pioneer in the high cost loan claims management market.
Contactable by email, phone, live chat or post, whichever you prefer
We will only correspond with you and keep your details secure. We’ll never sell your data.
Much more than a contact form. With our full online application process you will receive an instant automated decision on whether we can take on your claim
We are proud to have recovered £millions on behalf of our customers
We’ve been claiming high cost loan refunds since 2013