Who are 118 118 Money?
118 118 Money offers personal loans of £1,000 to £8,000 over one to five years, and credit cards. It is run by Madison CF UK Limited.
Can I claim against 118 118 Money?
You could, if any of these sound familiar:
- 01You borrowed again soon after paying off a loan
- 02You had several loans running at once
- 03You borrowed to pay bills or other debts
- 04You already had missed payments or defaults
Each loan is looked at separately. Even if the first was fine, later ones may not have been.
What you could get back
Average personal loan claim£8811
Interest and chargesRefunded
Interest on your refundAdded
Balance owedReduced
Negative credit file entriesRemoved
If a loan is found unaffordable, you usually only repay what you borrowed. Anything paid above that comes back to you, with interest.
Ombudsman decisions about 118 118 Money
Published Financial Ombudsman decisions show how complaints like these are judged. Where a complaint is upheld, it is often only from a certain date or for certain lending. Every complaint is decided on its own facts, so these are examples, not a guide to what you’ll get.
- Upheld
All four loans were upheld: the lender kept lending without proportionate checks.
Read decision DRN-3444112 - Upheld
Proportionate checks on a £2,500 loan would have shown gambling and repayment problems.
Read decision DRN-4745963 - Not upheld
A credit card and a credit limit increase were found to be affordable.
Read decision DRN-5783142
118 118 Money loan questions
Can I claim if I’ve paid the loan off?
Yes. Repaid loans can still be looked at, subject to time limits.
What if my loan was sold to a debt collector?
You still complain to 118 118 Money, the lender that made the decision to lend.
How long does 118 118 Money have to reply?
Eight weeks. If 118 118 Money hasn’t sent a final response by then, or you’re unhappy with it, the complaint can go to the Financial Ombudsman, normally within six months of the final response.
How far back can I claim?
Usually six years from the lending, or three years from when you realised you had cause to complain, whichever is later. Where an account is still running, the ombudsman has sometimes looked back further.
Complain to 118 118 Money yourself
You don’t need a claims company. You can complain to 118 118 Money directly using its complaints page. If you’re unhappy with the answer, or it hasn’t replied within eight weeks, you can take it to the Financial Ombudsman. Both are free.