118 118 Money (Madison CF UK Ltd) offers personal loans and credit cards to people with fair or limited credit histories, at higher rates of interest than mainstream banks.
Complaints about both its loans and its cards regularly go to the Financial Ombudsman.
Could you have a claim?
118 118 Money had to check you could afford to repay without falling behind on bills or other debts, and check again before lending more. It may not have done enough if:
- You already had a lot of other debt
- The loan was used to repay other borrowing
- The repayments took a big share of your income
- You had missed payments or defaults on your credit file
- You were offered top-ups while struggling
More about claims for personal loans and credit.
What you could get back
If a complaint is upheld, the usual outcome is a refund of the interest and charges you paid on the lending that shouldn’t have been given, plus 8% simple interest a year, and any negative marks about that lending removed from your credit file. If you still owe money, the refund may be taken off the balance first. Try our refund calculator for a rough idea.
How to complain to 118 118 Money
- Write to 118 118 Money saying the lending was unaffordable and asking for a refund of interest and charges plus 8%. Use the complaints contact on 118 118 Money’s website. Our free complaint letter has the wording.
- 118 118 Money has 8 weeks to send a final response.
- If you’re unhappy with their final response, you usually have 6 months to take it to the Financial Ombudsman Service. If 8 weeks pass with no final response, you can go to the Ombudsman straight away. It’s free.
You don’t have to use a claims company. If you’d rather a regulated firm did it for you, do our free check.
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Questions people ask
Can I claim if I’ve paid off my 118 118 Money account?
Yes. What matters is whether the lending should have been given at the time, not whether you’ve repaid it.
Will complaining affect my credit score?
No. Complaining doesn’t affect your credit score. If your complaint is upheld, negative information about the unaffordable lending is usually removed.
I don’t have my 118 118 Money paperwork. Can I still complain?
Yes. 118 118 Money holds the records. You can ask for a copy of everything they hold about you with a free subject access request, which they must answer within a month.