Financial guru Martin Lewis has some important advice for anyone who has taken out a payday loan in the past.
The Money Saving Expert dished out the advice on the Martin Lewis Money show on Monday, and it has the potential to save people thousands of pounds.
During one segment, he discussed how people who have taken out payday loans can often claim money back.
He said: "When you get a payday loan, they have to make sure that you have the ability to repay it, you know it’s a short-term loan, and you know the conditions."
Martin then went on to advise that people look into payday loan reclaiming, reports the Manchester Evening News.
The journalist told viewers: "Don’t pay anyone to do this for you. There are free tools and guides which will do it for you, and I want you to go and have a look and put in a payday loan reclaim to the payday loans you've had.
"You may be able to get quite a chunk of money back, that may help in the whole process. Ultimately it might end up going to the creditors, but that’s fine."
Later in the episode, Martin was quizzed by co-star Angelica Ball on how widespread reclaiming payday loans is.
He told her: "It’s absolutely huge, you need to get on with it. It’s about getting the interest back - but that can be enormous."
Martin also explained how one viewer had reclaimed more than £4,000 using his advice.
The viewer, called Natalie, said: "Thank you, saw your info on payday loan reclaiming and one company are refunding me £4,172 and a penny."
Speaking about Natalie's win, Martin explained: "The issue with that though is so many people are reclaiming, payday loan companies are going bust. And, if they go bust, you’re unlikely to get anything back so just get on with it. Do it sooner."
