Some lenders responding to affordability complaints by saying your application wasn’t accurate about your income or expenses when you took out the loans.
They are doing this to try to put you off taking your case to the Financial Ombudsman. That may save them a lot of money!
Let’s see why applications may have been inaccurate and whether this is a problem for your complaint.
Most of the examples here are for payday loans, but this also applies to other bad credit loans, car finance, guarantor loans etc.
Contents
Many people don’t know their expenses
I sometimes ask trainee debt advisers to complete an Income & Expenditure sheet. After trying, they realise it isn’t as easy as it sounds! It’s common for people to:
- forget annual expenses and variable costs (car costs, Christmas, school uniforms, school trips etc);
- not be sure what to do if they pay some expenses and their partner pay others;
- have little idea what they spend on food and other supermarket items;
- not know what to do if they are on zero-hours contracts or have variable self-employed income.
Not asked about most expenses
Some lenders ask very little about your expenses.
This can make it harder for you to give “accurate numbers” as you may not think of things such as clothes or car servicing costs which don’t happen every month if you are asked to give a figure for your regular financial commitments.
Underestimating expenses
Almost always people miss things off or underestimate expenses.
People often don’t put down large amounts for cigarettes, alcohol, drugs or gambling. Partly because they think they would be refused a loan but often because they hope that next month things won’t be so bad.
You may have put in a higher income hoping to get more hours at work.
Not accurate about other debts
Often people are asked on an application to list their other debt payments or credit commitments.
You may have missed off debt repayments because you knew you wouldn’t be able to afford them so you wouldn’t pay them – is that an expense or not?
But lots of people don’t think this includes a payday loan that will be repaid the next month, because it’s not a regular payment like a bank loan or credit card.
As an example, see this FOS decision: where the Ombudsman agrees that someone may not have realised they should have listed payday loans:
I appreciate that [the lender] asked Ms B about her monthly credit repayments, but I agree with the adjudicator that the question wasn’t sufficiently clear for her to have realised that she also needed to provide information about her short term lending as well as her long term credit repayments.
You may not have listed overdraft charges as you don’t actually “make a payment” to them, they just come out of your bank account automatically.
Missing figures or underestimating isn’t always deliberate
If you aren’t good with money or you had mental health problems, you may not have been able to clearly think about your finances.
Or you may simply have filled out the application without much thought. Some lenders pride themselves on this – for years the Amigo website proudly said you could complete its application process in 5 minutes!
Lenders never suggest you should take your time and consider the figures carefully, look at your bank statements and come back and finish the application in a few days.
One common error is to think about what you spend in food in a week and put that down for the whole month. Of course any lender that thought for a moment about the application would realise that £100 a month for food for an adult and a teenager was an error, but too often they don’t make any checks, or try to verify the numbers.
If you were applying for a very short term loan it may be fine to have left off some standard expenses. In February if you applied for a 3 month loan, what you will spend next Christmas isn’t relevant. But for loans over 6 months, the lenders should expect a wide variety of expenses and suspect they have not been given a complete list if many are missing.
You may have given pretty accurate figures when you first borrowed. But if you took another loan, you may not have changed them even if your situation had got worse:
- it can be very easy if you are stressed or in a hurry to just tick boxes without paying much attention. Especially if the lender said you could apply for a top-up;
- some lenders pre-ticked boxes or filled in your previous numbers if you were applying for a new loan, so it was even easier to accept them without thinking if they had changed;
- for applications in a shop, some existing customers report being given a completed form to sign to get the money – they weren’t asked if anything had changed.
“I never said that!”
Sometimes people are astonished at the very high income the lender has recorded them as saying. This may be because your £1,500 monthly income has been recorded as weekly. It could be an error by the lender or by you. But if it was an error by you, the lender should have wondered why someone earning £6,000 in a month needed to take out a payday loan at all!
Other situations where the numbers didn’t come from you include:
- some people have reported never being asked for expense details when they are told on a credit report such as Clear Score that they are pre-approved for a loan.
- sometimes people applied for a loan online but were then phoned up by the lender who talked through details and may have changed some figures. But the customer was never sent the new figures.
- for doorstep loans, some agents may have completed the application for you to sign.
If you disagree that you ever gave the numbers the lender says you did, explain this to the Ombudsman.
Lenders know people’s applications may not be complete or accurate
Bad credit lenders know people applying for a loan may be desperate and so may exaggerate their income or not mention their real expenses. And so does the regulator who says ( CONC 5.2A.36) say that a firm shouldn’t give a loan if they know or should suspect that the customer hasn’t been truthful when applying for the loan.
FOS has summarised the approach it takes to affordability cases, saying:
“we’d typically reach the view that a reasonable and proportionate check would usually need to be more thorough:
-
- the lower a customer’s income (reflecting that it could be more difficult to make any loan repayments to a given loan amount from a lower level of income);
- the higher the amount due to be repaid (reflecting that it could be more difficult to meet a higher amount from a particular level of income);
- the longer the term of the loan (reflecting the fact that the total cost of the credit is likely to be greater and the customer is required to make payments for an extended period); and
- the greater the number and frequency of loans, and the longer the period of time during which a customer has been given loans (reflecting the risk that repeated refinancing may signal that the borrowing had become, or was becoming, unsustainable).”
So if your first loan was large that should have been looked at closely.
And if you were continuing to borrow despite your income and expenses suggesting you shouldn’t have big financial problems, the lender should have realised that – for whatever reason – there was something wrong with the details they had.
You asked for the first loan to consolidate debt. Then you later want a top-up for the same reason, and a check on your credit record shows you didn’t use the first loan to clear debt.
A responsible lender would either have stopped lending at that point or asked for other evidence such as your bank statements.
When should the lender have realised the figures may be wrong?
This depends on what else the lender knew and how large/serious the loan was.
If your lender credit checked you, they should have taken that into account. So if your credit account showed defaults, arrangements to pay or other problems this doesn’t seem compatible with an I&E that showed you had a lot of spare income and you can argue the lender should have suspected your I&E was not correct.
For later loans, the lender should have thought about your previous loan history when deciding whether to lend again. Your I&E may show a lot of spare income but if you are rolling loans or borrowing every month, that suggests you are dependent on these loans. In this case an I&E that shows a lot of spare income must be wrong.
If your I&E varied a lot, this should also have been a warning flag to the lender that perhaps there was something wrong with the figures. Here is an Ombudsman’s comment in this sort of situation:
However, when Mrs D applied for her fourth loan, I don’t think [the lender] should have relied on the expenditure figures provided by Mrs D… Although it appears affordable, Mrs D was saying her only expenditure was on food (£50) and utilities (£100). This compares with her first loan application when she also had expenditure on rent (£200) and credit (£100). Indeed £50 on food per month for herself and two dependants also seems unlikely.
But for large loans, FOS says detailed checks should have been made on the first loan.
FOS also says that guarantor lenders should make more checks because the implications of providing a guarantee are serious. As a result, affordabilty complaints about guarantor loans are often won even if there is only one loan.
The letter from the lender feels threatening
Sometimes lenders go further than just saying your loan looked affordable on the figures you gave. They suggest that if you take it further they will be investigating your application, or asking you to explain the figures or report you for fraud.
This seems to be a bluff to get you to drop the complaint. Some lenders say this to everyone who complains, it’s an automated response.
I have seen this happen to a lot of people and so far no-one has had further problems if they have taken the complaint to the Ombudsman.
In a recent court case the judge said:
I was satisfied that most of [the borrowers] were doing their best to give honest answers most of the time, even if they turned out not to be accurate, sometimes by significant amounts… the process encourages speed, defaults to using brackets for the financial data it collects, and requires no supporting documents. The way the different types of expenditure were described in some of the fields also gave rise to an understandable confusion in some cases. What expenditure was being asked for was not always clear, even to those in court reading the rubric, with the benefit of time, and without the pressure of needing to get a loan.
The only example the judge thought was clearly dishonest was one where a borrower had invented a job and an employer.
Conclusion
Many people are worried their application wasn’t accurate. They may not remember it in detail, they may not have been asked about some expenses, they may have completed the application in a hurry.
But lenders can’t assume your application is correct, unless the loan is either small or is clearly affordable. A payday lender doesn’t usually have to make detailed checks on a £200 loan.
As a generalisation, if the income or expenditure details on your loan application weren’t right, the payday lender can’t be blamed for giving you the first couple of loans if they were small.
But if you carried on borrowing, the payday lender should have considered if the I&E figures were wrong.
And for large loans, especially where the interest is high or the customer has a lot of debt or recent repayment difficulties, lenders should have made more detailed checks for the first loan.
You can win affordability complaints at the Ombudsman even if the lender dismissed your complaint and said your application was not accurate.
Large bad credit loan complaints
Unaffordable car finance – your options
Have your overdraft charges been increased?
dave147 says
When you attempt to top up or get a 2nd loan , the I and E details are usually already filled in , or if you click on the blank box the amount you put in last time just appears. People desperate enough to get these loans want the money , not the paperwork . I got a loan last month and already have 8 payday loans.
j says
same problem for me, had a sunny loan to start with 10% intrest, had a couple more,got rid of them all for a short period of time then my gambling got worse now i have 9 payday loans & gone to step change to setup a iva, i have 25k of debt, catalogues,credit card & payday loans & one barclay loan, only one give me grief is one payday loan company, a lot of paperwork to fill in but worth the effort, the catalogues come to over 4k but no hassle with them, the one payday loan comes to £321 & they keep threatening recovery action.
Sara (Debt Camel) says
Hi J,
if a lot of your debts are payday lending you may want to consider going for a DMP whilst you make affordability complaints. And for catalogues too, see https://debtcamel.co.uk/refunds-catalogue-credit-card/. If you get a lot back, you may be able to use this as full and final settlements on your other debts and may not need an IVA.
If you enter an IVA, any refunds you get will go into your IVA not to you AND they won’t reduce the amount you have to pay in an IVA.
Who is the payday lender who is being difficult?
Laura Miller says
I have just discovered this amazing site.
At present I have 4 loans with sunny, one with my jar, one with safety net credit(in arrears) one with lending stream (currently in arrears) and one with 247money box.
I cannot meet these repayments and I am concerned a dmp will not assist me. I have been using sunny constantly for approx 18 Months and the other’s periodically. I have other debts that I am struggling to pay and have no idea where to turn to get out of this deep hole
Sara (Debt Camel) says
Why don’t you think a DMP will help? Have you talked to StepChange about it?
You have to get out of this constant borrowing, so cancel the CPAs to all 4 lenders. That is the only way out of a hole – stop digging.
Sophie says
Hi, can anyone help please? I have successfully had a refund from wonga last year, now I’m attempting with other companies, one is satsuma, they’ve just come back to me saying that I declared my income to be over 4K (they didn’t state what period this covered) now I may have been stupid enough to fall into the payday loan cycle but I’m not stupid enough to quadruple my earnings with nothing to back it up! I’ve asked them how they got this figure and how as they stated in the email how they managed to get it verified. Any advice?
Sara (Debt Camel) says
I wonder if they took your monthly income and assumed it was weekly? In any case, sending the complaint to the ombudsman is the next step.
Sophie says
The only way I can figure it out is if they used my income for the period of the loan (6 months) then took away a months putgoings from that. They won’t answer my question about how they got to that figure just said the complaint was closed. I’ve not dealt with the ombudsman before, wonga were straightforward and agreed to pay on most of the loans so I hope I can mange with the ombudsman
Sara (Debt Camel) says
You will be fine, it’s easy to send a complaint in. Good luck!
Claire Biddle says
Hi, I have made a complaint to Myjar and they have asked for all of my bank statements and wage slips for the periods of my loans. Do I really need to supply 2-3 years worth before they lopm at my claim?
Sara (Debt Camel) says
No you don’t … but you may be more likely to get a good result if you supply all your bank statements. i have no idea why they ask for payslips as your wages presumably show on your bank statements.
Laura says
Hi,
I’ve just been offered a settlement with Peachy on 5/15 loans since April 2014 – January 2018. Some of the information is correct, some is not correct and I have had a couple of gaps, in the earlier days and one 6 month gap because I could not access my account (they said it had not been used for a long time, although I was still paying off one of the loans). So had to set up a new account and one time they wanted to verify information. I have paid overall £1398.98 in interest since first having a loan. They have offered me £584.38 for the last 5 loans as they said they were in the wrong but this does not include any statutory interest. They also said that by signing the credit agreement I was declaring that I was not in a debt management programme..well I have never read these agreements, only what I have to pay and when. Yes, I was naughty and was in a DMP for 6 years and had numerous payday loans, but surely this really isn’t clear for the consumer? If it had a tick box when applying surely that would be better? I am wondering whether I should take the settlement or refer to ombudsman. I don’t want to lose the offer Peachy have given me for the ombudsman to turn around and say no to any refund…Please advise..thank you so much.
Ashamed says
Hey, i was wondering if someone could help, i have pretty bad anxiety etc as i have bpd. Is there a way to get them to do all communication via email? Its just im pretty much terrified of phone calls with people i dont know. ive been a reasonable heavy user of payday loans on and off since about 2008 pretty sure i have over exaggerated my income and under reported my outgoings most times. I generally have long periods of months where i am using and topping up loans however i always pay them back on time either by borrowing from friends or tapping out my overdraft all over again. Does this seem worth while pursuing? Theyre all from wonga. And what is the success rate for loans older than 6 years? Many thanks
Sara (Debt Camel) says
all communication is usually by email. Some lenders say they would like to talk to you but I haven’t heard of Wonga doing this.
It sounds as though you have a good case as you have borrowed from them a lot.
At the moment Wonga will refuse to payout on any loans over 6 years, so expect your case to go to the Ombudsman and be slow.
Mike says
I have had numerous payday loans (approx £13k with Wong possibly another £10 with other lenders) over 6 years. I entered into a DMP three years ago. I was never asked by Wonga if I was in a DMP at any point. I know I shouldnt have borrowed but when you have kids and bills are mounting up and you have no spare cash as it goes to the DMP you end up doing stupid things then get trapped in a spriralling situation. Firstly, my DMP is on my credit file, secondly I was taking payday loans when I was struggling and was taking them from various lenders (some of which have now refunded), but Wonga are refusing to entertain the complaint. I am arguing that they should have seen the DMP along with all the other late payments etc for other debts, but they are arguing that as I paid each one off then there wasnt an issue. They have also admitted that they dont credit check each application. My question is as I am in a DMP shouldnt my loans have been refused and therefore do I have a claim that I should put to the ombudsman?
Sara (Debt Camel) says
So your borrowing started over 6 years ago with Wonga, but was still going on 3 years ago when your DMP started? Do you know how many loans were over 6 years and how much interest you paid on those? And how many are under 6 years and how much interest you paid on those?
And have you put in complaints to the other lenders as well?
Mike says
Should they have refused me the loans when I am in a debt management plan, and does the DMP strengthen my case for a refund?
Sara (Debt Camel) says
It’s case by case, but presumably your credit record was very poor by that point so that strengthens your complaint.
Mike says
Poor would be a massive understatement!
Mike says
There were only a few over 6 years….on the loans under 6 years I paid interest of £1936, of which £1363 was during the DMP. All the other lenders I dealt with directly and they have paid back everything apart from Wonga. MyJar at first refused and then out of nowhere approx 8 weeks later I got an email saying that they had decided to review their decision and as I was in a DMP when I took those loans they should really have refused the loans as the DMP is on my credit file. Wonga are the only ones to say no.
Sara (Debt Camel) says
ok, if there were only a few loans over 6 years, you may want to say to the Ombudsman that you are happy not to get a refund on the over 6 year loans but you would like them all to be considered in establishing your pattern of lending from Wonga. As the first few loans are often not refunded, you may not lose anything at all by this and it could speed up your FOS complaint considerably.
John Stockwell says
My complaints with all my lenders are with the ombudsmen and have been very slow .in the two months since I sent them in I have only received one phone call from the adjudicator.
Of the ten lenders. Ferratum were the easiest and most pleasant and refunded all interest from eight loans before the adjudicator stage.
Quick quid and lending stream offered refunds of interest on one loan each out of 20 and 35 respectively.obviously I declined their offers.
Payday uk stalled with no correspondence until the adjudicator took it up .
wonga have gone bust so nothing to come from them.
peachy offered half the total interest which I settled at .satsuma offered a reduction in my current balance which I didn’t feel was enough so sent for adjudication.
sunny with 31 loans chose one small loan to offer a rebate of £56 .
118118 money have stalled and time wasted using any method to delay including now with adjudicator. I admit to being very frustrated more so with the fact in their case with just 3 loans admittedly 4figure sums they appear to get away with the stalling with impunity with the ombudsmans requests for information.
Louise says
118118 have been very slow and stalling me. They have even said they replied to my complaint once I escalated it but I have no record of their response! They have sent it now I have chased them and not upheld it, giving me the usual standard information. I am now pursuing them with FOS.
Ryhan says
Hi Sara,
My loans outstanding have all been taken out end of 2017/early 2018.
QQ sent me statements of account for all loans taken out with them dating back to 2011. The majority of them were defaulted on and paid back late with extra interest and default fees charged. They are now asking for bank statements which I am in the process of gathering. I currently owe them 2k for a loan of 1k taken out December 2017.
Ryhan
Dan says
I’ve got an ongoing case with [a claims company].
They have now emailed me and said that 2 of the companies want bank statements dating back from the times I had my first loans.
As with many people I’m sure, I did lie on application forms to get a loan. I’ve given an accurate figure on my income so that will be no issue. I’ve lied about my outgoings for example my total credit commitments per month.
What I don’t want to do is send in the bank statements and then be flagged as someone who has got these loans fraudulently and be in real trouble.
I entered into an IVA end of last year because I couldn’t afford the monthly payments so understand that anything I may get back in a claim will go back into the IVA.
Dont really know what to do?
Sara (Debt Camel) says
If it’s just the lenders, you don’t have to send statements, you can just wait until the Ombudsman if you want – unless your contract with the Claims Company says you have to? You will need to look into exactly what you have signed.
No one that I can recall has “been in real trouble” for submitting inaccurate applications.
But why on earth are you bothering with all this hassle? It won’t help you. It won’t end your IVA sooner.
Dan says
Thanks for your reply Sara,
Typed this in a hurry earlier, missing some details out.
Anyway, I had an advert come up on Facebook from this company saying claim back money from payday lenders etc etc. I followed the link and all I did was type in my name and email address and my mobile number. I didn’t sign any sort of contract.
This company take 30% of anything that is awarded to me, or something like that. In the terms of my IVA (if I’ve read them correctly) it says that any windfall/extra income – 50% shall be paid towards the IVA and the rest I can keep.
Before I entered into my IVA I just saw this ‘potential claim’ as an easy thing to do…I didn’t have to really do anything as the claim company would do all the work. I’ll call my Insolvency Practitioner tomorrow and see what they say, if it all has to go into the IVA then I’ll just cancel the claim as like you say, it won’t end my IVA sooner haha.
Sara (Debt Camel) says
I think You will find it all goes to your IVA. This sort of claim is normally seen as an asset that you owned at the start of your IVA – you could have made a complaint at that point – and therefore it now forms part of your IVA. It is not a windfall that you get during your IVA.
Kris says
Hi,
I’m wondering if you can help…
Since November 2015, I have had 22 loans with Sunny, total borrowed – £2700, total repaid £4,800.
On these applications, I was accurate with my income, but lied about my monthly expenditure as i was desperate and could not afford for my application to be declined (when I say i lied, i put £0 for every option). Had Sunny checked my credit file, and identified the £900+ expenditure per month – they would not have allowed me to take this many loans.
I have read about payday loan refunds, and i’m wondering if i have a valid case against Sunny here, or am I getting my hopes up?
Between 2015 – 2018, i have also had loans (multiple) from MyJar, QuickQuid, Lending Stream, Payday UK, Peachy
Any help would be much appreciated, as I don’t want to write to the lenders asking for refunds of all interests and charges, and them respond saying ‘you have lied on your application and therefor committed fraud’….
Thanks,
Kris
Sara (Debt Camel) says
A lender should not accept what you have said on an application without looking very closely at it if they have reason to think it is wrong. And putting zero in for all items of expenditure certainly is!
And even if it was OK to give you the first few loans, when you kept borrowing, they should have looked a lot more closely. Same with all your lenders where you borrowed more than a couple of times. Read the article above – I have put at the end what the regulator’s rules are. Your situation is very common, people don’t get into trouble when they make complaints and they do win the complaints.
John says
You have every right to ask for refund ,They sunny should have looked at you’re expenditure or apparent lack of it and asked for more information .maybe not in first couple of loans but after that .They’re not a bank where they would have a lot more personal information .But they are responsible for the loans they give if they knew which they must have about your other loans they would’ve known you’re outgoings were wrong and questioned you’re applications.
Kris says
Hi,
Thank you both for your advice back in February – I submitted a complaint to Sunny and it was partially upheld. They are paying me back the interest (+8% statutory) for 22 of my 27 loans, wiping information from my credit file and closing any current active loans – which is a great result for me and wouldn’t have happened without your advice and online templates.
I was told I would receive the redress payment within 5 working days – today should be the day (lets see if they stick to it)
Thanks again.
Kris
Michael says
In my complaint i accidentally put that i earnt less than what i actually did by a few hundred pounds. Will this jeopardise my complaint and should i update them with the actual figure?
Sara (Debt Camel) says
Putting in that you earned LESS than you really did should not be any problem at all for your complaint.
Dj says
Hi Sara
In my response from 118 I would like to take it to ombudsman but just abit cautious because they stated in the reply
“In addition, as part of the application form you completed to apply for the loan with us, there is a statement just above the button you clicked on to submit the application which states “If false or inaccurate information is provided and fraud is identified, details will be passed to fraud prevention agencies…” Similar wording is contained within the loan terms and conditions.”
Does this mean cause I lied about my I and E the at they have the upper hand as I didn’t mention my payday loans and other expenses .is it worth taking it to the FO
Sara (Debt Camel) says
Well they are hoping you will give up…
As the article above says, there are lots of reasons why people underestimated their expenses, didn’t include payday loans as credit etc
Over the last 3 years I have seen loads of people worried about this sort of statement by a lender but no one has yet had a problem in practice.
The only time I would suggest you should be concerned about this sort of remark is if you have just taken a large loan, made no or only the odd repayments, and not had previous loans. If you took the loan and have been trying to repay it, or have repaid other loans, it seems very unlikely out applied to the company with an intent to defraud it!
Elaine says
Hi am just checking how long does it take for an ombudsman to review my case after sunny did not accept the adjudicators decision.
The adjudicator said it would be past to an ombudsman at beginning of sept and if I wanted to send more information to do it by 17th sept .
I have emailed the adjudicator twice but no replies
Thanks in advance
Abc123 says
Hello,
I have an ongoing complaint with Satsuma Loans regarding irresponsible lending.
At the time of application I had various defaults/missed payments and overall poor credit. I had also recently lost my job which I failed to mention in my application due to obvious desperation. They allowed me to borrow £500 on a first application with very few disproportionate checks.
I would just like to know whether to escalate the complaint to the FOS or whether I’m at risk of getting a CIFA’s marker for my misleading application?
Thanks
Sara (Debt Camel) says
In theory this could be a problem but I have seen thousands of these complaints over the last 4 years and it hasn’t happened to anyone so far as I know.
PV123 says
Hi there,
I currently have a few loans out
The biggest being with Amigo, one on going with SafetyNet Credit and one with Mr Lender.
My SafetyNet account has been open for about 3 years.
The loans with Amigo and MrLender were both taken out with me being dishonest about my income.
I basically told them I was still working, when in fact I’m not and on minimum universal credit.
My question is, do I have a case here? Or have I completely shot myself in the foot by lying about income?
They did ask to see bank statements, which if they looked properly they would’ve seen that nothing matched what I told them.
My financial situation is making me so depressed and I don’t know what to do anymore
Sara (Debt Camel) says
OK so your Safetynet Credit situation is clear cut. They can see your bank statements, they know you are in a mess and should have stopped lending to you a long while ago. It doesn’t matter what you put on an application to them. Send them a complaint using the normal payday lender template: https://debtcamel.co.uk/payday-loan-refunds/ and cancel the CPA to them with your bank so they can’t take any more money. do this right away – any money you get back from them can help pay off other debts!
Mr Lender – how many loans have you had from them? How large? Did they ask for bank statements?
Amigo – how long ago did you take out the loan? Any previous loans from them? Did they ask for bank statements – if so, did these show that you weren’t working? Also how well of is your guarantor (this may sound irrelevant but it isn’t).
Did you have any loans from other payday lenders where you borrowed several times from the same lender?
PV123 says
I have had 2 loans from Mr Lender, one when I was working and one last month of £750 (to help pay my amigo loan)
I took out my first amigo loan of 2.5k earlier on this year (when not working) and topped up a further 1.2k as soon as they offered a top up (3 months later I think it was)
I have borrowed from other lenders in the past (myjar was one) but these loans were paid off
Amigo did ask for bank statements, and when they did I didn’t think they would accept me because nothing matched what I had told them
Sara (Debt Camel) says
Right.
One and two loan complaints are hard to win to a payday lender, but £750 is a very big loan – probably a lot more than your previous loan from them – and you can argue they should have checked your credit record and seen all your other commitments. It’s worth making this complaint but in it also ask for time to repay the balance at an affordable rate. Attach evidence your only income is Universal credit 9eg a current bank statement) and ask for your payments to be reduced to something manageable such as £5 a month until you are back in work.
The Amigo complaint should be much easier as they saw your bank statements which showed you weren’t working and other stuff that didn’t match with your application. Yes it would have been better to have been accurate on your application but bad credit lenders such as Amigo know that desperate people are not always accurate which is why they should check up on your situation before giving the loan. There is a different letter for guarantor lenders here: https://debtcamel.co.uk/how-to-complain-guarantor-loan/. You will have to carry on making the payments while your complaint goes though if you don’t want your guarantor to be affected. If you win your complaint, your guarantor is removed from the loan and you can then off them something affordable.
Also think about complaints to the payday lenders you used previously. Any lender you borrowed more than a couple of times from or any lender where the loan was very big.
PV123 says
Sorry also my guarantor is an estate agent so earns very good money
George says
Hi community,
So I’ve just received the below response letter from Uncle Buck, some of it sounds fishy and very threatening, any advice.
Firstly they state:
Your complaint was received and It followed a commonly available template.
Then it goes onto say:
You have made a total of twenty-two applications to Uncle Buck Finance LLP. Two of these applications were declined by us and eighteen cancelled by you, leaving two loans funded as detailed below.
First amount is 200 and second is 350.
Then it further says:
If you choose to refer your complaint to the Financial Ombudsman Service (FOS)(see below) then if you provide them with bank statements or other proof of your outgoings at the time to support your claim that your loans from us were not affordable, we may ask to have sight of these and will ask you to explain any discrepancies between the information you supplied to us at the time of your applications.
This seems quite threatening. To be honest I don’t think my expenditure was accurate at the time as I was credit hungry, so would do whatever it took to get a loan.
What’s your view.
Sara (Debt Camel) says
Is it correct you only had those two loans? 18 cancelled applications seems a lot?
Meg says
Hi
I have recently submitted affordability complaints, Moneyboat have replied to me as I have mentioned that my expenses may not have been an accurate representation. In their email they have stated the below. In my applications I was so desperate for money with many payday lenders I accurately declared my income but my expenses were considerably lower.
It is worth noting that it would be considered an offence to have obtained funds by deception. If after this response you
are suggesting that the information you provided did not accurately reflect your circumstances at the time of the sale,
then I need to advise you that we reserve the right to pass details of your application on to CIFAS the fraud prevention
agency (note that as a result, this information would be utilised by other financial providers for their consideration in
future dealings with you).
Do you think I should put all my affordability complaints on hold as now I am afraid this is going to have an affect on my credit.
Sara (Debt Camel) says
There are a few lenders that send back this sort of aggressive reply. So far I am not aware of anyone having any problem with this in practice when they have sent a complaint onto FOS. i think they are just hoping you will give up.
How many loans did you have from them? Do you still owe them money?
Paul Cowings says
Hi Sara,
Great site, looking at your help and advice for others in need of help is outstanding.
I’m after advice on what to do if a payday lender, moneyboat in this case has asked a collection agency to contact them and collect on their behalf. Can I still make a claim against them? My debt problem stemmed from the recession in 2007 and catapulted after a few payday loans and other CCJS. I’m in a plan, not debt management plan, with my mortgage provider yet despite this and the CCjs I managed to get loans which I really couldn’t afford but needed them to survive. I’ve already used your template for the Amigo loan I have, it was the first question I need help with. And, I’ve got a loan with myjar, topped up 3 times and starting at £2.5k and they’re now adding £7per day interest as I haven’t paid anything despite an email I sent them in August 2019 telling them my difficulties. It’s now at £4,400. And I dont know what to do. Any help would be greatly appreciated. Thanks. Paul
Sara (Debt Camel) says
yes, if a debt is with a debt collector, you still make the complaint to the original lender.
I suggest a complaint to Myjar as well. And you need to ask them for a payment arrangement.
Liam says
Hi Sara,
I have tried in the past through resolver to get some interest or charges removed from my accounts. I had success with safetynet credit who agreed to drop the interest. But some of my other lenders have stated that due to my inputs on I&E in their eyes the loans were repayable.
With sunny and myjar I had repeat loans going on for well over a year. Currently I am in a debt management plan with step change and addressing my credit issues, but even if the I&E info on their systems are incorrect could/should they have spotted that I was obviously borrowing repeatedly in order to pay back other loans. Much of the time I just used the details they had stored already in their system, or from previous entries on my phone when applying. My credit score has been rubbish for a few years now but I was able to borrow up until I started my dmp. Currently I am paying of 15k through the DMP and ideally would like to try remove some of this to shorten the amount of time I need to pay back.
Sorry if this is vague, I can update info needed. But after trying the resolver tool and not having success I’m wondering if I have missed a trick.
Thanks for your help with the wonga situation aswell.
Sara (Debt Camel) says
Did the Sunny and MyJar cases go to the Ombudsman?
Liam says
Unfortunately not, after reading the article above, I fear I have fell into the trap of being “bullied” in a sense and made to feel it was my fault. When they stated that the I&E given was proof the credit was repayable, I kind of crumbled and didn’t push any further.
Should I restart the complaint process and this time go to the ombudsman if they don’t accept the complaint?
Sara (Debt Camel) says
Sorry no. If you had the rejection more than 6 months ago then you can’t go to FOS. The lenders will reject any new complaint saying they have already responded.
Liam says
Looking at resolver the cases were only opened 4 months ago. Would i Still be able to involve the ombudsman now, as it’s still within 6 months. Apologies for the many questions.
Sara (Debt Camel) says
Yes, you should be able to forward the cases through the Resolver system
Cj says
So I received an email from fos today saying safety net credit has agreed with them and has offered me just over 4 thousand. Without this page I would never of been able to sort this out ..many thanks to you all .now just have to wait for the money.. one more company to sort
Brian says
Lending stream have only accepted that 1 of my 8 loans was Unaffordable. I’d suggest otherwise, I accepted their offer in the fear of not getting anything. Can I still go to the Onbudsman about the other 7?
Sara (Debt Camel) says
No.
Han12 says
Hi
I also have an issue I just sent an unaffordable lending complaint to money boat. They are now requesting bank statements and asking that if information turns out to be incorrect on my original application they will report me to fica for fraud investigations. Is this an appropriate way of dealing with someone’s complaint?
Regards
Hannah
Sara (Debt Camel) says
They do that to everyone. So do a few other difficult lenders. No one has ever had a problem if they have continued with their complaint and indeed sent it to the Ombudsman. They are just hoping you will give up.
How many loans did you have from them?
Hannah says
I had 1 with this particular lender however if they had checked my records they would have been able to see I had about 8 pay day loans out at the same time. They have asked I send them my bank statements which I am reluctant to do as I don’t feel it’s needed. Would it be better to send them or just asking them to peruse my complaint without
Sara (Debt Camel) says
Unless the loan was very large, you are very unlikely to win a one loan complaint. If you don’t send the statements you have no chance.
Hannah Davies says
Okay great I will do that and thanks for your help.
I wonder if theyre are any other problems you have had with 118 money around aggressive collection tactics and furthermore no response to complaints and emails
Jessica says
Hi,
I have had this back from moneyboat. I don’t really know where to go from there, it’s worried me.
‘ In the event of an affordability/irresponsible lending complaint, could you please provide us with copies of your bank statements applicable at the time of your applications, so that we may carry out a full and comprehensive review of your complaint.
Should it transpire that information provided by you at the time of application was false or misleading, we may register this attempt to gain redress falsely as a first party fraud with CIFAS the fraud prevention agency.’
Sara (Debt Camel) says
They say this to everyone. They are just hoping people will drop their complaints. so far no-one has had problems if they continue with their complaint, including if they take the case to the Ombudsman.
How many loans have you had from MB and how large are they?
Jessica says
Yeah that’s true. Would it be enough to send a screenshot of my wages going in? Or is it a full statement?
I’ve only had 2 adding up to £600. So not many I don’t no if it’s worth it really. Sunny, fernovo and other companies I’ve had a lot more.
Sara (Debt Camel) says
you are pretty unlikely to win a complaint about two small loans.
Jessica says
Yeah no worries. I won’t bother. Do I need to do anything to cancel the claim? I done it through resolver.
Sara (Debt Camel) says
I don’t know how you do this with resolver. It may be easier to let it run and then not take it any further if they reject it.
Kevin says
Hi Sara,
I currently have two complaints at the ombudsmun , one for Provident and another for Lending Stream. These cycles of loans started in 2011 and 2012 respectively. I got copies of bank statements that far back from my bank and sent them all off to the ombudsman with all the relevant documentation from the loans. Now looking over them I can see that these loans overlapped with me being in a DMP with Gregory Pennington. Should I point that out to the ombudsman for these complaints or will they see it from the bank statements themselves? I had been in a DMP for some years at that point and it ended until January 2015. By that point I’d already taken 4 Provident loans and 9 Lending Stream loans. I went on to take 2 more Provident loans after the DMP finished.
If I point it out will I be opening myself up for questions about why I was applying for loans during a DMP? It was years ago so can’t really remember my thought processes, but think I would have done something like putting the amount I was paying to the DMP as my existing credit commitments on any application.
Your advice would be very much appreciated. Thank you.
Sara (Debt Camel) says
you could point out to your adjudicator that you were in a DMP from yyyy to yyyy and the lenders would have been able to see this from your credit record.
The lenders may huff and puff but FOS will normally say that after a few loans the lenders should have looked closely.
Kevin says
Thank you for the quick response. I’ve emailed adjudicators to make them aware as you suggested.
Claire says
Good Morning,
I made a complaint against Satsuma Loans in March as they decided that the loans given to me are just. I got a response from the financial ombudsman in May telling me Satsuma are very slow to answer. Am I right in thinking that this should of been dealt with by now and the ombudsman should be deciding in my favor seeing as satsuma is not responding/ dragging heels. Thank you
Sara (Debt Camel) says
Am I right in thinking that this should of been dealt with by now
I think Satsuma should have provided FOS with its case file by now, which is what FOS needs to start looking at a complaint. But if you were ex[pecting an Ombudsman decision by now, no, that would be very optimistic.
the ombudsman should be deciding in my favor seeing as satsuma is not responding/ dragging heels
No, that isn’t the way FOS works. If Satsuma carry on not providing a case file, at some point FOS will start work on the case without it. FOS is understandably reluctant to do this often as it can lead to FOS wasting time as it doesn’t have all the facts and it can result in more delays later on if the FOS decision is then objected to by the lender.
tsvetan says
Hi
ive had 5 loans with satsuma.During that time i had couple of loans with other companies around 4k.The first loan i was accepted was for £1000 ive repaid 1900.then the rest was for £300 each.ive paid in total around £2000 interest.ive made affortability compaint and they didnt upheld my complaint.do you think is worth to send it to the FOS.thanks in advance
Sara (Debt Camel) says
Were The £300 loans fir a shorter time than than the £1000? Were there any gaps between the loans? During thus time were your other debts increasing?
Tsvetan says
Thanks for your reply
£1000 23/9/18 for 6 months repaid february/19
£200 18/01/19 for 3 months repaid April/19
£300 10/03/19 for 4 months repaid july/19
£300 07/05/19 for 4 months repaid September/19
£300 23/11/19 for 4 months repaid march/21
For sure my debts was not getting better.and the think is that they accepted me for first loan of £1000 at the same time when i had multiple other loans
he other companies i had loans same time with satsuma they procced with refunds.cashasap,ferratum,lending stream,safetynet and amigo reduce the loan amount with 2k they are the only one who didnt upheld my complain
Regards
Sara (Debt Camel) says
I think that’s worth sending to the Ombudsman.
Tsvetan says
Thanks for your reply
Joe says
Hi, i have built up a large amount of debt over to past few years, I have taken out 60 payday loans over the past 3 years across 19 providers. Some provides have I have take many loans out with and some providers only 1 or 2 loans. The debt has increased over time and it has accumulated to about 25k. This has been paid off by family members taking out loans for me, however I will need to repay it over the next few years. I have used the loans to fund a gambling addiction but was never questioned when taking out a loan. On the most latest loans I had lied on the applications as I didn’t mention that I had any other payday loans. I have now complained to each lender, including the ones that only provided me with 1 loan. Moneyboat has responded and asked for bank statements and said ‘Should it transpire that information provided by you at the time of application was false or misleading, we may register this attempt to gain redress falsely as a first party fraud with fraud prevention agencies. To learn more about fraud and understand your rights please visit cifas.org.uk. Any fraud marker may affect your ability to obtain credit with banks and other lenders in the future.’ can they do this? Any help would be much appreciated.
Sara (Debt Camel) says
Moneyboat usually says this. So far as I know they have never followed through with it when people take cases to the Ombudsman.
Realistically it is hard to win a one or two loan case unless the loan amount is large. It may not be worth taking those to FOS. Good luck with the rest!
Luke says
Hi, I was hoping someone could please help out with some advice.
The background is i’ve had missold loans from Wonga (and likely QQ) previously so i thought it was worth pursuing Mr Lender also. I’ve sent my complaint of a mis-sold loan to Mr Lender recently and asked for information around loans i took out (as i cant access the website now).
Mr Lender has asked how much money i was earning in Nov 2018 – when i took the last loan. I may not have updated my earnings from losing my job in August 2018 and was earning ad hoc roughly 600 per month at my new part time role rather than 1300 per month they had on record. Also when u took the loan i was technically homeless (staying at a friends spare room) so i took the larger loan to get a deposit a set myself up in a new flat.
It’s worth noting;
– I had 4/5 loans from Mr Lender in increasing value
– I had several other pay day loans ongoing in 2017/2018 – Wonga, QQ, Uncle Buck.
– Nov 2018 – loan of 1250 taken, not repaid
I hope that makes sense. Do you think i have a case or does the fact i didn’t update my earnings disregard it?
Thank you
Sara (Debt Camel) says
I think if you had 5 loans and they were increasing in value with no gaps between them Mr Lende should have looked to verify your income & expenses. I suggest you just send your bank statements so Mr Lender can see everything.
Hussain says
Hi can I have some help today I put a irresponsible lending claim with money boat and they responded by saying they like bank statements and said if the information I provided was false or misleading they may register this as a fraud agency. First of all I don’t want to send them my bank statements and secondly can they do this. How do I respond? Thank you
Sara (Debt Camel) says
You don’t have to send bank statements. They may be more likely to uphold your complaint if you do but other people have refused and still had an OK offer from them.
No-one who has sent a complaint to FOS has had any problem with allegations of fraud. you may feel they are just trying to bluff you into dropping a good complaint.
Hussain says
Thank you I really appreciate your self what’s the best way to reply. Should I say I would. It like to send any statements and will be happy to do so when the complain goes to the FOS just not sure how to reply thank you.
Sara (Debt Camel) says
It’s your choice – it may help, but you don’t have to do this if you hate the idea.
Mich'es says
Hi Sara
I wonder I sent an unaffordability claim to Moneyboat with my statements on Friday 19th March by Friday the 26th I received a reply and final response, I was a little taken aback as expected to wait the full eight weeks for a response.
They did not uphold my complaint but offered me as a gesture of goodwill £1406.74 in full and final settlement of the complaint, while I feel this is good as they say this is approximately half of the interest paid, my question to you is do you think this is a generous offer or should I send this to the financial ombudsman, I had 13 loans from 2015 to 2019 the interest I paid as listed by the money boat is £2813.47?
Thank you for this site and thank you for all your hard work this site has been a god send.
Michelle
Maria says
Hi Sara
As part of the goodwill gesture is it reasonable to ask moneyboat to remove the loans from my credit file or we just accept the outcome, I rather them remove the default on my credit report but they have mentioned if we accept the goodwill payment it resolves them from any liability.
Sara (Debt Camel) says
you can go back and say you will accept if they remove negative marks from your credit record. It is a reasonable request!
CH says
i have just put in an affordability complaint to Moneyboat and they have basically sent a rather threatening response and accusations of fraud and have asked for my bank statements. I have had numerous back to back loans with multiple lenders to keep on top of payments. I don’t want to send my bank statements in the first instance, how do you suggest I respond to their initial request.
Many thanks
Sara (Debt Camel) says
I suggest you send the bank statements.
they send the same threats to everyone – no one here has had any problems if they just ignored the threat and sent the complaint to FOS.
Jacob says
Hi, wondering if anyone could help at all. Thanks In advance.
I have been a bad user of payday loans and credit for a couple years now.
2 years ago I was using sunny and peachy a lot, every month and probably had around 10 loans or more from each, but I think they’re bankrupt now?
Skip forward to this year. I currently have 2 long term loans via credit unions, 2 credit cards, a loan with fernovo, moneyboat, lending stream, Oakam, Tappily.
I made affordability complaints to all of them, as having 9 loans/credit is surely irresponsible lending.
Fernovo replied quite quickly, they told me I had 7 loans in 17 months with them, my current loan being a £300 loans of which I still owe £224 despite already making payments of £375 towards it. They offered to reduce this to £100. I’ve requested they close it completely as I’d already paid 375. Is this fair?
Also, money boat I’ve only had 2 loans, but I missed payment on all 3 payments the first loan £200. And once finally paid, I rolled it 4 days later into £400 loan and I’ve struggled since.
The others I’ve only had one loan from, do I have a leg to stand on regarding irresponsible lending? Surely after checking my credit report, seeing I had a lot of missed payments and I already had numerous loans/lines of credit they should not have lent to me? Thanks
P says
Hi Sara,
In two minds about putting IRL complaint towards a few companies – income was what it was but, and i can’t remember, may have understated my expenses on the application so just worried about abt CIFAS comeback?
P
Sara (Debt Camel) says
A few lenders make threatening noises about Cifas. However if someone ignores this and takes their complaint to the Ombudsman I am not aware of anyone who has had a problem in practice, and lots of people have confirmed that the lender never mentioned this again.
Robert James says
Hi,
I am considering applying for a claim with Mr Lender for loans over a few years, some up to the value of £1500.
Should I initially write a letter to get the details of all the loans first so I can appeal them on affordability grounds, or go all in with the full template saying I wish to sue for a majority of the interest back which is comparable to the loans itself? And leave Mr Lender to gather the details on record and are they obliged to do so? The potential payout is in the thousands?
Sara (Debt Camel) says
how old are these loans?
Robert James says
Most recent one I’m still paying and owe £666 last count (monthly interest accruding) . One £1000 last year. £1500 in 2019, a £1000 before that. They are the most recent ones and are with 5 – 7 years. I do have some loans (paid of course) dating back 10 years or more.
Sara (Debt Camel) says
Well expect Mr Lender to reject any that are over 6 years. But just send a complaint to them now. The template here asks for a list of the loans at the same time as making a complaint – add to the sentence about getting a list of loans “including any that over 6 years old”.
Robert James says
Thank you for your reply. In the letter what do I say to demonstrate my intention for a compensation. I know there’s a certain etiquette here. What’s the ‘key’ sentences i should use. Can you give an example , please. Not sure whether I should mention a gambling addiction because they might reply with fraud claims?
Sara (Debt Camel) says
Just use the standard payday loan template here: https://debtcamel.co.uk/payday-loan-refunds/. You can say you had a gambling problem if you want – I don’t think Mr Lender pays much attention to what you write, it’s just another affordability complaint that they will reply to.
Chloe says
Hi, I have submitted an irresponsible lending complaint against a lender on the basis that they did not properly verify my income and had they done so it would have been clear I was already borrowing lots of money, did not have sufficient means to repay and was also gambling. They have come back requesting copies of my bank statements from around this time to verify my claim and have said that if it transpires that any information I provided was false it could be reported for fraud. I understand the second part of this is almost certainly a bluff, but am I required to provide them with all my bank statements?
Sara (Debt Camel) says
no, but you are much more likely to win the case if you do.
Who is the lender?
MM says
Hi Sara, can you make affordability complaints in relation to secured loans? I took out a loan with Progressive Money. The investigator has upheld that, however I repaid the PM loan with a secured loan from Evolution who are in effect the same company. Thank you
Sara (Debt Camel) says
How large was the loan and how long ago?
MM says
Hi Sara, we took the loan out in 2019, for around £25k. Thank you.
Sara (Debt Camel) says
Then this is worth a try. The regulatory requirements for secured loans are rather different, but the template letter in https://debtcamel.co.uk/refunds-large-high-cost-loans/ is pretty general so you can use that. I have seen very few people try this for secured loans so there is no track record – let me know what happens.
MM says
Will keep you updated thank you very much Sara.
Yas says
Made a complaint to moneyboat and they have said ‘please provide us with copies of your bank statements..
Should it transpire that information provided by you at the time of application was false or misleading, we may register this attempt to gain redress falsely as a first party fraud with fraud prevention agencies. Any fraud marker may affect your ability to obtain credit with banks and other lenders in the future’
No other lender has asked for this. Ive has a few go to fos and be declined but no fraud marker has been put on my cccount?? Do i have to send them my statements?
Sara (Debt Camel) says
They say this to everyone. No-one has had a problem when they send the case to the ombudsman.
How many loans did you have from them? how large?
Lucy says
HI,
I took out car finance in 2016 with moneybarn, I originally only wanted £2000 as I explained my income would be going down due to being on maternity leave etc. Initially I was refused but then they came back after looking at my application they said I would need to purchase a car between £4500 and £8000 and the car had to be no older then 8 years the car I purchased was £4999 had purchased the car and I part ex my car so the loan amount was for £4200 the total amount repayable was around £9700. When They asked to see bank statements I explained about my wage being higher in previous months and the following months it would be lower as I would be going onto lower maternity pay they said not to worry and just to send them statements with the higher pay on. Around a year into the agreement due to a breakdown and had to go and work part time so my income would be changing and I would need to change my payment date they talked about doing a new income and expenditure which I agreed to do and advised them that it would show that the car payments were now un-affordable the advisor then said OK we wont go through one in that case and left it at that. I have now finished my car payments off and managed not to default on the payments and only get 1 late payment, would i be able to go for an unaffordable lending claim on this?
Sara (Debt Camel) says
Yes. It may be difficult to prove what happened at times, but give this a go.
Dave says
Any advice on what to do about consolidation loans which were contingent on another debt being repaid?
I had a loan in order to consolidate a number of debts (I know it wasn’t a good idea, I have not been good with my finances although now have a DMP and am sorting it out).
The loan would have, on the budget planner I was asked for, which was pretty sparse, and taking into account the reduction in outgoing for what was being paid off, left me about £100 a month better off.
I paid off everything (some but not all paid directly by the loan people) but never got round to closing one of the credit cards which then got used again…and again and is now costing me £200 a month.
If I complain to them on affordability grounds will they not just point at the credit card and say “you said you would pay this off, you didn’t. Not our problem?”
Many thanks
Sara (Debt Camel) says
But you did pay the card off. You just didn’t close it.
The relevant question is, did having to pay the consolidation loan leave you so short of money you ended up using the card again…
So the loan may have cut your outgoings by £100, but was that enough? Just because it was lower doesn’t mean it was affordable.
Kmi_19 says
Hi,
I took out a hire purchase with company X in 2015 for £16k for 5 years (includes the interest). I was 19 at the time and a full time uni student. I lied on my application about my income and said I had a full time job which I didn’t, so no regular income. I provided 3 months bank statements and my account was overdrawn and I thought id be rejected when the stated income wouldn’t match. Considering making an affordability claim as I should never have been given then loan, slightly hesitant because I lied on the application.. What’s the best course of action as I don’t want to get in trouble for lying
Sara (Debt Camel) says
What happened to the finance?
Kmi_19 says
I paid the outstanding balance in 2018 (3yrs into the 5yr agreement)
Sara (Debt Camel) says
Well one problem is that this is pretty old. Do you still have your bank statements from back then? The lender may no longer have kept much information about your application.
You may decide this isnt worth bothering with.
Kmi_19 says
I’ve got my bank statements from then. This only sprung to mind when reading about the car finance commission thing last week and came across irresponsible lending. I used my student loans to make the repayments on my hire purchase agreement. Was only able to clear the balance after grafting over time and odd jobs as I no longer wanted to be tied in.
Do you think I have a valid claim? But last thing I want is to be reported for fraud but I was desperate at the time.
Sara (Debt Camel) says
so did you just report your student loans as income? or actually invent a job and employer?
Kmi_19 says
I reported a job an employer. But this was done over the phone with the car company and not directly with the lender. The car company knew my circumstances and said it would be okay but I was naive at the time. Unfortunately don’t have any of this in writing it was over the phone.
Sara (Debt Camel) says
This sort of thing is rarely a problem. A lender had your bank statements so they could have verified it so you were hardly concealing anything.
But old complaints can be hard to win and if you cleared The finance early it may be hard to argue it was unaffordable.
Who was the lender? Have you read https://debtcamel.co.uk/car-finance-commission-get-refund/?
Kmi_19 says
The lender was Black Horse.
And yes saw the commission refund claim article first which brought to my mind the affordability claim as I should never have been given it in the first place. The interest was £5k so assessing my options at the moment.
Hannah says
Hi, I lied on three loan applicants saying I was employed and had a decent income to secure loans all over 10k and a 20k loan from Tesco bank. I had an addiction to trading and lost all of the money. My intention was to pay back the loans with my trading income.
I have been defaulted on all my loans and one of them has been written off. The remainder come to less than 50k so I want to go for DRO but am worried that the income fabrication will both mean I will be declined and also that it might lead to prosecution.
None of my creditors did sufficient checks on my income.
I do have mental health issues and a very stressful life with 2 autistic children. I have also recently soldiered from a stroke and await surgery for a hole in my heart.
Should I go for the DRO? Will it also be helpful to request a writeoff from contacting the financial ombudsman?
I’m really scared about the consequences of putting in the application but I have absolutely no way to repay the loans