Loans2Go offers what I have called the worst loans in Britain.
Since 2021 they have been charging 770% APR. See the representative example Loans2Go quotes on its website:
- £550 borrowed for 18 months is a monthly payment of £113
- this adds up to £2035, a bit less than four times what was borrowed.
Contents
MUCH cheaper to get a payday loan than a Loans2Go loan
Of course Loans2Go don’t point this out on their website, but check out these numbers!
With a payday loan for £550, the maximum interest that could legally be charged is £550 – the amount borrowed. So you would only have to repay £1,100 – the £550 borrowed plus the £550 interest. And the monthly repayments for a payday loan for 12 months can’t be more than £92.
So you would pay a payday lender £92 for 12 months
but Loans2Go is charging MORE PER MONTH (£113) for MUCH LONGER (18 months).
Loans2Go also used to offer logbook loans, but this article is just about their standard personal loans. If you had a logbook loan from them, use the template on this other page.
Is this legal?
The Financial Conduct Authority (FCA) calls payday loans “High Cost Short Term Credit”. Its definition of High Cost Short Term Credit is a loan over 100% in APR and of 12 months or less.
So the Loans2go loan is outside that definition because it is 18 months long. So it isn’t caught by the price cap rule.
Unfortunately, this means its loans have crept through a loophole and are legal. I think the FCA should close this loophole.
Many people are winning affordability complaints about Loans2Go loans
I think this is the worst loan in Britain.
A loan is unaffordable for you if the monthly repayments were so high you couldn’t afford to pay them without hardship, borrowing more or getting behind with important bills. This is a standard affordability complaint, used for many other sorts of loans. If you win this you will get a refund of all the interest.
Because Loans2Go loans are so expensive they are often unaffordable. Many people are winning Financial Ombudsman (FOS) complaints about these loans – here is just one example: Miss R’s personal loan provided by Loans 2 Go.
No-one who isn’t desperate would take one of these loans out, and the ombudsman says Loans2Go should make more detailed checks on affordability when it thinks the borrower may be in difficulty.
Several people have said they were not given the full details about the loan before the money was given to them. If this happened to you, say this in your complaint as well.
First complain to Loans2Go
It doesn’t matter if you have repaid the loan or you are still paying, you can still complain.
You have to complain to Loans2Go first, you can’t go directly to the Ombudsman.
Email customerservices@loans2go.co.uk and copy it to ps@loans2go.co.uk. Put AFFORDABILITY COMPLAINT as the title.
Use this template as a basis and make any changes so it reflects your case:
I am also complaining that the interest rate was grossly excessive. It is unfair to charge someone more per month over 18 months than they would have paid to a payday lender for a loan the same size over 12 months.
[only add this next sentence if the date of your loan was after the end of July 2023] This loan does not represent fair value and it is in breach of the FCA’s Consumer Duty.
[only add this if you were not told the loan terms] The loan was not adequately described to me before I was given the money. This is an unfair way to give high cost credit.
I am asking you to refund the interest and any charges I paid, plus statutory interest, and to delete any negative information from my credit record.
[delete if you have repaid the loan] I would also like an affordable repayment plan to be put in place if I still owe a balance after this refund.
I am also making a Subject Access Request (SAR) for all the personal information you hold about me including, but not limited to, my applications, all credit and other affordability checks, a statement of account for my borrowing, and a record of all phone calls.
Let me know in the comments below if you are making a complaint about a loan that started after the end of July 2023, as there are some new regulations about those.
Is an offer from L2G a good one?
If L2G has offered to wipe a small balance or take some money off what you owe, you have to decide whether this is a good enough offer to accept.
For example, they may offer 50% of the interest off “as a goodwill gesture”. Or to reduce your balance by 50%. These are often very poor offers, you could get a lot more by going to the Ombudsman.
Sometimes Loans2Go will increase an offer if you push them. Here is what one reader said:
They replied firstly with the offer to half what was left and agree a payment plan and I refused and they immediately came back and wiped the loan clean and removed it from my credit file.
It’s up to you what you think a good offer is. But you can’t change your mind later if you accept and then think you shouldn’t have.
So ask a question in the comments below if you aren’t sure.
Take a rejection or a poor offer to the Ombudsman
You can send your complaint to FOS if Loans2Go has rejected it or has made you a poor offer. This is easy, just use this simple FOS form which asks you what they need to know to set up your case.
Send your bank statements to the Ombudsman – 3 months before and 3 months after the date of the loan. These are the best evidence that the loan was unaffordable for you.
Refunds from large loans inc car finance
Can you get an overdraft refund?
Could a Debt Relief Order help you?
Bella says
Hi,
I submitted a complaint using the above template last week and L2G have sent me my requested SAR documents however it is just my agreement with them?
Sara (Debt Camel) says
What was the date of the loan? How large was it? Do you still owe a balance?
Bella says
The loan was from December 2023, for £1000. I will be paying over £3000 back with interest now. I have paid £650 of the loan back and intend to pay it off however due to financial difficulties and taking on other loans I fell behind on payments. The SAR showed nothing regarding any credit checks that had been done it was just the agreement that I had with them. L2G wrote to me yesterday detailing that they will not be upholding any complaints and all appropriate checks were made. What should I do now?
Sara (Debt Camel) says
Send this straight to the Ombudsman. Use the link in the article above to the Ombudsmans form.
In the bit that asks what you are complaining about, say it was unaffordable and L2G didn’t make proper checks. Say you have Asked for a SAR showing what checks were made but weren’t sent anything. And include this sentence from the complaint “ This loan does not represent fair value and it is in breach of the FCA’s Consumer Duty.”
Connor says
I recently engaged with an external company to file a complaint on my behalf against Loans2Go in regards to irresponsible lending. I took a £600 loan out in March this year, having to pay back ~£2200. I instructed said company, during my 14 day cooling off period, I wished to cancel it and carry out the complaint myself after reading this website.
After contacting Loans2Go I have been forwarded a final response, already sent to the external company, which doesn’t go in my favour. They noted they requested bank statements which were never sent as they were never requested from me.
Can I use the final response letter to go to the FOS now, or what are my next steps? Any advice would be appreciated, feeling like I’m at a bit of a road block now at no fault of my own. Also, my SAR (which Loans2Go did send me at my initial point of contact) is account notes, no credit check etc.
Sara (Debt Camel) says
You can send the bank statements to L2G and ask them to review their decision because it goes to the Ombudsman if they don’t make an acceptable offer.
BUT you only have 6 months from l2G’s first decision to go to the Ombudsman. Don’t let them drag this out so you are over the limit.
Courtney says
Has anyone found that loans2go has a really bad effect on your credit file I’m currently trying to pay mine off I got this loan out March of 2023 £700 was the loan amount I wanted, I’m now paying 15% APR ( I didn’t know of this until I’ve just looked through the contract that has been signed for me off loans2go) and they gave me this contract after it had all got sorted I’m now paying back £143.89 per month over 18 months it works out at £2,590.02, I couldn’t keep up the payments so I’m now still paying this back, I’m now petrified that when I do pay this loan off it’s still going to have a negative effect on my credit file for years to come.
Any help is appreciated.
Sara (Debt Camel) says
Main an affordability complaint as described in the article above. Not only will that reduce the amount you have to pay, it may also help clear up your credit record
Leila says
Hi I’m not sure if you received my other comments but any help will be greatly appreciated
I took a loan £650 I’m having to pay £2400 something back I cannot afford this I’m in overdraft and have several credit cards I have missed payments with. I went to the ombudsman and all I provided was my medical sick notes to show not working and that I had not been working every 3/4 months I didn’t think of sending my bank statements they closed the case and decided I can afford it
But it’s strange because I don’t even work, in a month I’m at work like 4 times and the rest im off km on probation and I know I am losing my job because I have way to much absence
I really don’t know what to do please can you advise me :(
Sara (Debt Camel) says
Talk to a debt adviser eg National Debtline on 0808 898 4000
It sounds as though you shouldn’t be making any payments to your debts, although the Loans2go may feel like a massive problem, so are the others. You need a solution that will cover them all, nit just remove interest from this one. National Debtline can talk about your options including a Debt Relief Order.
Paul says
My son got into trouble with gambling where he used this company for a loan to use for gambling. He got a £1000 loan from them, they are looking at over 3000 back, i have taken over running of his bank and accounts etc and he is getting help with his addiction. Do you think they would drop the interest if I explain the situation. Would I have a case due to my sons addiction and has been on a few occasions where he has lapsed.
Sara (Debt Camel) says
You are hoping they will be sympathetic? No chance.
But should your son have been lent this? Had his debts been increasing? Were the repayments affordable?
How much else does your son owe? Loans2go may be the worst, but by the time someone is so desperate as to borrow from them, they normally have a lot of other expensive borrowing too. Look at affordability complaints against all of them too.
BUT Does he have any assets? If he he’s relapsed several times, there are arguments in favour of bankruptcy, as making it massively harder for him to borrow for the next 6 years. And removing the mental pressure caused by debts can help make it easier to stay clean.
Paul says
Thanks Sara.
Yes I’m afraid his debts has been increasing the whole time. This is not the only loan he has taken out for gambling.
I wouldn’t say the repayments have been affordable as he has had to go into debt for his car loan which he has too as they are taking near 300 a month from him where his car loan is 260 a month. That’s not including all the other money lending he has done through friends and family which I am trying to pay back by managing his finances. The car loan is about 4 months behind in the repayment plan due to this company taking the payment out of the bank as soon as his wage goes in. I even changed his bank card to try and stop them but they are still taking it. Is there anything I can do to stop them taking the amount automatically out the bank and then arrange a repayment plan? I’m thinking maybe that he will have to go on some debt management plan but as he has a few debts to friends and family, i don’t think this would be taken into account. Even if have bailed him out previously to near 2000 on his last time he lapsed.
Any help would be appreciated, thanks.
Sara (Debt Camel) says
Who is the car loan with?
total debt amount not including friends and family?
And how large are the friends and family?
Paul says
Car loan is with MBNA. Roughly 8000 left.
Total debt not including family is about 13000 including the car loan.
Owes family and friends near 6000.
Sara (Debt Camel) says
ok so that car loan is just a loan, not car finance, secured on the car? MBNA have sent this to a debt collector, what repayment agreed?
how much is the car worth? does he need a car?
how much does he earn a month?
what are his housing costs (rent, council tax, utilities etc)?
James says
Hi there, I need your advice on this, please
I took 2 Loans with Loans2Go
1) April 2024: £750 – paid back a total of £842.38 (1st installment of £154.17 + settled it for £688.21 less than a month after the agreement)
2) £650 July 2024 – paid back a total of £1002.05 (2 installments (£127.11 and £177.00 and final payment of £697.94 in September)
Do you think there’s room to challenge them with an affordability complaint, despite the loans being settled?
Thank you so much in advance for your opinions/suggestion
Sara (Debt Camel) says
where did the money come from to settle the debts?
James says
Thanks for replying Sara
To give you context, I used both of the Loans2go loans to clear other short term loans, then both of the times I took other loans before settling with Loans2Go
Sara (Debt Camel) says
So the most important thing is you have to STOP borrowing money to pay other debts.
Definitely complain to L2G – you only cleared the loans by borrowing – that doesn’t mean they were affordable.
But also complain to all the other lenders you have used in the last couple of years.
And next time you are in difficulty, don’t borrow more to repay some debt but ask for a repayment plan … or if you have a lot of other debts like cards talk to StepChange about a debt management plan for all of your debts.
James says
Hi Sara, I sent the email and Loans2Go replied few mins ago saying they are not upholding my complaint.
Please find below a detailed breakdown of the information used when assessing the affordability of your loans:
Principle: Loan Term: Total Payable: Total Paid: Status: Agreement date: 09/04/2024 £750.00 18 months £2,775.06 £842.38 Completed I note you declared your monthly income as £2,100.00 and we verified you received a minimum of around £2,050.47 monthly via an online income verification tool. Following an extensive review of your application and credit file, we calculated your monthly expenses to be around £1,426.41. Therefore, the contractual loan repayment of £154.17 monthly instalments per 18 months would have still been affordable.
Principle: Loan Term: Total Payable: Total Paid: Status: £650.00 18 months £2,287.98 £1,002.05 Completed I note you declared your monthly income as £2,171.00 and we verified you received a minimum of around £2,169.90 monthly via an online income verification tool. Following an extensive review of your application and credit file, we calculated your monthly expenses to be around £1,813.38. Therefore, the contractual loan repayment of £127.11 monthly instalments per 18 months would have still been affordable.
Any suggestions? Should I raise the dispute straight away with Financial Ombudsman?
Thanks
Sara (Debt Camel) says
Straight to the Ombudsman.
Carmen says
I am about to make a complaint using your template for a loan taken out in aug 2024.
Should I be adding any extra information to the template?
The loan was for £960 but the total amount payable is £3003.
It’s been absolutely crippling me and I could kick myself for taking it out in the first place. They couldn’t have done the necessary checks as my house was at risk with mortgage arrears at the time of taking it out and my debts already were quite substantial.
I just need to get something sorted with this one as I can’t bare another year of struggling!
Many thanks
Sara (Debt Camel) says
Add that you had mortgage arrears – they should never have lent to you when they saw that on your credit record
If they reject this or make a poor offer to take a few hundred off the balance, send this to the Ombudsman immediately.
What are your other debts? Current and recently cleared. You may be able to win other affordability complaints too. L2G are totally the worst but you were Already in a mess when you fell into their clutches.
Do you have an arrangement in place for the mortgage arrears?
How much are you paing To other debts at the moment every month?
Carmen says
Hi,
Thanks for getting back to me.
I’ve sent the complaint this morning.
I have an arrangement set up for my mortgage, however loans2go have this morning taken another payment which should have been ‘on hold’ of £187 leaving me absolutely broke after paying my mortgage today! I’m so upset and stressed! And I’m guessing trying to get them to give me this back immediately will be impossible!
I have a final payment to lending stream in February and the other debts are catalogues that I pay around £70 a month to.
Thanks for your advice!
Sara (Debt Camel) says
Cancel the direct debit or continous payment authority to L2G nopw, dont let this happen again. It doesnt matter if this harms your credit record, it’s very poor anyway
lending stream – how much did you borrow? have you had loans from them before?
have you used other payday lenders before?
the catalogue debts, are £70 a payment arrangement? can you list the lenders and the balances?
Carmen says
I’ve cancelled the continuous payment to them just now. My bank has also said to ring them when today’s payment is no longer showing as ‘pending’ and they will try to get it back for me.
Lending streams original loan was for £1000 over 12 months. Total amount payable back is £2000. I only have one more payment next month to them for £93.33. Is there anything I can do regarding this one? I was also in arrears with my mortgage at the time of taking it out.
I’ve never used any other payday lenders before this these ones.
I have a £1500 overdraft on my bank account that I pay no interest on that I’m always very far into.
The catalogues, there is no arrangement for yet but I’m hoping to sort this out too soon!
Thank you so much for your help! I honestly am starting to feel like I’m seeing light at the end of the tunnel!
I will have to list these later when I’ve put my little one to bed.
Sara (Debt Camel) says
Send lending stream a complaint too: https://debtcamel.co.uk/refunds-large-high-cost-loans/
Mention the mortgage arrears and send straight to the Ombudsman if LS reject it
Think about talking to Stepchange about a DMP – it will get all the interest stopped by the catalogues without you having to talk to them
Carmen says
I’ve had a final response from loans2go saying that the loan was affordable. There is no record on there of what was on my credit file. Do I just send this direct to the ombudsman, what other things should I include?
Kind regards
Sara (Debt Camel) says
yes send this straight to the Ombudsman. Attach the rejection from L2G. And 6 months of bank statements – 3 before the loan started and 3 after.
Carmen says
Thank you, I’ll do that.
Shall I send the letters stating I was in arrears with my mortgage too?
Sara (Debt Camel) says
yes
manny says
How long to L2G usually take to respond with an offer ? took out a £1500 in April 2024 over 24 month with £4848 as the pay back about. (I know cant believe i got myself into this nonsense) been in arrears with it since the 2nd month and todate have payed back £1552. Was way into my overdraft at the time and still am hopefully they write this off 320% APR is borderline criminal and the ways they try to mask this awful rates
Sara (Debt Camel) says
When did you complain? They may well take 8 weeks and then reject this. During which time you have made another payment…
If the repayments aren’t affordable, tell them you need a lower payment arrangement and stop them taking the full amount by cancelling the DD or continuous payment authority with your bank. This harms your credit rating but it must have already been bad to be reduced to borrowing from them.
What other debts do your have, what do they add up to? Look at affordability complaints against all of them too. How many days a month are you in your overdraft?
Chloe says
Hello, I took a loan on with loans2go in August 2024 out of complete desperation. I had a mental breakdown in 2023, lost my job and ended up with council tax arrears. I couldn’t cope with the councils constant threats of court, so I did everything I could to get a loan. Once loans2go accepted me and the money was in my account, I knew immediately that I wouldn’t be able to pay it back so I transferred £2,100 out of the £2,200 back to loans2go. I couldn’t give the remaining £100 back as this had been taken by a pending bill in my account. I went to pay the £100 back the following month, and the ‘early settlement discount’ was over £600. I couldn’t and can not afford this, I went to pay some money back on it last week and i now owe £2,300+ and early settlement is )£1, 223. There is no way I can pay this back especially on a loan for £100. I have complained, they just said I signed the contract so you need to pay it. I have also complained to FOS. My credit score at the time of taking out the loan was 23 out of 1000, I don’t think the loan should have been offered to me and the company want my medical records to prove my mental state at the time, which I do not want to provide them with. Please do you have any advice?
Sara (Debt Camel) says
Provide your mental health records and also pursue the case with the Ombudsman if l2G have rejected this.
Sam says
I hope people have been succesful with this, I havent seen anyone come back with heaps of praise.
Hopefully in the future I can leave that post :)
November 2023, £700,I’ve paid back £1,647.38 and have an early repayment reduced balance of £841.39 left lmfao.
The problem is the interest, my repayments have been £143 every month always on time. But it never catches up.
I fell into arrears and have started a payment plan, That started in Feb, I have again missed Marches payment. Out of the £100 spare each month they take £60.
If a third party has ever contacted them does that mean I can’t? (I think Morgan Sanderson did but they were a weird unorganised company and I never fully got what they were actually doing)
Today I have an arrears letter basically saying I’ve defaulted. Thats why I called to arrange the payment plan in Feb!
I’m getting my email together atm.
Sara (Debt Camel) says
If a claims company has ever made a claim on your behalf, you may just get your claim rejected as “already answered” and you may be outside the time limit to go the Ombudsman.
Loans2go lose about 40% of cases at the Ombudsman so this is always worth trying if you are in time.
Sam says
I think Im just within time, deffo within time with the ombudsmen.
In the article it mentions “…loan that started after the end of July 2023, as there are some new regulations about those.”
Mine started in Nov 23, is there anything else I should know?
Appreciate the help!!
Sara (Debt Camel) says
The time limit to go to the Ombudsman is 6 months after the rejection from the lender.
Ciro Casella says
Hi Sara,
I just saw now about your help, about the L2g, and I follow today, the your advice, I ask 2000£ in febbruary 2024 and on my ignorance, I didn’t read about the interest, and they got me…so I pay 270£ a month for 2 year, and is al most 6000£ that, they take, I all ready pay half and left me other 2.800£ to pay, which is ridiculous on 1 loan to pay 4.000£ of interest, I just wondering, if really help the template, that you give as example? Thank you for this metter
Sara (Debt Camel) says
yes this can help. For such a large loan, L2G should have consider your situation very carefully. Send this to the ombudsman (it’s free) if L2G reject this.
Pasquale says
I was take from loan2go 500 pouund in 2023 during was pandemic period I was little bit struggling to pay they change me 2500 pound back in still paid plus they put me on bed credit as well I would like claim all this money back anyone can help me thanks
Sara (Debt Camel) says
There is a template you can use to complain in the article above these comments.
Ciro Casella says
Thank you Sara, I follow the your advice and template and in less of 1 week, they aswer me whit offert,the my loan was of 2000£ and they charge me over of 6000£ to pay in 24 month after that I was a bit tired to pay all this money back, I find this article, and I just follow, what she was suggesting, for the refund…
They offer me the refund of 1.6k plus to remove the my history of credit store, and to stop to pay,, still the loan.
So when I get the email, of this choise, that they make, I was extra happy…
Thank you Sara
Sara (Debt Camel) says
that is a very good result!
Dj says
Hi I wonder when you get your money I am in a similar situation awaiting payment
DJ says
Hi
I have been reading the comments in this thread, I have had a very different experience, I recently paid off my loan that was £1,000 over 18 months over £4,000 paid back, I launched an affordability complaint earlier this week and within 24 hours I had acknowledgement of my email and an email confirming they are upholding my complaint offering me almost £3,500 refund which I am absolutely amazed by, now starts the process of trying to actually get the money, I will be contacting them most days to find out what’s happening.
I am nervous as years ago I had a similar situation with Wonga they offered me a pay out but went into administration and I got a tiny fraction of the payout many months later.
Fingers crossed
Sara (Debt Camel) says
there was another good result reported yesterday, immediately above this comment.
DJ says
Very happy Update
So this afternoon I received an email saying my account details were passed to finance and I should receive the funds by end of play Monday at 15.10pm and by 16.10pm I had a notification to say funds had reached my account, I am actually shaking I can’t believe it, I am so grateful Sara without information like this we wouldn’t know where to start
I would never of thought that if I complained earlier in the week by Friday I would have had a payout.
I know Loans2go are a terrible company and are ripping so many people off, but there complaints procedure can’t be faulted it’s non biased and incredibly fair I feel like I am incredibly lucky, they didn’t ask for every document under the sun. They offered me almost £3,500 way more then I ever imagined and I didn’t even have to argue for a better payout.
I literally copied and pasted Saras example changed a couple of things and sent it. Within 24 hours they had agreed with my complaint saying they could of done more during the length of my loan as I had to set up a CPA as the payments were unfordable.
If anyone is thinking is it worth complaining I would urge you to.
Again thank you Sara life saver
G Lock says
I’ve just sent a complaint, so glad i found this website, i was heavy into an over draft and taking other loans at the same time and before so this was definitely un affordable.
Sara (Debt Camel) says
Look at complaints about the overdraft and other loans too! L2G may be much the worse, but it was the other debts that meant you were already in a desperate situation to even consider l2G… so the other debts were unaffordable as well
G L says
I have done 3 affordability complaints, i’ve had an email back from ps@loans2go.co.uk and i can’t make out what i need to do if anything.
It’s my first email back from ps@loans2go.co.uk after my complaint.
Sara (Debt Camel) says
Sure
G L says
Thank you for getting in touch with us on 07/05/2025 to log your complaint and DSAR Request
Rest assured, any harm caused by Loans 2 Go’s failure to uphold its own, or its regulatory standards will be properly reported on, and a full log of the steps taken to avoid this repeating, and how we will attempt to improve in future will be kept.
Likewise, following our investigation, if we are unable to find fault with how we have handled your case relating to your complaint, we will provide you with a full explanation of why this is, along with the provision of all available next steps you may take.
We may ask for your cooperation at certain points during the investigation process as we gather information, so it’s important you let us know of any special requirements you might have, and any vulnerabilities you may need to make us aware of that might allow us to appropriately support you throughout. A preferred contact method is a great place to start.
We understand there may be mitigating circumstances you need to make us aware of, and we welcome this information if supplied if it helps us more efficiently conduct our investigation. If you do have any documentation, images/screenshots, correspondence etc. you think might be important for us to see during this process, may we ask you send this to us by email (in the first instance) to ps@loans2go.co.uk, including your name, agreement number/reference number (if you have one).
i’ve cut the email short as is too long to send
G L says
So from that email i can make out i need to send some bits supporting my claim. I can send bank statements from months within. What else can i send that would support my claim?
in terms of credit file and stuff, is there anyway of knowing what my score and accounts open from the year and month from said loan?
I’ll send across my bank statements, what else would you recommend could be useful in back my claim up? i could potentially find missed payments forms letters etc.
Appreciate your time.
Sara (Debt Camel) says
what date did the L2G loan start?
G L says
17/06/2024 is when the load started
i borrowed £930
i’ve paid £1385
i still have £1885 to go
and im £545 in arrears
Sara (Debt Camel) says
I suggest you send bank statements from March to September last year.
And add that as your lender they can check your credit record that shows your other debts.
And say email is your preferred method of contact
What other debts do you have, as you need to loo’ at complaints against them too
G L says
i’ve had a response before I have sent bank statements and i think the loan would stay
i can assure you, the affordability assessment was conducted with consideration to your declared income which we verified using online income verification tool, and we also reviewed your credit file.
However, I believe we could have done more checks for you to establish whether you could afford the loan 3 sustainably over the loan term. Therefore, I am upholding your complaint with regards to Loan 3 only and as a result, we have worked out an offer we believe will fully compensate you for any loss you may have experienced. Therefore, it has been agreed to offer a refund of the interest paid on this loan agreement. The refund amount would be £465.58. We would also remove any negative information from your credit file in relation to this loan. This would be a full and final settlement of your complaint.
Sara (Debt Camel) says
It isnt clear to me if they are wiping the rest of the loan – if they are then that is a “full refund” for this loan. You need to ask them this.
If they aren’t, then this is a very poor offer and you should send it to the Ombudsman.
But what were the other two loans? How large were they, how much interest did you pay on each of them?
PS please do not leave duplicate comments!
GL says
It isn’t clear to me either, i’ve asked them to explain better because it doesn’t mention my current loan so i’d imagine they’re offer refund on interest and that’s it.
as they gave me 1 day to send all documents i’ve asked if i can send it now because it suggests i can on the email.
The other two loans are 118 118 money £1400 borrowed and £1877 paid back
i also had a tick tock loan, money platform loan, x2 barclay loans, barclay card, likely loans and credit spring open at the time. All proven on my bank statements
Sara (Debt Camel) says
So if they aren’t clearing the balance, send this to the ombudsman as it is a very poor offer.
And start making affordability complaints about the others: 118, barcalys loans, likely loans – see https://debtcamel.co.uk/refunds-large-high-cost-loans/
money platform – just one loan? how large?
G L says
118 i have sent. Barclays i will do. i borrowed £2300 off barclays in january 2022, in july 2022 they lent me another £5400 still paying both of these loans off not even half way through them, cant afford the payments, been on payment plan since december
money platform was £250 loan £509 back
Sara (Debt Camel) says
Ok you aren’t likely to win a complaint for one £250 loan
I suggest you also put all your debts into a debt management plan with StepChange now. Including the L2G loan.
See https://www.stepchange.org/how-we-help/debt-management-plan.aspx. This gets you into safe place while complaints to lenders and the Ombudsman go through
G L says
Barclays is my bank which i have an £1800 over draft barclay card i’ve been maxed out for for years, and the two loans, is it going to cause problems if i started issuing conplaints to them
Sara (Debt Camel) says
You need a new bank and to put all the Barclays debts, including the overdraft, into a DMP. Then make affordability complaints about all the Barclays debts
G L says
Really, you want me to change banks before doing complaints to barclays?
As for L2G i’ve asked them to compromise there decision other wise i’ll take to ombudsman. so ill see what they say before i take further.
Thankyou for your help so far
Sara (Debt Camel) says
I am suggesting a DMP for all your debts including the Barclays overdraft. This means getting a new bank account.
Your bank has made a fortune out of you, starting with a new one is a good idea anyway. And it means you don’t have to worry about complaining to Barclays s they will no longer be your bank
G L says
I wasn’t accepted on the one you sent me as i’m self employed but done everything with businessdebtline so will ring them monday to discuss options and then seek a new bank. Thankyou
I will let you know of any updates moving forward
G L says
Sara i have great news. I’m so chuffed with this response.
I am sorry to learn that you are not happy with the outcome provided in our Final Response to you. However, I would like to assure you that your complaint was fully investigated.
Please be advised that as per our final response, we are Upholding your complaint and making an offer for Loan 3 which is your current loan.
As we are upholding your complaint on Loan 3, it means that if you accept our offer, we will write off the remaining balance of £1,888.65 and close the account.
We will also remove any negative information reported on your credit file with regards to loan 3 and will pay you a redress of £465.58 which is the Interest and Charges you paid over principal borrowed for loan 3 plus 8% as recommended by the Financial Ombudsman.