Did your payday loans cost so much when you repaid one you had to keep on borrowing?
You can get a refund of the interest you paid on unaffordable loans.
It’s easy to ask for a payday loan refund using the free template letters here. The letters work if your payday loans were repaid or if you still owe money.
This article covers everything you need to get started. It’s easy, free and many people are winning large payouts.
The comments below this article have thousands of stories of the refunds people have got using these letters. It is a great place to ask questions!
Contents
What are “unaffordable” loans?
Was a loan affordable just because you managed to repay it?
No! If paying a loan left you so broke you had to borrow again – from the same lender or a different one – it was unaffordable!
The regulator says:
“the borrower should be able to make the required repayments without undue difficulty, whilst continuing to meet other debt repayment obligations and reasonable regular outgoings.”
That means a payday loan is only affordable if you repaid it on time and you could still manage to pay your other bills and debts.
Payday loans are meant to be used to solve a short term problem. If you kept rolling a loan or repaying one then getting another loan soon after, the lender should have stopped lending to you.
If the loan was small and it was the first loan or second loan from a lender, the lender may not have realised the loan was unaffordable for you. But it was irresponsible lending to just carry on giving you more loans.
Many lenders ignored even very obvious signs of problems such as your loans increasing in size or borrowing very soon after repayment.
How much compensation can you get?
You don’t have to calculate this. Or work out which loans were unaffordable.
Just ask for a refund from the lender and see what you are offered. This is simple and it works well.
The Financial Ombudsman has seen tens of thousands of payday loan affordability complaints.
Payday loans are meant for short term problems and the lender should not have carried on giving you loans, A typical decision by the Ombudsman is that the payday lender should refund all the interest you paid interest after the third, fourth or fifth loan.
But if your first loan was large, or was rolled over several times you could get a refund from just one loan.
Which lenders can you get refunds from?
You can complain to lenders that are still in business, even if they have temporarily stopped lending because of Covid-19.
These include:
Lending Stream, Cash Converters, CashASAP,CashForUNow, Dot Dot, Fast Loan Uk, Fernovo, Ferratum, Kabayan, LoanPig, Mr Lender, Moneyboat, MyKredit, Smart Pig, Oakam, QuidMarket, Savvy, WageMe, Wizzcash,
See this email list for payday lenders for a longer list and all the contact details to use.
Also use these letters for the very high-cost sorts of “flexible credit”, including:
SafetyNet Credit, Drafty, Polar Credit, Tappily.
If the lender has gone into administration, including Myjar, 247 Moneybox, Peachy, Piggybank, Swift Sterling, Uncle Buck:
- you can make a claim to the administrators – there is normally have a simple form for you to complete, see the lender’s website for details.
- you may not get much back but this is very easy to do. And if you win the complaint any negative marks on your credit record will be removed.
- QuickQuid – read QuickQuid’s administration news.
Sunny, Wonga, Wageday Advance, the Money Shop, Payday UK, Payday Express and other lenders who gave up years ago – it is now too late to make a complaint about these lenders, see this list.
For longer-term loans there are better template letters to use on other pages:
- Provident is in a Scheme, Amigo is trying again to set up a Scheme
- other doorstep lenders and other guarantor lenders,
- 118 Money, Everyday Loans and other high-cost large long-term loans.
First, before you send in a complaint
Doing these four things now will make your life easier later.
Get a copy of your TransUnion statutory credit report and keep it. After complaints are started, sometimes loans are deleted and you may want the full report if you later have to go to the Ombudsman. Don’t get an Experian or ClearScore report instead – many payday lenders don’t use those.
If you can log-in to the lender’s website and see your loans, take a copy of them as sometimes they vanish when you complain.
If you still owe money to the lender:
- unless you can afford to make this month’s payment without borrowing again, cancel the CPA to the lender at your bank. Otherwise the lender may take the money and you will be in a mess.
- read the Stop making payments? section in Payday loan refunds when last loan not repaid. If you want to offer a lower affordable amount, add a sentence to your complaint letter saying this.
- if you have a lot of borrowing at the moment, read Escape from the payday loan trap which looks at how a debt management plan can help you.
If your loan was sold to a debt collector you still complain to the original lender but also tell the debt collector that you are disputing the debt. Don’t skip this bit or a debt collector may go to court. It is a good idea to carry on making payments to the debt collector if they are affordable.
Start your complaint & get loan details
You can find the lender’s email address for complaints from this list.
Put “AFFORDABILITY COMPLAINT” as the subject of your email:
You should never have given me these unaffordable loans. 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 this sentence if you know what all your loans were.] I know the difficulties your loans have caused me but I no longer have all the loan details. Please send me a list, showing for each loan when it was taken out, how much interest and charges you added and what I repaid – this will enable me to assess any refund you offer me.
[delete this sentence if none of your loans were sold.]If a loan was later sold to a debt collector, please inform me of the date of sale and the name of the debt collector.
[Only put this bit in if some of your loans were more than 6 years old. This explains why you haven’t complained before. It ‘s only an example, don’t copy it, change it so it covers what happened to you!] [I didn’t know that the lender was supposed to check that I could repay the loan without having to borrow more. I only found out in 2020 when I saw a newspaper article in the Sun/an advert on Facebook for payday loan refunds/a friend said they had made a complaint/whatever.]
This email begins your affordability complaint.
The lender should reply to your complaint within 8 weeks from when you send the email, not when they acknowledge it. Make a note in your diary for 8 weeks time and chase the lender up if you don’t get a reply.
They may send the list of loans sooner, and then later send the response to the complaint, so don’t be surprised if you get sent info on the loans but nothing about your request for a refund.
Don’t be surprised if you have to wait until the end of the 8 weeks to get response. A lot of lenders are really slow.
When you get your loan information, you can send in more details about your complaint if you want. You don’t have to do this, your complaint has already begun and the lender has to reply.
I don’t know if many lenders actually read what you send them. But it’s easy to do – you don’t need to calculate what refund you should get or quote laws.
Change this template so it tells your story.
I have had x loans from you from [2015 to 2016].
Paying you each month left me with too little money so I had to keep borrowing to get through the next month.
For this period my take home pay was about £x a month.
[Include the following details if you know them, but if they varied a lot miss this out My living expenses were roughly: rent/mortgage £x. Council tax £x. Utilities and bills £x. Transport costs £x. Clothes £x. Food, toiletries etc £x. Child expenses £x Other debt repayments £x. Total £x per month.]
You should have realised from the number of times I borrowed that my debt problems were getting worse. It was not responsible to continue to lend to me. [Add more details eg how often you borrowed or rolled loans if you know them, how the amount borrowed generally went up etc]
[Include/change this if your credit record would have shown big problems: My credit reports would have shown all my other debts and problems including late payments/defaults /CCJs/debt management.]
You should never have given me these unaffordable loans. I am asking you to refund the interest and charges I paid, plus statutory interest, and to delete negative information from my credit record.
Some ways to improve this
Add any points that help you describe what happened to you. And delete any bits that don’t matter to you. Some examples:
- “I took out another loan with xxxx to pay you.”
- “Sometimes I borrowed to pay the rent and then had to top-up to get money for food.”
- If you weren’t treated fairly while you were borrowing add a bit about this.
Don’t worry that the lender will say you should have cut back on your living costs, just put down your normal expenses. You don’t need to include evidence about your expenses.
Send credit record and bank statements?
Some lenders ask you to send them a copy of your credit record, your payslips or bank statements. This is mostly to be difficult – the lender can check your credit record themselves if they want.
Don’t send payslips – they won’t help an affordability complaint and the ombudsman never asks for them.
Send bank statements if you want, but think twice about the cost of copying and postage if there are a lot. Most lenders seem to ignore them if you do send them.
Some people feel these are personal and they don’t want to send them to a payday lender. If you don’t want to send them, tell the lender you will send the Ombudsman any information that is needed.
Rejected or a poor offer?
If the lender rejects your complaint or offers you a small amount, don’t be depressed. You may still have a very good case!
It is easy and free to send your case to the Financial Ombudsman where many thousands of people have won their payday loan complaints, despite being rejected by the lender.
Give up?
Some lenders try to make your case sound bad when it isn’t. People have had large amounts refunded after a complete rejection!
Just ignore any of the following comments, they do not mean you have a weak case:
- they relied on your loan applications and you didn’t give the full facts – see Lender says I lied for more about this;
- you repaid some loans early – this doesn’t prove the loans were affordable, just that you were trying to save interest;
- your borrowing didn’t go up every time – irrelevant, what matters is that you kept borrowing;
- you had a good enough credit score or they didn’t legally have to check your credit record;
- your loans are over 6 years old – the Ombudsman will look at these even if the lender says they won’t!
Will a lender improve an offer?
You may be wondering if you should go back and try to get the lender to give you a better offer. Most lenders won’t do this, but a few may if you make out a good case – this includes Mr Lender and SafetyNet Credit. For example if they have offered to refund loans 6-12 you would be happy if they included one or two more, you can say why you think loans 4 and 5 should also be refunded.
A good enough case to go to the Ombudsman?
If you don’t know what to do, ask in the comments below this article. Accepting an offer settles your whole complaint – you can’t change your mind later.
Don’t worry that you will lose a small offer by going to the Ombudsman – this doesn’t happen.
Some points to think about:
- if you are offered a refund on only a few loans, don’t accept if you think you paid a lot more than that in interest. Some lenders offer a few hundred pounds to people who get ten or twenty times as much from the Ombudsman.
- an offer to write off your current balance may sound good … but it may be very poor if you should get a refund as well, see Refunds when you have a balance owing for details.
- if getting defaults or late payments removed from your credit record is important to you, are you happy with what the lender is proposing to do? Don’t assume your credit record will be cleared if the lender didn’t mention this.
One or two loan cases are hard to win at the Ombudsman. It’s probably best to give up on one or two loan cases unless:
- the loan was rolled or topped up several times; or
- the loan was large. Here is a single MyJar loan case that was won even though it was an instalment loan and the borrower had a good income because it was for £3,600. And a single loan Sunny case for a loan of £1,000. You can win cases for smaller amounts if the repayment would have been a large amount of your income; or
- you still owe money.
Don’t delay too long – there is a 6-month time limit after a lender rejects your complaint to send the case to the ombudsman.
How to send a complaint to FOS
Put in a separate complaint about each lender.
Don’t wait until all your lenders have replied before sending the first one to the Ombudsman!
One reader said: They couldn’t be any nicer. Caroline Wayman, the Chief Ombudsman, says:
It’s really OK to phone up and say, ‘I don’t think it was fair.” It’s not court; you don’t have to turn up with your ‘heads of claim’, you don’t have to write a fancy letter. Tell us your story and we will do the rest.
FOS’s “complain online” option is easy and takes you through your complaint step by step.
You can just copy what you said in your complaint to the lender. Add more details, for example, if you disagree with what the lender replied to you. Include a paragraph about having only just found out you could complain if some of the loans are more than 6 years old.
Things to attach:
- the reply you have had from the lender.
- bank statements if you have them. Ideally from 3 months before your first loan until the last loan was repaid or you defaulted on it. This strengthens your case, showing how unaffordable the loans were. You can still get bank statements even if your account is closed – if you don’t have them, start the process of getting them now, don’t wait until FOS asks for them.
- a copy of your TransUnion Statutory credit report.
What happens after you have sent a case to FOS
You will normally be contacted within a couple of weeks and asked for a copy of your credit record and your bank statements if you haven’t sent these. If you have sent these on one complaint, then when you complain about a different lender they will use the ones they already have.
After this initial contact, your case will wait for the lender to send FOS your case file and then wait to be picked up by an adjudicator who will make a decision on it.
If you are still making payments to the lender, tell the lender you want to reduce these to an affordable amount. This will make waiting for an Ombudsman decision much less stressful for you.
The Financial Ombudsman has a two-stage process. Most cases are settled by the first “adjudicator” stage but about 10% go to the second “Ombudsman” stage.
A few problem cases
Don’t ask for a refund:
- if you are bankrupt now or have been bankrupt in the past – any refund would go to the Official Receiver.
- if you are in an IVA, as refunds will go to your IVA firm not to you. If your IVA has finished the refund may still be sent to your old IVA firm.
- if you are in a DRO now, getting a refund may mean your DRO is cancelled!
More help
You can ask a question in the comments below – you may get a reply from someone who has been in your exact situation.
If you need help to complain, go to your local Citizens Advice, they will help for free.
Don’t use a claims management company. They are expensive and often incompetent. It’s easy to do this yourself and you can ask questions below and get replies from other readers who have done this.
Ask for a refund for large bad credit loans
Will you get a refund from Mr Lender?
How to complain about a guarantor loan
Miles says
But when you click on the “exceptional circumstances” link, it doesn’t take you to any exceptional circumstances. It just takes you to this page
https://www.financial-ombudsman.org.uk/#exceptional_2
where there is no mention of what the circumstances are.
Doesn’t sound very transparent or fair to me, if they can’t even be bothered to put up what the circumstances are.
Sara (Debt Camel) says
Just send to Ombudsman.
louise says
Hi Sara, I have a complaint about loans at home doorstop company and they rejected so i passed to financial ombusman and awaiting the outcome but they have sold my debt to moorcroft? Is this allowed? when have a open complaint? Kind Regards
Sara (Debt Camel) says
yes, if the Ombudsman upholds your case, LaH will have to sort it all out with Moorcroft.
Louise says
Thank you so much for advising you are the best! Have a lovely weekend
Sab says
I have just received an offer for £325 from CashASAP as a refund for the interest on 8 of my 14 loans I took out. If I take this too the FOS to attempt to get a refund on all what happens to the offer of £325? If the FOS does not agree will I still be able to take that initial offer? Thanks
Sara (Debt Camel) says
is the refund offered for the last 8 of your loans?
do you owe any money on the last one and if youdo, is that also being cleared?
the 6 that aren’t being refunded, how large were these loans?
Lee says
Sab,
I counter offered with Cashap. Emailing back asking them to increase the offer filling final response my offer was similar to your about £350 in the summer but got them to increase it to a flat £500. I basically said I will go the financial ombudsman if you don’t agree this offer to settle amicably now. If you don’t want to wait months this sometimes can be a better option.
I worked out what I thought I was owed. Then deducted the difference between what they offered and the total interest paid. This amount I said I would basically half and not apply 8% on top of they settled now with me as a compromise.
Bobby says
Hi,
I’ve just made an affordability complaint to lending stream.
I stated in the email they shouldn’t have lent to me as at that stage I ready had a number of credit card defaults and a bank loan.
Lending stream passed the debt onto Lantern a while ago and I recently negotiated a partial settlement with them (3 payments of £165), next month with be the final payment.
My main aim is to get lending stream to remove negative markers on credit file Experian as it defaulted in 2018, I feel it’s too long to wait to drop off.
Does it sound likely this could work?
Many thanks
Sara (Debt Camel) says
Was this your first loan from them? How large was it?
Bobby says
Thanks for the reply
Yes it was. £400 but this ended up at around £773 due to not being able to pay on time
I’d had others previously (casheuro net & instant cash loans) that I paid fully & on time and 3 that I defaulted on (wda, quickquid & this one).
WDA doesn’t show on any credit file so I’m not too fussed (have partially settled with Lantern anyway) & quickquid I made a complaint to but wasn’t successful (also partially settled this month with ARC)
Sara (Debt Camel) says
I am afraid it is pretty unlikely the Ombudsman would uphold that complaint. It’s not impossible but it would be unusual as it was only your first loan and it wasn’t large .
Aaron says
Hi guys, I have had a lot of loans in the past 5 or so years, I just quickly visited 24/7 money box and swift sterling on my mobile but it is saying that my safari is warning me of an expired certificate and someone may be impersonating them and an attacker may compromise my connection, is it safe to still visit the site ? I’ve had about 9 lenders of multiple loans and think if have a good case against each. Thanks
Aaron
AM says
Hi I am just wondering if anyone can point me in the right direction, I am looking to get full statement of my account for Poundstillpayday dating back to 2007-2008
I have emailed the administrators and they keep sending me info from QuickQuid (I definitely did have loans from this company I used to log in using my NI number
I tried MMP email address no longer in use
Poundstillpayday email address no longer in use
I have emailed Northway but no response whatsoever can you help or advise me please?
Sara (Debt Camel) says
I think you are confusing two different lenders.
QuickQuid, parent name Cash Euronet, had a brand name Pounds To Pocket.
Pounds Till Payday was a brand name of the Malta based landers, parent Northway.
But in either case it is now too late to make any claims I am afraid.
A-M says
Thank you for your reply, I have already made a successful claim, few years back I am just looking for a statement of the account.
In terms of confusion Halifax gave me the details of Grant Thornton as administrators for Poundstillpayday when I contacted Grant Thornton they said PTP is being managed differently as it is a different legal entity. But have forwarded my request on as they found Limited info on the PTP loans.
I was just wondering if anyone knew who I would contact for the info.
Thanks again A-M
Sara (Debt Camel) says
is for a tax refund?
Vanessa barker says
Hi sara just currious im going to send letters to some of the creditors listed above i have paid them loans off but i have some current ones that are with step change can i still write to them for affordabilty claims ? Will it affect my dmp ?
Sara (Debt Camel) says
Yes you can make an affordability complaint about debt where you still Owe a balance. It won’t affect your DMP.
If the debt is now with a debt collector, your complaint goes to the original lender.
Bruno says
Weirdly I noticed that the 6 Ferratum payday loans I had on my report in the closed accounts got removed. I don’t have an affordability complaint against them or have not disputed any of the accounts via TransUnion.. I wonder if people have had theirs removed too?
If so, do we know why? (I am not annoyed of course, jusy wondering)
Many thanks
Sara (Debt Camel) says
Do you think the loans were unaffordable?
Bruno says
I absolutely think these loans were unaffordable when I complained to them 2 years ago. At the time of the complaint, I had an outstanding balance of £500 which they wrote off. I had taken 8 loans from them in a short space of time. I didn’t escalate this case to the FOS as my main goal was to get the one with the balance removed and I achieved that from my complaint.
I now wonder if with this recent change, of them removing these loans from our files, would be grounds to make contact with them again to get an official explanation and potential redress if applicable?
Sara (Debt Camel) says
No, you should have taken the case to FOS then.
Have you looked at an Experian and Equifax report? Sometimes a lender just switches which Credit Reference Agency it reports to.
Bruno says
Nothing anywhere else. I just checked today.
I will just leave it as it is. If stays out of the report = happy days.
Thanks again Sara
Mike_p says
I just checked mine and 6 Ferratum loans from 2017 and 2018 that were on my credit report in June are no longer there. I did make a complaint about them but that was a number of years ago and they just gave me a refund on one loan. I’m quite glad I saved a copy of my report in June actually as I’m making some complaints about credit card limit increases that occured when I had the Ferratum loans, and the FOS have just started asking for my credit report.
I did wonder if they might be winding up soon as they still aren’t taking any new loan applications so they can’t have any income.
Mike_p says
The Ferratum website says they are now Ounapuu, who seem to just be dealing with complaints.
Sara (Debt Camel) says
The company has legally changed its name. Catchy isn’t it? Not.
Sharon says
For anyone who has had loans with 24/7 Moneybox, I have just read their latest update asking the court to extend the administration for another year November 2022, that will be 3 years and will now probably end up with little or no redress, are they allowed to do this Sarah?
Sara (Debt Camel) says
Yes they can do this.
This doesn’t mean any payout will be delayed until November next year – there is a lot of work for the administrators to complete after distribution to unsecured creditors.
It has always been likely people with affordability complaints will end up with very little redress.
– in January 2020 in their original proposals the administrators said it was likely to be “minimal”
– in July this year the most recent progress report said “Please note that any potential dividend remains uncertain at this time, but it is likely to be very modest.”
Andy says
Hi
Does this mean credit files wont be updated for another 12 months? As soon as these loans are removed from my file I will be in a position to apply for a mortgage, so waiting another 12 months will be really inconvenient.
Thanks
Andy
Sara (Debt Camel) says
have your loans been upheld as unaffordable?
Andy says
Hi Sara
I have 6 loans in total with 247 and have been notified via email from them that I have been successful in an unaffordability claim as part of their redress process, however they haven’t made it clear if this is for all or some of the loans. Their website has a question mark next to each of the loans so this is unclear too.
Thanks.
Sara (Debt Camel) says
you need to find out so you can appeal the decision if you don’t think it is right. Are there defaults or missed payments showing on your credit record?
Faye says
Hi I checked my credit karma report last week and Active Security came up as a closed and paid account I owed them money took me a while to figure out it was 247 moneybox, I check back and they had never shown on any previous report so just this months
Faye says
247 Moneybox (Harrison website)
NOTICE OF
APPLICATION TO COURT
I refer to the appointment of Paul Boyle, Anthony Murphy and David Clements as Joint Administrators of the Company on 29 November 2019.
Under Insolvency legislation, administrations come to an automatic end after the period of one year from the date they commence. However, administrations may be extended for specified periods. Administrations are extended for a variety of reasons, such as to collect amounts due and to finalise the work required to be done in the case. Administrations may initially be extended by consent of creditors for a specified period not exceeding one year, and thereafter by order of the Court. The administration was extended by creditors for one year in November 2020.
The Joint Administrators have applied to Court for a further extension of the administration for a period of one year (to 28 November 2022). It is believed that no further extension will be required. The Court will hear this application on 23 November 2021.
The reasons the extension is required include:
• To continue the recovery and realisation of the Company’s remaining debts.
• To complete and finalise the redress calculations procedure.
• To prepare for a potential dividend to unsecured creditors of the company.
Faye says
Hi Sara
Sorry to be a pest… I have just had another email from moneyshop saying they have my details from 1st redress payment so don’t need them again🤷🏼♀️
Sara (Debt Camel) says
oh! thanks for that info.
Bobby says
Good evening Sara,
I’d like some advice as I’m not sure if I’m getting a good deal.
To cut a long story short I took out a lending stream loan in 2017 that I couldn’t pay back and defaulted on, which was eventually passed to Lantern.
I negotiated a partial settlement of £500 with Lantern to close the account in 3 payments (last to be made this Friday).
The thing is I made an affordability complaint a few weeks back and heard today my complaint has been upheld.
Original loan amount £400 increased to £773.40 due to interest being added.
Lending stream said they will refund £25.24 and remove negative markers on CRA.
The issue is I’ve already paid two lots of £166.66 to Lantern with a final payment this friday.
Sara (Debt Camel) says
I negotiated a partial settlement of £500 with Lantern to close the account in 3 payments (last to be made this Friday).
are these the only payments you have made? None before to LS or Lantern?
Bobby says
I paid £1 installments via a DMP totalling around £40 before I came to the arrangement in September for the partial settlement.
I’m pretty sure LS don’t know about any of this as they sold the debt on in March 2018 to Lantern
Sara (Debt Camel) says
Go back to Lending stream and say you want your payments to Lantern taken into account and for the default on the Lantern credit record to also be removed.
Bobby says
Thanks Sara I’ll do that.
I will say Lantern are one of the most disorganised companies I’ve had to deal with. On my credit report it’s still showing under LS even though it says this debt was passed on to another company. I emailed Lantern as to why they haven’t been updating my credit report since Dec 2019 and had absolutely no reply.
I’ll email LS today, thanks
Sabrina says
Hi,
Is it right that when you put an affordability complaint in with moneyboat that they reply with this “ 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” as part of their response ??
To me it sounds like a threatening reply.
Sara (Debt Camel) says
They send that to everyone. So far no one who has sent a complaint to FOS if MB turn it down or make a poor offer has had any problems with this.
PIE1400 says
Hi Sara,
Received an email with my adjudicator and it says
In relation to your complaint:-
Can you please explain when you first became aware that the business may have done something wrong – and what prompted you to realise this?
my question is how my answer to this will affect the outcome of my complaint as i can’t really remember the exact month and year .i started my complaint to the business in Oct 2020 and my last payment to my loanto them was Oct 2019 . i’ve been taking a payday loan to the said company since 2013 and i had a total of 10 payday loans to them.
Thank you,
Sara (Debt Camel) says
As I said above, FOS wants to know how and when you because aware. It doesn’t have to be a precise date “summer 2020” will do fine. If you complained in October, do you think you had recently found out about these complaints? If you can remember how you found out, that can sometimes help you to remember when.
If you don’t explain to FOS when you found out, they may decide not to look at your complaint at all.
PIE1400 says
Hi Sara,
I’ve just made an affordability complain to Kabayan in oct 2020 and it is now with FOS, i had a loan with them since 2013 until 2019.
Kabayan said they are not convinced that the previous loans contributes to my debt problem as it is over a year already since my last payment.
i have received a email from adjudiacator and it says;
In relation to your complaint:-
Can you please explain when you first became aware that the business may have done something wrong – and what prompted you to realise this?
my question is I’m not sure how my answer will affect the outcome of my complaint and what is the best thing to say.
Thanks
Sara (Debt Camel) says
You are being asked this as a check as to why you are making a complaint more than 6 years after the loan was given.
FOS will look at your complaint if you have only found out you have a reason to complain in the last 3 years. So you may have known from the start that the loan repayments were causing you problems but thought it was your fault, not knowing that the lender had a regulatory duty to check the loan was affordable for you. So explain to FOS exactly when and how you found out what an affordability complaint was. Perhaps a friend or relative told you. Or you saw an advert from a claims firm on Facebook or Instagram. Or you saw an article about Wonga or Amigo and wondered if the same would apply to your lender.
PIE1400 says
Thanks Sara, this website is really a great help.
God bless x
Nats says
I haven’t heard anything from Piggy bank since January 2020 when they agreed a sum with me but advised that they had gone into administration so it would be a lot less.
Has anyone heard from the administrators at all? How many years do these things take normally?
Thanks in advance
Debbie says
Has anyone heard from Quick Quid or 24/7 money box on when payout will be
Ross says
I’m unsure about QQ but, Moneybox247 administrators have (apparently) requested another year to wind down the company so it will be well in to 2022 before we receive anything (if anything, that is).
Harley says
Hi Sara, I had a loan with moneyboat and had to enter a DMP, all payments were made in time but moneyboat put my loan as default. when i wrote to them to remove the default on my credit report, as i hadnt, they did, but only on my equifax not experian. now when i raise a dispute on my experian it gets rejected straight away?
Sara (Debt Camel) says
1) was this your first loan from Moneyboat? If it wasn’t, or if it was your first loan but it was very large, you may be able to win a claim for unaffordable lending. See https://debtcamel.co.uk/payday-loan-refunds/ for a simple template to use and that page explains more about these complaints.
MB send an automatic replay saying they may accuse you of fraud – they send this to everyone, no-one has had a problem if they continue with the complaint. Also MB reject a lot of good complaints so send it straight to the Ombudsman if they do.
If you win an affordability complaint all negative marks are removed from your credit record AND the interest is removed so your DMP will end sooner.
2) if you have borrowed from other high-cost lenders, look at making affordability complaints about them too. Whether the debts are repaid or are in your DMP.
3) How long will your DMP last? unless it is very short, it is usually BETTER to have the debts defaulted as they will drop off your credit record sooner. Undefaulted debts with their payment arrangement/arrears markers will remain for 6 years after they are settled.
Debbie says
Has anybody just received an email from quick quid as I have and there’s nothing to click on to see up date
Maria says
Yes I did the same no update shown
c says
I got the email and used a previous link to log in. All payments have to be made by March 2022. It also says anticipated dividend to unsecured creditors in the region of 30 to 50p in the pound but I’m not 100% sure that also means redress creditors. I for one will just wait and see.
Sara (Debt Camel) says
See my comment on this on the QuickQuid page: https://debtcamel.co.uk/quickquid-casheuronet-administration/
Kelly says
Hello Sara,
Do you know when Piggy Bank are likely to be paying the redress? I keep being told by them that they don’t know. It has been about eight months now. Shall I just wait a few more months? I have a similar situation with My Jar too.
Thanks
Sara (Debt Camel) says
Nothing you can do except wait.
Michael Butt says
We’ve heard nothing for ages on Piggy Bank (I’ve forgotten what my amount was it’s been so long!) but your best shot is to set up email notification on here and you’ll know soon enough when anything gets announced
Kelly says
Thanks both!
Faye says
Hi, Sara
Harrison(247moneybox)
They have a new update, I think I’ve read it right but are now saying around 5 or 10 percent of claim may be paid after new year? Maybe some good news
Christina Wynne says
Hi has anyone had any update from myjar? I sent in my complaint in July and it was accepted but haven’t heard anything since?