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, Satsuma, Fernovo, Ferratum, Mr Lender, Moneyboat, Smart Pig, CashASAP, CashForUNow, Fast Loan Uk, LoanPig, Kabayan, MyKredit, Oakam, QuidMarket, Savvy, WageMe, Wizzcash,
See this email list for payday lenders for a longer list and all their 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.
- Sunny – read Sunny goes into administration – what should customers do? for how you can put in a complaint
- QuickQuid – read What will happen in QuickQuid’s administration for how you can put in a complaint.
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,
- Amigo 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
Tom says
Hi Sara
Is there anything to do about claims against payday lenders who lent unaffordably but who are no longer in business?
I appreciate there’s no money left for redress – I’m really asking about the credit report element.
Thanks
Sara (Debt Camel) says
Which lenders? Have the debts been sold?
James says
Morning
I have been offered the amazing about of £5780.69 from Lending Stream after a claim company (I know I should have don’t it myself) escalated to FOS
I have agreed the amount but lending stream are saying they will keep 20% of the 8% interest “as HMRC requires”?
Is this right??
Sara (Debt Camel) says
yes it is, but you can claim back up to £200 of this deduction from HMRC if you are a basic rate taxpayer and all of it back if you are a non taxpayer. See https://debtcamel.co.uk/ppi-payday-refund-get-back-tax/
James says
Thanks very much :) Without your site I would have never even thought to try to claim.
They have wiped loans which were part of a DMP and by using the money I am almost debt free and have savings for the first time ever. I can’t thank you enough for what you do.
RD says
Hi Sara. My loan was sold to a debt collection agency before I made a complaint. The complaint was upheld. The collection agency are aware of the complaint and the balance has been amended. They have now sent me an email stating that if I do not settle or make an partial serpent offer within 30days they will report the account as defaulted. Currently unemployed and receiving benefits, which they know. Is there anything I can do?
Sara (Debt Camel) says
who is the lender?
how large is the balance?
do you have other problem debts as well?
RD says
The lender is peachy. The complaint has been upheld and they agreed it should not have been lent. It’s the collection agency threatening me I’m with defaults if I don’t settle up in 39 days. It’s for £560 and yes I have 6 other loas that I’m paying £5 toward from my benefits.
Sara (Debt Camel) says
What is the total of these other 6 loans?
RD says
Total is £21,343.
Sara (Debt Camel) says
That’s a lot. Have you talked to a debt advice about your options?
realistically it will make very little difference if this peachy loan is defaulted or not, I think you need to look at the bigger picture.
Emilie says
Hi
I have used your letter template this morning and email a number of lenders – thank you so much for the template!!
I have had a reply from Mr Lender already, and I was hoping you could advise me on what to do next.
I took out 2 loans with them in 2016:
Loan 1 – Approved 27.06.2016 – Amount £100.00 – Repaid £131.20 – Interest £31.20
Loan 2 – Approved 05.08.2016 – Amount £200.00 – Repaid £111.46 – Interest £0.00*
*I repaid a further £169.83 to SLL Capital in relation to this loan. Meaning the total repaid on this loan was £281.29, £81.29 in interest.
They have told me that as I only took out 2 loans, they have no evidence that I was experiencing financial difficulties even though I did not repay one of the loans and it ended up being sold to SLL. They have told me they will not give me a refund, but can offer me a goodwill gesture of a £25 voucher instead. They have also said I can go to the Financial Ombudsman if I want to.
I am happy they responded but I am not sure what to do now.
Are you please able to help? Thank you in advance :)
Sara (Debt Camel) says
it’s pretty hard to win a two loan case at the ombudsman when the loans aren’t large. I think you may struggle with that one.
Emilie says
I assumed as much but I didn’t want to reply to them without asking for advice first. Thank you for your reply!
Lynne says
Hi Emilie they did exactly the same to me. I’d taken out 3 loans in total and paid back 2 in full, so I too got the ”£25 goodwill gesture’ email because I hadn’t paid the 3rd loan.
Emilie says
Hi Lynne. Did you accept the voucher? If so, have you ever received it?
Lynne says
Hi yes they paid it straight into my bank within about 2 hours. To be honest I needed every penny as I wasnt working and I couldn’t be bothered to argue so I accepted it. But the main thing for me was that they agreed to remove them from my credit file so a decent result really.
Charlene Francis says
I had exactly the same with Mr Lender. I tried to negotiate more but they stood firm. And said if I wasn’t happy to go to the FOS. I went to the FOS who have come back today to say they are not upholding my complaint due to loan sizes, £250, £750 And £500 the last one is still outstanding. And they find they were outstanding.
I wish I had taken up Mr Lender on the £25 voucher offer now lol.
Hannah says
Hey, I raised a affordability complaint with Uncle Buck after they had gone into administration, they upheld my complaint and said the information would be removed from my credit file. Then i found out that they were referring to a loan I had took out with them and paid back in full, I was referring to a second loan that I had taken out after the first what I never paid back, they then sold this to a debt collecting agency. The worse thing is I never knew they was talking about the first loan but when I took out the second loan I was in an even worse finance position from when I took out the first loan and they agreed this is unaffordable. I feel like they deceived me here and now they have added a default on my account in 2020 when the passers it to a debt collecting agency when the loan is from 2019 , what should I do ? Please help. Should I raise another complaint?
Sara (Debt Camel) says
have the administrators agreed the second loan was unaffordable?
was the second loan sold by the administrators or by UB before adminstration?
Hannah says
Hey, they agreed the first loan was unaffordable but when I raised my complaint I was complaining about the second loan that was still outstanding. I was in an even worse position when I took out the second loan, then they said a refund would be granted if there was enough after the selling of the business in administration and all negative information would be removed from my credit file which I was more than happy with it wasn’t about the money it was more about the negative impact on my file. Then they issued a default on my account in Jan 2021 for the second loan that was then sold to a debt collection company and they issued a default on my account also , which means I have 2 defaults for the same loan. This loan is back from 2019 and 2years later the negative impact has been added, I am totally gutted and feel completely deceived , please help.
Sara (Debt Camel) says
which means I have 2 defaults for the same loan
this actually isnt something to worry about – it always happens when a loan is sold and credit scoring calulations ignore one of the defaults.
But the fact you have a default at all is wrong here. Have you asked the administrators why they have added a default on a loan they have decided to be unaffordable?
Hannah says
Hey Sara, sorry I think I am being confusing , they show situation is a mess.
1st Loan (paid back in full on time) – this was the Loan they deemed unaffordable and removed the negative impact on my file – even though there was none as this was paid back in full hence the reason they gave me a second loan.
2nd Loan (not paid back) – This is the loan I sent a complaint about , so when I received the response to say yes it was unaffordable and they would remove al l negative history of this , I was over the moon. I was in an even worse financial situation when I took this loan.
Then I received a letter to say the 2nd loan had been sold to a debt collecting agency and a default added to my credit file in 2021 even though the loan was in 2019 , the debt collecting agency have added a default for this aswell which means I have 2 default on my file for the same loan. I had no knowledge of this as I thought the issue was resolved, they sold this loan very quickly after I received my response. I feel like they deceived me and now I have this negative impact. It’s really bad and took a complete toll on my depression. I didn’t even care about any money coming back to me , I was fighting for the negative information to be removed and now this has been tarnished.
Also to add , when I raised the complaint I didn’t know the reference number for my loan . They never asked what loan I was referring to and took it upon themselves to assume it was the first loan. Hope this makes sense.
Sara (Debt Camel) says
you need to focus on the bits that need to be changed – this will be less confusing. So I suggest forgetting:
– the two defaults issues (it isn’t really a problem at all)
– and the hassle you had getting them to agree both loans were unaffordable (annoying but not relevant from here on).
They have told you the second loan was unaffordable and they would remove the negative history. They haven’t done this. Have you asked why?
Lynne says
Don’t let them get away with this. They said to me the unaffordable loan I was referring to was a different reference number that was on their records. It got sorted eventually but it all just goes to add more stress. Awful company in fact one of the worst.
Hannah says
Hey Lynne, thankyou. Can I ask how you managed to get this sorted? Any advice would be a big help x
Lynne says
Hi Hannah, uncle buck told me a couple of times they didn’t think I had an unaffordability complaint. I didnt give up and on the 3rd or 4th email eventually they upheld my complaint and said I would be due for £84 but because there was no money in the pot I wouldn’t receive anything and it’d be closed and removed from my credit file. I was happy with that decision.
Just as that was sorted someone called TM Legal Services started contacting me (out of nowhere) to say I owed £1,000 to uncle buck! I told them UB had upheld my unaffordability claim and sent them the email as proof but they then said we need to check with UB as this is a different loan ID number. Basically I told them my circumstances (unemployed etc) and they agreed to write off the other loan and remove it from my credit report.
It feels like a game with these people sometimes but honestly don’t give up. You’ve got to fight and it does wear you down sometimes but it’s your well-being that’s important at the end of the day. I feel like such a weight has been lifted now.
Hannah says
Thankyou so much for this. Can I ask, did you go directly through the debt collecting agency or back to UB? Was the process long, this has had a massive impact on my mental health it’s never ending. Q
Lynne says
No problem Hannah. It was Uncke Buck direct who confirmed to me they’d upheld my loan affordability complaint, but then it was the debt collection agency who were pursuing the ‘other’ loan. It was someone called TM Legal services. I emailed them directly and they responded to my email literally within half an hour. The whole thing was resolved almost instantly.
Hannah says
Thankyou Lynne, sorry just one last question. You said below this was resolved through the debt collecting agency, did they remove the negative impact UB had left on your credit file ?
Lynne says
Yes the debt collection said they’d contact the relevant department in order to get it removed. It can take around 4 weeks so I haven’t seen it come off yet but looking forward to next months report when I can see the changes! Best of luck!
Hannah says
I can’t reply to your last comment , just wanted to say thankyou for all your help! I wish you all the best with your current issues and hope they are resolved quickly! Thankyou x
Hannah says
Hey Lynne, sorry do you have the email address you used. I have emailed and had no response at all.
Thankyou
Lynne says
Lending Stream update. Their final response was that they’d acknowledged 1 out of 3 loans was unaffordable. They reduced the balance from £730 to £300. I explained that I still was unable to pay due to being unemployed. They’ve now written off the rest so I have no outstanding loans with them! Also they will remove it from my credit file. I can’t tell you how relieved I am about this.
Sara (Debt Camel) says
that’s good!
Sally says
Hi Sara,
Update on lending stream
FOS adjucator ruled in my favour and lending stream came back and accepted the decision , I accepted the offer today morning and they said it would be around 28 days for the refund to be issued but to my surprise it’s in my bank account already .
3 more cases left
Mrlender – awaiting to hear from them after fos adjucator ruled in my favour
Carcashpoint- with senior ombudsman
118118money with adjucator
Thanks again Sara for this great site
God bless
Marg says
Another Lending Stream success story…
I complained on 18th March, they returned a summary of the 54 loans I had taken out between Apr 14 and Aug 18 on 1st Apr.
I followed up with a little more info per the template above and today they have decided to refund the interest on loans 2 and 6 – 54, saying that although they were affordable that the number and time between the loans means they should have considered whether it was a good idea for them to make those loans.
all in all I am going to get just north of £14,000 back, which is amazing as I have a leaking roof and need new doors on my house … not glamourous, but I am so happy not to have to worry about how to get the money without borrowing more.
Good fortunes to everyone still claiming, I hope you all get speed resolutions
Bob says
Hi, well done on the result, I had to go through the FOS with my complaint, and they have agreed to the recommendation made – have you had your refund paid into your bank yet?
Marg says
Yes thank you, I received the money on Sunday.
I have since paid off 2 loans, 1 defaulted debt, and my water bill; put up money for a contractor to replace my roof, helped my daughter with her debts, and paid down my credit cards a bit.
I can’t remember the last time I was this financially sorted… no more stupid payday loans for me.
I hope your payment comes through quickly :)
Bob says
Thank you, I accepted and confirmed bank details via FOS a couple of weeks ago, this week LS wanted me to reconfirm bank details, and the payment had been made over the weekend. Such a relief it’s come in as at the back of my kind I was worried if they would also enter administration.
Glad you have been sort out your roof
Marg says
Glad you got your payment okay, the rate these firms are falling I am not surprised you were worried
Ashley says
Hi there,
Hoping you can help me understand if I have a claim here or not, and to find out if claiming against SafetyNet Credit is normally successful.
I first took £100 out with them in November 2018. I had several other loans out at the time and had been rejected elsewhere so didn’t think I would get accepted. The last time I ‘borrowed’ from them was March 2019. In that time (4 months) I ‘borrowed’ from them 15 times, not fully realising how bad the borrowing was due to them being linked to my bank account. On some occasions during this they would take large sums from my account and then I would ‘borrow’ the money back the same day or a couple of days later. One example of this was 600.43 was ‘paid back’ which cleared my debt with them however 2 days later I had to ‘borrow’ 520 again to be able to afford to live. This didn’t happen on just 1 occasion during the 4 months. I am now repaying the loan back through a debt collecting company as I unlinked my bank account due to the loan getting larger and larger.
Would this be something I cam claim againt?
Sara (Debt Camel) says
Yes that sounds like good grounds to complain. Although this isn’t a typical payday loan, use the standard template in the article above. They set your credit limit way too high for you to be able to repay without needing to borrow more.
A LOT of people have had success against them.
Kate says
Hi,
I made a complaint to paydayloans.net last march, I never received a response so emailed them again last year for an update, again I never had a response. I emailed them yesterday and they have sent me an email that they claim was sent last year. The final response letter is not in my inbox, I’ve never had an email back from them until today.
The final response from them says out of 7 loans they will refund the fees and interest out of good will. However I was on a debt management plan when the loans were taken out and had a number of other payday loans.
I know the cut off with FOS is 6 months but surely in these circumstances it could be an exception?
Sara (Debt Camel) says
ok, so what exactly did they offer you in the “reply” you never received? Was that offer acceptable?
Kate says
So they offered me £300 as a good will gesture to cover the interest and fees paid towards the last loan. In total I took 7 loans out over the space of a few months.
In total I have paid just over £800 in fees and interest.
Sara (Debt Camel) says
well it isn’t a dreadful offer. If the first loans were small they would be unlikely to be refunded. Have you said you would like to accept and they have refused?
Kate says
They offered 300 as a good will gesture for interest and charges occurred from the last loan. But accepted no responsibility.
I borrowed 7 times in the space of 12 months each time was £300 then went up to £400.
Mrs B says
For anyone waiting on 247 money box. I received an email this morning confirming that amendments to CRA and redress would be between April – June 2021. I am sure this will be at the end of June as it always seems to be the latest date possible.
Danny says
Good News, that’s one I’m waiting on myself.
Anybody had news off Piggy Bank?? I emailed them last week but they told me there is no update y we and couldn’t give me any info.
Dave says
Good afternoon, I have received a few refunds over the last couple of years with the help from this site and I’m now trying to claim the 20% tax back.
The problem is that I don’t have the emails showing the amount deducted by various companies,some of whom, WDA,Wonga etc no longer exist.
Is there anyway I can find this information out or is it a lost cause?
Thanks in advance.
Sara (Debt Camel) says
If these were payouts from the administration, then there would have been no tax deducted.
If they were from before the administration, there is no way to find out these amounts now if you don’t have the relevant emails.
Laura says
Hi, I started using safety net credit over a year ago, started with £100 and after 6months they were taking £670 out of my bank as I needed to get a lone from them every month. They could see that the interest was meaning they were going over the figure that even they thought I could afford. I called my bank and stopped the is tant access they have. Where do I go from here?must have had about 12 loans with a high chance of more then too 2 further loans out with lending stream as I had no money left.
Sara (Debt Camel) says
Use the template in the article above to complain to Safetynet Credit and ask for a refund of the interest you have paid. Sometimes they just offer to clear your debt, but don’t agree to this without finding out how much interest you have paid them as it may not be a good offer.
Liam says
Good afternoon all, back in 2019 I took a loan out with Likely loans. it was for £3,000.00 with the additional interest it was something around £5,000.00
At the time I was neck deep in paying off old PDL and paying substantial rent and keep etc.
Originally, through pure laziness I used payday loans company to get my money back, after weeks of terrible communication I learnt that my case against Likely Loans was now with the Ombudsman.
I have since kicked the PDL debt collectors off the case and dealing direct with the Ombudsman. I have sent across bank statements and have been told my case has been accepted and is awaiting to be assigned.
Have people had any success against Likely loans? I know their parent company is Oakbrook finance, so i would be interested in hearing if anyone has had any luck?
Obviously now I am having to pay £180 in admin fees to the original PDL debt collectors, so I am hoping to hear success stories.
NOTE I have also paid off my loan to Likely Loans and was wondering if that would have any negative outcome on my claim.
Thanks :D
Sara (Debt Camel) says
lots of sucess against Likely Loans. See https://debtcamel.co.uk/refunds-large-high-cost-loans/ whioch is the page about refunds from large loans.
Emma says
Hi Liam,
It would be great if you can update also on this ,once you have news . I also went to FOS in January ,just before the six months deadline to refer ended-as wasn’t happy with Likely Loans not upholding in affordability complaint. The only company that so far I have not had any success with!
Still in arrears,and paying £50 reduced payment each month. That “I” have to renew and set up each 6 months,again the only company that is set up for a recurrent 6 month reduced plan. And each money 5 days before repayment date-I get a text stating “your repayment is due on x date,to make repayment via catd ending xxxx today-reply yes”
I’m very interested in seeing what FOS -says with regards to reduced plan that I seem to be chasing and getting stressed with,and then they want the repayment early 🤔
Kal says
Hi, I am currently going through all the payday loans that I have had in the past and wanted to make an affordability complaint to CFO Lending. I have gone to the website and it seems they are in administration. Am I still okay to make a claim? I don’t owe them any money as I managed to clear it all eventually. Also do you have the correct email address or link of how/where to make a complaint. Thanks in advance.
Sara (Debt Camel) says
The company has now passed administration and has been liquidated (see https://find-and-update.company-information.service.gov.uk/company/06736553/filing-history). There is no-one left to claim against.
Do you still have records of CFO lending debts showing on your credit records?
Kal says
Okay, thank you for your response.
To be honest I’ve never properly looked at my credit file so I am not sure whether it is still showing.
Also while I have you here, I sent an affordability complaint via email to My Jar and received this response, below. Does this mean that my claim has been logged? I don’t want to think I have done it when I haven’t. Thanks.
Good morning
Your interest has been registered.
At present the quantum and timing of any potential redress is unclear. The Administrators are presently reviewing claims made in the loan portfolio in accordance with recognised industry guidance to establish the potential sums due to claimants. There is unlikely to be any further update to what we have previously emailed for some time.
Further updates will be posted on websites of the Company and the Joint Administrators.
Joint Administrators’ Website: http://harrisons.uk.com/myjar/
Sara (Debt Camel) says
Well check the 3 CRAs now for any CFO records, get the statutory reports see https://debtcamel.co.uk/best-way-to-check-credit-score/.
Yes Myjar administrators have your claim logged. Don’t hold your breath, any refund will be tiny.
Kal says
Okay cheers Sara
Patrick says
Hi Sara, i have an incorrect default showing on my report from a company now in administration (onstride). I emailed them today to have it removed. Will it be removed in any case as they are in administration?
Sara (Debt Camel) says
why is it incorrect?
Patrick says
Because i made all payments relating to the loan on time.
Sara (Debt Camel) says
That’s a good reason!
The administrators will only be removing records or defaults automatically if an affordabilty complaint has been upheld.
You have done the right thing to ask them. I suggest phone them up in a week if you haven’t had a reply.
If they don’t do this then you will at some point be able to get the Credit Reference Agencies to “suppress” the record so no-one else can see it. but the CRAs will only do this once the administrators have stopped talking to the CRAs… that isn’t yet.
Patrick says
Fantastic thank you!
Cazza says
I have the same issue with Onstride, Experian removed it from their credit file, I’ve disputed with Transunion as I have zero luck getting anywhere with Onstride, I’ve sent recorded delivery letters with emails contained but nothing
Kaz says
Hi, I have sent an affordability complaint to Piggy Bank and I received a response back saying they are prepared to redress the amount and take it off my credit file, they have stated the claim amount is £1042.49 but the amount I receive will be considerably smaller. Does anyone know anymore about Piggy Bank claim amounts and how long I am looking at waiting. I don’t want to pester them but at the same time it’s nice to have an idea so thought I’d ask on here first. Thanks.
Sara (Debt Camel) says
I don’t think you should expect to receive anything for at least 6 months, possibly a year.
Jo says
Hi sara, I defaulted on a loan in June 2018 and am thinking of applying for mortgage. Will I be able to get one at this stage with the default on my record ? I have paid it all now and have a 10-12% deposit
Sara (Debt Camel) says
How long ago did you pay the default?
Jo says
2 and a half years ago now
Sara (Debt Camel) says
Then I hope you will be ok. Most high street banks insist that defaults have been repaid for over a year. But don’t apply direct to a bank, go through a good broker.
Jo says
Thanks so much Sara
Emma Plimmer says
Hi
I made a complaint to 24/7Moneybox via resolver back in December 2020, They never responded via Resolver and I sent an email to them about this but they now say I missed the deadline for a claim. I have asked them to clarify if i was entitled to redress. To be honest I’m not to fussed about a physical refund but more the credit file being updated.
I have emailed the administrators directly now as they just wouldn’t tell me anything.
Am I to late now to do anything or can I still keep on at them?
Sara (Debt Camel) says
How much did you borrow from them and are there missed payments/default on your credit record?
I have never heard of anyone trying to go through Resolver to a lender in administration – a big mistake.
Emma Plimmer says
It was a directed complaint from a money website – I won’t name them, which is why I went that way, I also did the same with lending stream and they have acknowledged the complaint.
I can’t remember how much I borrowed and there is stil £275 outstanding on it.
I can see if I can search for any historical emails but I was under pressure at the time and I may have lost them.
Sara (Debt Camel) says
It is too late to send the administrators a claim.
At some point later in the administration, the administrators will stop talking to the credit reference agencies – that point is not yet. But then you will be able to go direct to the credit reference agencies and explain why you think the credit record is inaccuate and ask them to “suppress” the record as you can’t get the administrators to talk to you.
But don’t try this now, it’s too soon, the CRAs with ask the administrators and they will say the record is fine.
Colin says
Hi Sarah,
How far back can you go back and make a complaint?
I had an overdraft with RBS that started a around 17 years ago. Can I complain about that?
Sara (Debt Camel) says
Not before 2007. but you may be able to complain if RBS increased your overdraft limit after April 2007? See https://debtcamel.co.uk/refunds-catalogue-credit-card/ for this sort of complaint.
Emma Plimmer says
Sara,
I can’t find my original query reference unclebuck.
They agreed upheld my complaint on my first loan for £300 that I had with them
However when I queried the 2nd loan for £500 they have said I’m not eligible but I can’t work out why? As I fall into category 1 under their methods. The 2nd loan is the one being dealt with by Moriarty and that I have a CCJ for that was I think in 2019. I have been making regular payments on this. However I keep receiving ‘notices of sums in arrears’ from unclebuck to the same amount as I owed originally and my credit file isn’t showing the payments I’ve made at all.
What do I do now they say I’m not eligible on the 2nd loan?
Sara (Debt Camel) says
With two loans of 300 & 500 you may not have won a complaint at the Financial Ombudsman – it’s very marginal.
I don’t know why the administrators upheld the first loan and not the second. Perhaps there was a very recent default just before the first loan but not before the second? It could be some difference like that.
Anton says
Put a irresponsible claim in against leading stream who didn’t uphold but 2 weeks a later after ombudsman involvement they did so if you don’t get anywhere with these companies direct make sure you get on touch with the ombudsman! I have received just shy of £1000 :)
Andrew says
Hey :)
Hope I can explain this without making an essay!
Had a loan with 247moneybox. In July 2019 entered a payment play with them. Around November 2019 I entered an affordability complaint as I had 9 pretty much back to back loans.
They stopped taking payments in December 2019 and my balance was £822.
I tried calling an emailing but never get a reply. At one point I just gave up trying. However this week, so over a year later I updated my address with them and they finally responded. So I decided to ask about my balance and complaint.
My balance is at £822 and find it mad they never responded to me but equally never sent me an email, a call or letter about this amount – surely they would have chased me for this? Also the balance to me suggests no refund complaint was upheld.
They claimed that they did get in touch with me about my complaint and decisions were sent out. I haven’t got mine?
They’ve also said if I pay £411 they will close my account and settle the loan. I’m very tempted by this as I don’t claim to not owe it and I just want this sorted. Is this the right thing to do?
Sara (Debt Camel) says
It is a shame you let this drop and didn’t send the case to the Ombudsman.
Have you asked them what the decision was?
The last loan, how large was it? How much have you paid so far?
Andrew says
I did actually send this to the ombudsman. I did this through resolver. I can’t remember what the reply was. I think something along the line of because they are recently in administration they will deal with this on a longer time frame and kind of sent it back to them. (This is a good lesson for me to save everything down)
Yes – yesterday I’ve asked for copies of the decisions made on my loans and in terms of balance I think around £150 before reaching financial issues. Then when a payment plan was set up for £30 a month, I paid about 2 payments of this before payments stopped.
Thank you :)
Sara (Debt Camel) says
how large was the last loan? Are you surprised at the £822 balance?
Andrew says
The last loan was £750
I’m surprised in the sense because of my own assumptions – which I know you should never assume. Because I complained, because they stopped taken the payments, because they didn’t reply to my emails and because the balance is the same as it was when I started my payment plan – I’d have thought it would have some sort of reduction. My best guess what that it was taking a lot of time to get through all the complaints but something was happening so I didn’t expect the balance to be the same as it was back then.
However – mentally I’d prepared for this situation where eventually they would get in touch and the balance would be the same. I am happy to pay what is owed and I know I can’t escape that and if I do need to pay to settle, I would – I would just hate to rush into this and it turned out they didn’t bother with my complaint/nothing was applied.
I think I am going to bite the bullet a bit and just pay – the relief i feel just knowing they have actually spoken to me and the fact there is an option to close this would be such a relief for me.
I have spoken with the financial ombudsman about this – is it best to wait and see what they say before committing to any payment? have got an email drafted explaining that I accept the settlement fee and to confirm this will stop all liability, contact etc before paying the amount
Sara (Debt Camel) says
ok but if they stopped taking the payment by DD, then your credit record should not have been affected. You should ask them to remove the missed payments / default.
Andrew says
another strange thing was that the credit file wasn’t affected – it all positive and no mention of a missed payment! it does feel like a strange carry on lol
thanks so much for your help :)
Sara (Debt Camel) says
OK, make sure you have a copy of your credit report showing that downloaded so you can keep it.
Sean says
Hi Sara, i know its too late to put a claim against QQ but is it possible to take a case to FOS to dispute an unaffordable loan? i have a default on a loan from them and believe the loan shouldn’t have been issued.
Sara (Debt Camel) says
No – once a company is in administration you cannot take a complaint to FOS.
Chantal says
Hi Sara,
I made a complaint to Ferrartum over 9 loans that I took out between 2018-2019. There was a break between loans 2-3 of 6 months but loans 3-9 were in successive months as I borrowed more to pay off interest (I had lots of other payday loans at the same time too).
They offered me a redress on loans 7-9 saying that by then they should have recognised a reliance on borrowing from myself. I turned it down and asked for them to extend their redress to loans 5-9 (by their own logic surely they would have seen a pattern by loan 5?). They said no.
I escalated to the FOS but my adjudicator wrote to Ferrartum only asking for redress on loan 9, even though Ferrartum themselves offered redress on more loans than this?! They were quick to accept his request and they’re both now waiting for my response.
Surely the adjudicator should have taken my initial request into mind when communicating with Ferrartum instead of asking for even less. Should I escalate to the Ombudsman, I’ve heard that over 90% of cases side with the adjudicator :-/
Sara (Debt Camel) says
If you feel the increasing size of your Ferratum loans and your other debts meant Ferratum should have realised you were in difficulty by loan 5 or 6, then its worth taking this to the Ombudsman.
Paul says
Hi
I have used the letter for an affordability complaint with Peachy. They rejected my claim. I advised them I was going to the FCA and now they have requested my bank statements/credit reports/payslips from 2018. Is this a fair request from them?
Sara (Debt Camel) says
Peachy are in administraion – you cannot take a complaint about them to the Ombudsman anymore. I suggest you do provide your bank statements and credit record – if they show your income there isn’t a need to supply payslips and you can say this.
Kelly says
Hello, does anyone know the current status of 247 Moneybox? Can I still make an affordability complaint to them? Thanks.
Sally says
Hi Sara ,
First of all I would like to thank you for this site , such great comments and full of experiences
Update of my last three cases .
Mrlender had not agreed to the adjucator decision, so went to ombudsman on 9th April. I was not expecting a final decision so soon , on 26th April the ombudsman has made his final decision and has upheld my complaint fully .
I’m in similar position with carcashpoint, still awaiting ombudsman decision since March 12.
Sara (Debt Camel) says
Excellent, both that you won the Mr Lender case and that the Ombudsman decision was so quick.
Kal says
Hi Sara,
I am hoping you can help me. I sent an affordability complaint to 247 Moneybox yesterday. I have received an email back today saying that they went into administration and that the administrators sent an email to everyone who were due redress. I was totally unaware and received no email, I’ve been told it’s too late. My loan was passed to ARC about a year ago and I cleared my balance early this year. If they went in administration then was ARC right to have let me clear all remaining funds? I feel like I have paid something that I shouldn’t of. I hope this makes sense. Thanks.
Sara (Debt Camel) says
If they went in administration then was ARC right to have let me clear all remaining funds?
I don’t think ARC was obliged to inform you of the administration.
Ronald says
Hi Sara and everyone
This site has been so useful, so this is my 1st time posting. So I placed an affordability complaint against Moneyboat in June 2020 last year all send by special delivery and was accepted. 8 weeks passed no reply. So forwarded my claim to the FOS, my case was eventually picked by case handler December 2020. Funnily once the FOS informed them of my claim. They emailed me a letter of the complaints procedure as if they never received my complaint back in June 20. In that seemed to me what appeared an indirect threat that they will report me for fraud! Didn’t bother me just emailed sorry you had your chance case is now with the FOS.
After the FOS chasing and chasing for my file with them eventually February 21. The case upheld my claim in my favour gave them a deadline to respond by. Suprise, suprise they didn’t even acknowledge or reply back to the case handler assessment. My case is now is now with the ombudsman for a final decision.
Do you they actually payout? I have read reviews on trustpilot and I’ll be honest their 5 star reviews seems very suspect! The one star reviews I see alot of them similar to mine. I believe their is one complaint that is gone through two decisions in the customers favour and they have yet to still acknowledge and pay them.
I’m just wondering if anyone on here is having the same problem?
Thank you
Delyth says
Hi
Moneyboat rejected my claim last year. It was sent to fos and the adjudicator stated that they needed to pay the interest of my 3rd loan back. They had until the 20th April 2021 to reply. A few days later they accepted the findings and fos asked if I accepted the offer, which I did. Moneybox have emailed today to ask for my bank details. I have supplied them and should revieve £300 in 5 days
Ronald says
Hi there,
That is good to know, so you’re case they accepted the assessment the first time round. They completely ignored the case handlers assessment in my case. Now I have to sit tight and fingers crossed, the final decision sides with the case handler assessment in my favour.
So frustrating though because they have used every excuse with my case, they claim they were busy due to covid-19 but funnily decide to email me as soon as FOS got in contact and indirectly threaten me. Then when sending my file over they only sent half what was needed for the FOS, just feel it delay tactics.
I’m happy to hear that yourself will be get money back, so there is hope.
Hannah says
Hey, can I just ask out of curiosity how long the complaint took for FOS to sort? I have had a few complaints refused.
Ronald says
Hi Hannah
To be honest it just depends on each complaint, and how much the payday loan they will cooperate with the FOS. Also take into consideration the pandemic that will have delayed the progress of each complaint, and not to mention the amount of complaints the have had to deal with.
Like you had I have a few complaints, I had one with Fernovo letter sent to them on the 7th August 20 no reply so filed my complaint to the FOS. 3/11/20 the FOS acknowledged my complaint. 8 Jan 21 case handler emailed with an assessment and upheld the case in my favour. And gave them a dead line to respond by 22 January. 18th January Fernovo accepted the FOS decision and within a week my refund was in my account.
Just have to sit and wait till the FOS get round to each case unfortunately. As you can see with Moneyboat I feel they are being unresponsive to the FOS.
Delyth says
I think I’ve been quite lucky. And it probably helped that the adjudicator only recommended 1 of 3 loans be repaid. But yes, they picked it up straight away. I was expecting to have to chase it after 4 weeks, but thankfully not.
Good luck with your claim
Lynne says
I found Moneyboat very difficult to deal with. They took me to court over £350 with no correspondence prior. I kept up payments but I did put an unaffordability complaint in against them and, like others have said, they threatened me saying they will report me for fraud. It’s obviously a scare tactic but very underhand.
Also when I asked them about a settlement figure to close the loan early they said they couldn’t do that as I was out of my original contract time. That didn’t sound right to me as other lenders let me settle a long time after the original loan was taken out.
Ronald says
Hi Lynne
It doesn’t make sense at all they would not let you have a settlement figure. They took you to court again to me that’s like bully tactics. As soon as they sent me an email asking to put my complaint again, with an indirect threat off fraud. I knew straight away were this was heading, so didn’t get directly into it and told them straight. Can I ask is everything sorted now?
Lynne says
Hi Richard thanks – no it’s not. There’s a bit left to pay on the CCJ and I just wanted it off my record or at least marked as partially settled.
With that in mind I asked them what reduced settlement figure they could give to pay it off sooner rather than later and they just said that I’d have to pay the full amount owing as the loan was ‘out of contract’. I don’t know if it’s different coz it’s a CCJ debt but with other lenders such as 247 moneybox and ferratum they just let me pay a reduced amount to close the loan and remove it from my file! That’s all I wanted.
Sounds like moneyboat are just being awkward then.
Lynne says
Sorry Ronald – been a long day 😂
Dylan says
Hi Sara
I originally applied for 200 loan in 2019 and was rejected and offered a 500 Loan from another providerwhich was loans2go. This turned out to be 3x longer in duration and in price. It was most likely not financially viable for me at the time and and no affordability was carried out. The balance sits at 2057 for a 500 loan, is it worth trying to fight against this?
Sara (Debt Camel) says
Yes! See https://debtcamel.co.uk/worst-loan-in-britain/
Nick says
Hi, can anyone help!
After 8mths the FOS have finally appointed an adjudicator and are looking into my complaint against everyday loans. Has anybody been in the same position recently? How long have EDL taken to give the FOS all the relevant information and how long have you waited for your claim to be resolved?
Any help would be greatly appreciated.
Sara (Debt Camel) says
FOS doesn’t normally allocate an adjudicator until the lender has provided the case file. Most EDL cases are discussed on the page for large loans so see the comments here https://debtcamel.co.uk/refunds-large-high-cost-loans/
Amanda says
can i ask anyone thats have their complaints picked up by ombudsman did yous have to file in a complaint form and sign a hard copy before they would look into complaint? I have sent all documents they needed but they now asked for a signed complaint form. didnt know if i could just do it electronically or do i have to print it and then send it?
Ronald says
Hi Amanda,
Will all my complaints, I downloaded the forms and manually filled them in and signed them. Then scanned and send them as an email attachment. All cases have been acknowledged.
Ross says
I’ve used the FOS, on several occasions, and have done everything online without the need for ‘hard copies’ and postage. The only time I have had to sign anything is when a lender requires you to sign an acceptance form, via your FOS adjudicator. I think if they expected everyone complaining, to be signing/sending hard copies, they would have so much paperwork, they would be buried in it? Please correct me, if I’m wrong, as this could be a new thing I’m not aware of but it would seem pretty strange. all the same?
Emma says
Yes, same here .All done through website , signed ,scanned and emailed back over.
Regards
Emma
morgan armstrong says
Hi sara ive used this forum before and find it reqally helpful and yet again asking for some advice on figures if possible.
My payday loan with loans2go has been upheld from 2018 1st loan £750 paying £169 p.m and paid it back 6 weeks later
2nd loan £750 which was £171 and paid that for 6 months before paying the balance off whatever it was. Would you know the interest and refund i would get from these two?
Mnay thanks
Morgan
Sara (Debt Camel) says
No, sorry unless you know what the settlement amounts were it’s not possible to guess how much interest you paid.
PJH says
Awesome news. Got my Payday Uk redress today paid into my bank. Too my surprise I have received the full redress amount. Not 4p in the pound as everyone is saying. I’m made up. Hopefully others get the same full amount like i did. Good luck with that.
Sara (Debt Camel) says
Before everyone gets too excited about this, did you make payments to ICL after the start of the administration? Because those amounts should be repaid in full. This refund is NOT the same as the 4p in the pound you will get back on the interest paid.
Lynne says
And did they notify you by email though or did the money just appear? (Don’t worry Sara none of us are excited haha).
Faye says
Pleased for you but can you please clarify it was the redress amount outlined in your communications from them ie… your redress plus 8% etc
S says
Hi, I’m unsure on contacting Drafty regarding the above.
Back in 2018 I went abroad on a contract. Whilst there I found myself in increasing financial difficulties due to poor income.
I applied for a Drafty loan and was granted a total of £600 revolving credit line. Checking the statements, there are constant withdrawals within days of each other with increasing debt from the onset.
At the same time, I was defaulting everywhere, my bank, my phone bills, credit cards, everything.
I notice that in august of 2018 they actually increased my credit limit to £720.
I’ve not heard from Drafty since July 2019, they had issued me with a notice of termination in the January of the same year.
They advised me that they had passed my account to a debt collector, I actually agreed a Payment Plan. They then retracted the account and bought it back the same month claiming an error on their part. Nothing since.
They advise I owe over £800 in July 2017… but no contact makes me nervous to contact.
I just don’t want to poke the fire as they’ve registered nothing on my CF – not even the default they’ve issued?!
What are your thoughts?
Sara (Debt Camel) says
What credit report are you looking at?
Lynne says
I just checked Experian. Lending Stream have taken the loan off my report and my scores gone up by 125 points! I’m over the moon. The only issue on there now is online shopping accounts from 4-5 years ago, but so far they’re refusing to budge in terms of taking them off.
I did notice though that vanquis card is still on there and I opened the account in 2010! Should that not have dropped off by now? 11 years seems a bit excessive.
Sara (Debt Camel) says
Accounts drop off 6 years after they default or six years after the account is settled/closed.
Lynne says
Ahh thanks Sara great. So on closer inspection the default was July 2015 and there’s another default from August that year too so that means those 2 will also vanish this summer hopefully 🙏🏻
R says
Hi Sara
I have a quick question. If you take out a loan thats to be paid back over a number of months, should this be recorded under ‘personal loans’ on your credit file? I have 2 agreements that last 6 months and 12 months and both of which have been settled under “other loans” which i believe is key word for Payday loan and yet i would deem a pay day loan as something is paid back 1 month within borrowing?
If im correct, should a lender change this since it impacts on mortgage applications?
Sara (Debt Camel) says
the legal definition of a payday loan is a loan with an APR of over 100% and a term of one year or less. This covers more than just the old-style payday loans that were repaid on your next payday.
Chris says
Anyone else here waiting to hear from 247 Moneybox regarding their redress claim? The administrators of this are another lot that seem to be dragging things out, no communication since last year and all that’s happened so far is the ‘Redress Claim’ area has disappeared, presumably because it’s now past the time to claim but those of us who have put in claims are hearing nothing, well, I’ve not heard anything at least, I’m not sure about anyone else.
Faye says
Hi, my redress was turned down by 247 money box 23 loans 12 one after another sometimes re lending on the same day as re paying then a gap of a few months then another 11 one after another £13000 paid in interest..email at the beginning of the year saying no redress as my loans didn’t fit their methodology beggars believe.. they said if I wanted to send bank statements and pay slips in I could, I closed the bank account 5 years ago, and pay slips were all electronic and company closed 4 years ago so can’t access pay slips as log in details were on an old phone .. I’m so cross because if someone is lending month after month it’s clear they have a cash flow problem. When I have spoke to them they are very dismissive and quite arrogant not helpful at all, I’ve decided to write it off and learn from my mistakes. I think this whole payday redress is a utter disgrace with nobody to fight our corner
Wendy says
Hi Chris, if this is the same people who are dealing with ‘Money Shop’ I am emailing them daily now, they said they were paying out in April now it’s May, it’s getting beyond a joke
Nats says
Has anyone had an update regarding piggy bank? I haven’t heard anything since the administrators were appointed well over a year ago now. …
Ronald says
Hi Nat,
I received correspondence from them back in February, but that’s because I placed an affordability complaint against them, even though they went into administration. Basically they addressed my complaint, and sent me a calculation of the potential redress according to the two loans I had with them, obviously won’t be the full amount once paid out.
Classed me as unsecured creditors. Had till the 3rd March to accept offer. Gave them my updated bank details So now it’s just a case of me waiting for my payout, and waiting for correspondence from the administrators to inform the unsecured creditors will take place
Lon2501 says
Hi Sara
Quick question for you – when a lender does a hard search and reviews a credit report, are they able to see the name of the companies that did searches soft/hard? i.e. I am applying for a mortgage, but last month I also changed my current account so a bank did a search under my name. Will they see a bank or a loan etc or will they just see the name i.e. Barclays or BMW insurance etc?
Thanks
Sadaf
Sara (Debt Camel) says
A lender looking at your credit record can never see the names of other lenders, not for debts, not for searches.
Andrew says
I have emailed Lending Stream regarding a refund on a loan I made to them while I was in a financial mess. My credit file at the time will have been awful but they still loaned me the money which I was unable to repay. They have replied offering me a £25 refund but do not agree with my complaint. I am still paying the balance off which is now with a 3rd party via my DMP . I am unsure wether to accept this offer or to take it further. I was not entirely truthful when filling out the expenditure part of my application due to wanting to get the loan. Any help would be appreciated. Thanks
Sara (Debt Camel) says
How large was the loan?
Andrew says
Hi Sara, thanks for the quick response. It was £250 but the balance I owe now is around £390.
Sara (Debt Camel) says
it is very unlikely you would win a one loan case at the Ombudsman when the loan was that small.
How large are the total debts in your DMP? How much are you paying each month to it?
Do you have any other debts outside the DMP?
Andrew says
Debts are around £12k now. Been in the plan for 3 years. Paying £154 a month and no debts outside the plan.
Cazza says
Has anybody heard back re an appeal of the CashEuro Net scheme.
After Quick Quid, Lending Stream, Wonga and WDA all upheld my claims Onstride refused which I think is bizarre as they upheld my QuickQuod ones before they went into administration.
I appealed via the appeals email on the 8th February and have heard nothing. I provided bank statements and credit report so that they can see how awful my finances were.
If the reject is there an alternative to the FOS?
Sara (Debt Camel) says
yes, some people have had their appeals upheld.
Blue says
Hi Sara,
I have been chased by Merlingen Investments and now Moriarty Law for a debt to Vivus taken in 2016. I had a complaint in with Vivus but they went out of business before it was dealt with and now they don’t exist. I haven’t acknowledged the debt with Moriarty law but asked for a credit agreement and proof – they sent me A credit agreement but not one with my signature on or any indication of electronic signature. I haven’t replied to them yet.
They are threatening to apply for CCJ and what was a £300 debt is now £600. I still haven’t acknowledged it and I do believe it was lent unfairly. Do I have any way ahead?
Any advice gratefully received, thank you for all you do.
Sara (Debt Camel) says
How many loans did you have from Vivus before this one?
What other problem debts do you have?
Blue says
Just this one loan with Vivus but I’ve had problem debt for many years that I’m finally getting on top of. I have had redress from other Payday and Guarantor lenders in the last two years.
Sara (Debt Camel) says
Then realistically you would have had very little chance of winning an affordability complaint about this. Are you making payments to other debts? If you can make a settlement offer, Lantern may settle? Or you can make an offer of monthly payments?
Joanne Rice says
Hi i did loans with ramsden financial and had to roll them over every month for years they are not accepting this and have even said they cant find my account any help would be appreciated
Sara (Debt Camel) says
how loan ago were the loans?
Carol h says
Hi,
Im just wondering how long people have waited time wise for the ombudsman final decision, the adjudicator upheld my complaint against WageMe but they disagreed offering an amount less than the adjudicator had recommended, which I rejected, they then came back with another offer again less than the recommendation so again I rejected. It has now gone to the ombudsman so just wondering how long of a wait also the adjudicator had dismissed the first 8 loans does the ombudsman ever now include them?
Thanks for any info offered
Sara (Debt Camel) says
It seems very variable.
IF you accepted the adjudicator’s decision, you should now go back and say you accepted it as a speedy resolution of your case, but now it has to go to the ombudsman, you would like all your earlier loans to also be considered as they too were unaffordable.
Omolara says
Hi Sara – can you please recommend a broker am looking to buy my council property in a few months – I have no CCJS or defaults – but I have used PayDay loans in the past – last one taken in in 2018 – Many thanks
Sara (Debt Camel) says
no sorry, there is a very limited number of lenders that will give mortgages on right to buy properties, so a normal broker may not help.
C says
Hi there.
Try London and country brokers, online they’re LANDC.co.uk
They’re free as they charge the mortgage company the fee and they helped me get my fixed rate with Santander only 18months after last PD loan.
All the best.
Nick says
When are they starting to pay?( Money shop re PaydayUK) meant to be late 2020, then early 2021, then April 2021 then May 2021…… Already pathetic re the amount we are getting and now they are taking the Michael!!
Wendy says
It’s driving me crazy! I had an email saying won’t be able to log into portal after 8.5.21, payment will be early May and it’s 9.5.21 now, they are a complete joke! Let’s hope it’s soon xx
Charlene Francis says
I received an email Friday saying the below.
“As of 8th May 2021 you will no longer be able to access the Claims Portal.
We will commence making payments in May 2021 and we will email you before we make your payment to confirm your payment amount. We are not able to confirm your specific payment date.”
Hopefully they start paying soon.
I agree we have been waiting far too long.
If I hear anything I will post it. x
Lee says
Hi Sara I wonder if you can help me at all please the Ombudsman has recently upheld my complaint against Drafty
A) Remove all interest, fees and charges from the account from 31 October 2018.
B) Treat all payments made towards his account since 31 October 2018 as though they had been repayments of outstanding principal.
C) If at any point would have been in credit on his account after considering the above, you will need to refund any overpayments with 8% simple interest* calculated on these payments, from the date they would have arisen, to the date the refund is made.
D) If there is an outstanding principal balance, then you can use any refunds calculated as part of “C” to repay this. If a balance still remains after this then you should try to agree an affordable repayment plan. If you have previously written-off any principal, then you shouldn’t pursue outstanding balances made up only of principal you have already written-off.
E) You should remove any adverse payment information recorded on credit file from 31 October 2018.
before i reply what does this all mean exactly ? Details below of balance etc that I have worked out:
Outstanding balance: £1278.21
Payments made : £2506.76
Interest paid : 1315.69
you help is so much appreciated
Sara (Debt Camel) says
Do you know how much you have borrowed from them? And the total payments you have made?
Lee says
its an open ended credit facility so i had a limit of £1250 – which you could draw down on upto that amount
in total i borrowed £1102
I have repaid £2506
and interest was £1315
i have a balance with then still of £1278
Sara (Debt Camel) says
“i borrowed £1102
I have repaid £2506”
In that case you have paid them £1404 more than you borrowed. The balance you owe should be cleared and that 1404 should be refunded. Plus a small bit of 8% interest which is hard to guess at.
If you are offered less than that, come back here?
Sean says
I have just had exactly the same complaint upheld from exactly the same time with similar amounts. How ironic! Drafty have until 26th May to reply! Hopefully 4 figure sum I’ve worked out
Lynda says
Hi Sara
I’ve used your template this morning to complain to lending stream, my loans have been paid back in full and I’ve paid over £1,000 in interest. Do you have any idea how long they take to get back to you & any idea if they pay anywhere near if they accept it? Thanks
Paul H says
Hi Linda,
I went through quite a lot of comments on here regards LS before I wrote to them so I would have an idea. They personally got back to me within 2 weeks but the majority was within 4 weeks. For me they offered to refund from loan 7 to 13 and was similar for 2 others on here with them agreeing to about 50% of the later loans not being affordable, even our replies from them was worded the same. I tried to negotiate for 1 more that I knew should have been included but as others stated they stick to their guns. They include a link in their reply to enter bank details and money in bank account within 24 hours. I had 6 missed payments from early 2016 for the last loan with them which was showing as a negative mark on my credit file which they removed However reading on here people who have took their case to the FOS have had then had all kinds of problems then with LS with them slow to pay if the case goes against them or slow to remove negative marks on credit file. I wish you luck anyway.
Lynda says
Thanks so much! They’ve got back to me saying final response that they don’t agree it was unaffordable any ideas? Thank you
Mike_p says
It’s very common, perhaps even standard, for lenders to reject complaints saying the loans were affordable. Just raise a complaint with the finanical ombudsman service and see what they make of it.
I complained to Lending Stream and they rejected my complaint saying the loans were affordable, however I raised it with the financial ombudsman service who said that 11 out of 16 loans were unaffordable and I got a £1300 refund from them.
Emilie says
Hi, I just wanted to drop by to say thank you and to tell you about a success story. I used the above templates to raise complaints to various lenders on 8th April 2021. Today I have received my final response from Lending Stream. They are refunding me £239! I didn’t think they would uphold my complaint as I only took out 3 loans with them, one of which I still had an outstanding balance. I am very surprised to see they are going to refund me and remove any negative information from my credit record. I am still waiting to hear from most of the other lenders. Thank you so much!
Lynda says
That’s brilliant! I have over 8 loans with them and they have got back to me saying they don’t agree it was irresponsible lending and it’s their final response.
Anyone know if there’s anything else I can do?
Sara (Debt Camel) says
Send your complaint to the ombudsman. You may not win, but with 8 loans it is not reasonable to want someone impartial to take a look at this.
Lynne says
I had success with Lending Stream after they initially didn’t uphold my complaint. I didn’t let it drop and I explained that I’d lost my job, I had no way or means of paying this loan back and it was making it hard to find work as employers could see the defaults on my credit file.
Eventually, after the full 8 weeks they decided to write off the outstanding debt AND remove it from my credit report. I was over the moon with that outcome.
Mrs B says
I received an email from 247 money box yesterday. Email states administrators will be in contact before the 30th of June 2021. Just an update for anyone waiting!
Chris says
Cheers. I’m glad they haven’t forgotten about us lol.
Faye says
I had my redress refused 23 loans what a joke Harrison’s are
Wendy Rayne says
Is this part of the money shop? As they’ve told me May lol