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 you still owe money.
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 repaid 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 solve a short-term problem. If you kept 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 ignore obvious signs of problems such as your loans increasing in size, or borrowing again soon after repayment.
How much compensation can you get?
You don’t have to calculate this. 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.
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 are no longer lending. These include:
Lending Stream, Cash Converters, CashASAP, Drafty, Dot Dot, Fast Loan Uk, Fernovo, Fund Ourselves, Kabayan, LoanPig, Mr Lender, Moneyboat, MyKredit, My Finance Club, QuidMarket, Savvy, The Money Platform, WageMe, Wizzcash,
See this email list for payday lenders for a longer list and all the contact details to use.
If the lender has gone into administration, including CashForUNow, Piggybank, Ferratum, Oakam, Safetynet Credit, Tappily:
- make a claim to the administrators – there is normally a simple form for you to complete, see the lender’s website for details – but there will be a time limit for doing this.
- you may not get much cash back but this is very easy to do. A balance may be reduced or cleared even if there is no cash to distribute. And if you win the complaint any negative marks on your credit record will be removed.
It is probably too late to make claims to other lenders who gave up years ago, see this list.
For longer-term loans there are better template letters to use on other pages:
- doorstep lenders and guarantor lenders,
- Loans2Go – the worst loans in Britain!
- 118 Money, Likely Loans, Bamboo, car finance, bank loans and other long-term loans.
Do this before, before you send in a complaint
Doing these 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.
If you still owe money to the lender, read Will an affordability claim hurt my credit record, and other questions. These looks at your options for stopping paying, the effect on your credit record etc.
If the rest of your finances are difficult, look into a Debt Management Plan (DMP) where you make one affordable payment a month to StepChange. This gets you into a safe financial position as these affordability complaints can take a long time to go through at the Ombudsman. Winning a complaint then speeds up the DMP.
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.
If your loan was sold to a debt collector you complain to the original lender. But also tell the debt collector that you are disputing the debt. It is a good idea to carry on making payments to the debt collector if they are affordable.
Start your complaint & get loan details
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. Paying you each month left me with too little money so I had to keep borrowing to get through the next 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.]
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.
Some ways to improve this
Add any other points that help you describe what happened to you. You don’t need to list the loans – the lenders knows them.
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 or when you could not make a payment, add a bit about this.
You can attach bank statements if you like, This is a good idea as these show how unaffordable the loans were for you. If you have gambling showing, this helps your complaint, it doesn’t harm it.
I don’t know if many lenders actually read what you send them. I
it’s easy to make these complaints – you don’t need to calculate what refund you should get or quote laws.
Only one loan?
The template refers to multiple loans because that is what normally happens with payday lenders.
When you only had one loan and it was large, read Refunds from large loans and use the template there.
If you only had one loan and it was small, this is going to be a very difficult complaint to win. If you have borrowed once or twice from 5 leaders, that is much more difficult to win an affordability complaint than having 4 or 5 loans from two lenders.
Waiting for a reply from the lender
This email starts your affordability complaint.
They may send the list of loans first and later respond to your complaint. So don’t be surprised if you get sent info on the loans but nothing about your request for a refund.
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.
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.
Don’t be surprised if you have to wait until the end of the 8 weeks to get response – this is common.
Send your bank statements or other information?
Some lenders ask you to send them a copy of your credit record, payslips or bank statements.
Credit record – the lender can check your credit record themselves if they want. But you should download a copy of your credit record asap as the Ombudsman will ask for it. Don’t put this off, the sooner you get a report downloaded, the further back it goes which is good.
Don’t send payslips – they won’t help an affordability complaint and the ombudsman never asks for them.
It is a good idea to send bank statements. But think twice about the cost of copying and postage if there are a lot. Some lenders seem to ignore them if you do send them.
Again this is a good point to get those bank statements even if you do not want to send them as they will help an Ombudsman claim a lot. You can get them going back at least 6 years even if the account has been closed.
Lender says No or makes 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 accurate 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 – if you only had one or two small loans that is true. But if the loans were large or you kept borrowing, they should have looked more closely;
- your loans are over 6 years old – the Ombudsman will look at these even if the lender says they won’t!
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 it if you think the lender should have realised a lot of the other loans were unaffordable;
- an offer to write off your current balance may sound convenient … but it may be very poor if you should get a refund as well;
- 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 large. Here is one single loan case that was won even though it was an installment loan and the borrower had a good income. And another single loan 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. When you aren’t sure, send the complaint to FOS. This is easy to do – let FOS make the decision.
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!
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. You can add more details, for example, if you disagree with what the lender replied to you.
If some of your loans were over 6 years ago, tell the Ombudsman when and how you found out about these complaints. For example:
“I knew the loans were causing me difficulty in 2016, but I thought this was my fault for being bad with money. I didn’t find out that the lender should have checked the loans were affordable until June 2022 when my brother told me about these claims/I saw an advert from a claims company on Facebook/I read an article about these claims” – change this so it is right for your case!
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
- a copy of the credit agreements for the loans if you have them. If you don’t, don’t worry, FOS will get them from the lender.
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.
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.
Card & catalogue affordability complaints
Can you get an overdraft refund?
Could a Debt Relief Order help you?
Donna says
Hi what do you do if Uncle Bucks won’t look into your complaint because it is over 6 years
Sara (Debt Camel) says
Send it to the Ombudsman and settle back for a long wait!
Donna says
Thank you Sarah
Dean says
Hi Sara,
I have adapted my payday loan complaints and filed a complaint against safetynet credit. Do you think this would work?
I also want to file one against step stone credit
Thanks in advance
Carl says
I’ve just heard back from safety net. They lent to me when I had 4 other PDL’s. No quibble or disagreement, simply refunded all interest paid, added the 8% and left the £500 that I owed as £111.
Try it, you nothing to lose.
Dean says
Aweosme!!!! Thank you Carl. I had 10 PDL’s and I owe them £735 credit went from £300 to 600 available to me in no time at all.
Fingers crossed. I submitted a complaint yesterday and they acknowledged it today. What time scales did you experience?
Carl says
Contacted me on Friday and I sent the email to them on the 5th August, so pretty fast. I did have to verify my email address with for Data Protection whuch is uderstandable.
Good luck.
Jonathan says
If I skip to step 2 will that speed it up? I am slightly concerned about the timescales as Wonga have gone into administration.
Also I am not sure about the start of step 2. I know the dates from my bank statements and can work out the interest from that, but do I still ask for the list of the loans? Or should you only skip to step two if you have the full details?
I am a little confused as step 2 (I have had x loans from you between date and date. [if you don’t have a full list give rough date eg “I borrowed a lot from you in 2013 and 2014. I would like you to send me a list of my loans, showing for each loan when it was taken out, how much interest and charges you added and what I repaid. “]) seems to include step one?
Any help much appreciated with this.
Shannon says
If you have a list of your loans from your bank statement you can go straight to step two. Main reason you need this info is if the lender makes an offer you can see if it is fair as you know how much interest you have paid.
Jonathan says
Does the fact that Wonga rejected a few loan offers from me weaken my claim?
Sara (Debt Camel) says
What is your situation? Do you have a Wonga complaint with the Ombudsman already? Or are you hoping to send one to the Ombudsman?
Jonathan says
Hi Sara,
I haven’t started anything yet. I am also unsure if I should start with step 1 or step 2 to try and speed it up as Wonga are in administration.
Kind regards,
Jonathan
Sara (Debt Camel) says
Straight to Step 2. Keep it very short and get it in as fast as possible. See Wonga Refunds – Latest News for future developments, that will be kept updated.
Lauta says
Hi
I sent of the request for a list of loans from payday UK and payday express, which I have never received. However they have now both sent a final response letter advising that my complaint has not been upheld. Do i have any recourse, apart from the ombudsman, to go back to them to review their decision based on this?
Sara (Debt Camel) says
Well you can ask them why you haven’t been sent the list. But if they ignore, you only sensible option is to go to the ombudsman.
Lilly says
Hi Sara, i can’t thank you enough for your advice however I have another question if you don’t mind helping with. I made a complaint with Wonga on the 27th July but didn’t receive aknowledgment until 3rd of August. If I haven’t received a response I will take it to the ombudsman but do I count the 8 weeks from the date I sent the complaint or when they acknowledged it please? I am still waiting on responses from Fernovo, sunny and myjar also as it’s still within 8 weeks and am yet to here back. Thank you in advance
Sara (Debt Camel) says
It’s unlikely you won’t get a response and at the moment it’s unknown if any new Wonga cases can be taken to the Ombudsman – I suggest waiting and seeing what offer you get from Wonga and then see what your options are.
Paul says
Sara,
I have had in offer from a company removing the interest and charges.
Should I be pursuing the statutory interest and at what stage would the company be required to amend my credit report?
They have stated they won’t amend credit report until I make full payment first and then they will apply settlement despite advising they would remove interest fees. At present, it is likely to have a small amount still owing to the company but no mention of the statutory interest etc.
Regards,
Paul J
Sara (Debt Camel) says
What lender is this and how many loans have you had from them?
Paul J says
Sara,
The lender incase is Monkey Dosh but I am dealing with My Finance Club. They were pretty quick as offering interest when I mentioned FO but nothing further. I had two initial loans but these were both rolled over twice each.
Also, Wonga in 2014 cleared my debt to zero and cleared my credit file due to irresponsible lending. I’ve worked out that interest would have been greater than what was clear. Is it still worthwhile making an affordability complaint?
Sara (Debt Camel) says
Not all lenders will offer 8% – many people are very happy if a lender quickly offers to refund all interest and charges but doesn’t add 8%, seeing this as a fair offer and a reasonable way to settle the complaint.
The Ombudsman also doesn’t have to add 8%, although that is normally done. But there is a chance you could spend a long while and not get any more. And also a pretty small chance that you could get less if the lender withdraws their offer and the Ombudsman says the first loan was affordable. It’s very rare – it can normally be discounted but this sort of case where you been offered a full refund it is there.
Have you done the arithmetic on the balance? A full refund on two loans where you have already paid 2 months roll over charges on the second would often mean there is no balance to pay.
Sara (Debt Camel) says
Wonga – how large was the write off? how much interest had you paid on previous loans? How many previous loans were there and were they every month?
Brenda says
Hi,
I have submitted some complaints to Sunny/P2P just awaiting reply.
When you’re talking about statutory 8% is this 8% of the total interest paid or 8% of the loan amount please? Sorry if that’s obvious just trying to get my head around all the different elements/facts so I know what I’m talking about when I get a response from them.
Mark says
Brenda,
No such thing as a silly question……
The 8% interest would be applied to any refund you are due. E.g. In 2015 you borrowed £500 and paid back £600. You would be owed £100 in interest/fees. The 8% would then be added to that £100 at £8 per year…..so 2016, 2017 would equal £16. Not exactly accurate but hopefully that explains how it works.
Andrew Smith says
Hi I’ve been a bit stupid to give my family a holiday for the first time in 5 years. I have taken out 4 payday loans (Pounds 2 pockets, sunny, Wonga and SafetyNet Credit). I have now realised it was stupid and can’t repay them as I already have a loan for a car (£20k). I have ceased the Continuous Payment Authority but haven’t yet written to the companies. Sunny have today rung my work place looking for me. I was declared bankrupt 4 yrs ago so this still appears on my credit file. Is there any advice you can give me please on a way forward.
Sara (Debt Camel) says
oh dear – well you may have been stupid but you need to try to get this sorted now, not borrow any more to try to repay these debts.
How did you get a 20k car loan if you are only 3 years out of bankruptcy? Is this HP/PCP/leasing, when does it end?
Do you have other debts as well, credit cards, catalogues etc?
Andrew Smith says
Yes I realise I can’t/shouldn’t borrow anymore. I applied with Stoneacre for the car in Feb this year and that is what they offered me, no it’s a loan for another 4 and half years. Yes have a Vanquis CC which is maxed at £2,750, £250 on a 118 credit card and £450 on Marble CC, Jacamo acct £250
Sara (Debt Camel) says
ok, then I think you need to talk to StepChange about a debt management plan or your other options. If just took 1 loon form each of 4 payday lenders all very quickly, then you may struggle to get any compensation for these, but as there is a balance outstanding, it’s worth a try, But don’t let that stop you talking to StepChange.
Andrew Smith says
Thank you for your help
JD says
Hi. Spoke to the FOS today and Cash Converters have asked for an extension on providing their file on me. Is this normal?
Plus the company has only be covered by the FCA since 2016, will that affect my complaint for loans taken prior to that?
45 on the 67 loans were from 2012 to 2016.
Thanks
Sara (Debt Camel) says
Point out to the Ombudsman that they have covered Cash Converters before 2016. Come back here if they don’t change their mind over this.
JD says
That’s brilliant. Thank you
LO1 says
Dear Sara
A quick update and thank you
QQ-paid the interest on all loans within 6years 4weeks after my original complaint.
WDA-unable to reach a conclusion within 56days, as such have given them a further 5 working days to come to a final response before I send to FOS, admittedly these loans are all over 6year.
Lending Stream-sent a rejection within 3 weeks, but was not marked final response, have been back-and-forth with their complaints team. But despite assurance of issuing a final response-failed to do so within 56days; thus sent to FOS
MYJAR-I offered them a settlement figure which equated to approx. 80% of redress including interest that they agreed to on the 55th day
PDUK/PDEX-unable to reach a conclusion within 56days, have given them a further 5working days before sending to FOS
To date over £14k in refunds, which shows what an utter shambles my finances were in , but am very thankful to you and this website. Shall keep you informed as things progress
JS says
Hi,What Can i do if i entered a debtmanagement plan 6 months ago and just now tried to log in with my details to paydayuk and it s not letting me log in so i could get my loans history?
Mark says
JS,
Send PDUK a Subject Access Request (SAR), requesting details of all loans (See step 1 on here).
Julian. says
Hi Sara,
Are you aware of Capfin Loans (Early Pay Day Loans – EPDL) going into receivership and closing down? I couldn’t find any information about this anywhere, but I was told this by the FoS. I had loans with EPDL from 2004 to 2008. However, EPDL declined my complaint based on it being over 6 and 3 year grounds. The FOS have said that as EPDL was not regulated at all by the FCA until April 2007, the FOS is not able to look at any loans prior to that time. They have said the 12 loans I had after 2007, could be looked into, but also that Capfin were closing down and I may not get anything back because of this and there are a number of complaints being looked into by then and it will be done on a first come first serve basis, but they would look into my case. I sent all the relevant bank statements, previous correspondence with EPDL and my credit file yesterday to FOS and will wait and see what happens.
Also, are you able to advise whether if I send a SAR request to a lender and have had no acknowledgement or communication from them, whether I should wait until the end of the 8 week period complaint timescale or can I escalate now straight to the FOS, as they have missed the SAR 40 day request deadline and completely ignored my request?
Many thanks Sara.
J.
Sara (Debt Camel) says
Thanks for info on Capfin. The FOS will never consider any complaints pre April 2007 for any lender – it’s an absolute rule. Hope you get something back from the later loans.
The SAR – no you have to wait 8 weeks before going to the Ombudsman. Who is the lender?
David says
Hi all
Opened an account with SFN on 27th May. They gave me a £400 credit limit. Eventually maxed that but no limit increases.
Decided to make a complaint and received my final response just now upholding my complaint.
I submitted my complaint less than 48 hours ago.
Mar says
Is this safety net credit?
Did you use the template letter?
I am just about to make a complaint with them and have an outstanding balance to.
Thanks
David says
Yeah SafetyNet Credit. Used the template letter but tweeked it a little to mention the fact they gave me the credit even though they had access to my bank account.
Hope this helps
Mar says
Thanks David I’ll try that
Emma says
Hi David! Well done on your result!
Do you mind me asking what email address did you send it to?
I sent my complaint 7 days ago and I havent even had an automatic reply?
Thanks
Julian says
Thank you Sara.
Just so I am clear, there’s no point making any complaints to any PD Lenders or filing complaints with the FOS for any loans prior to April 2007? The lenders who have NOT acknowledged my SARs made on the 24th July 2017 are:
*1monthloans.co.uk (I think parent company is Sunny)
*Payday Express
*Payday Store
On another note, I received a final response from Northway Financial for Poundstillpayday (PTP) today, who say: They state:
* They no longer own PTP and are only responding as they were the creditors for those loans.
* I owe a balance of £918 which is still on my account. Loans were taken out up to August 2011. I think I paid this off through a debt
collection agency and will check my paperwork. However, they say as a gesture of goodwill they will write off £918 and clear my account
but do not admit nor accept any liability. I had a total of 58 loans over a period of time and paid approximately £5K in interest.
* The rule for raising complaints in Malta (FOS has no jurisdiction over them because they are Malta based) is 5 years and so I have missed the
deadline and based on this they are rejecting my complaint.
Should I still take my complaint to the Maltese Arbiter?
Many thanks Sara.
Sara (Debt Camel) says
“there’s no point making any complaints to any PD Lenders or filing complaints with the FOS for any loans prior to April 2007” correct.
Malta – see https://debtcamel.co.uk/swift-sterling-pounds-till-payday/ and work through the recent comments there.
Julian says
Thanks a million as always Sara for your help.
Best wishes.
Julian
Chelsea says
I took out a QQ loan of £100. 2 days late I got a top up of £150. 2 days later I got another top up of £250. This was then paid back. 4 days after I paid this back I got another loan for £275, then a top up. This was ongoing for several months. The loans and top ups were to pay off loans to other companies as well as paying priority bills.
I am in the same situation right now with Lending Stream.
LS gave me a total of 6 loans equalling £700 in the space of 26 days.
Do you think this is worth filing a complaint for?
Sara (Debt Camel) says
I think that looks like complaints to both QQ and Lending Stream.
What are your priority debts? Are they now sorted?
Chelsea says
Thank you.
The priority bills were rent council tax and water. They are all up to date now thank you.
I didn’t even know what priority bills were until today.
I think I will complain to both QQ and LS. I will post my updates here
Jonathan says
Hi,
I have a few more questions. There was a time while I was borrowing when I was working abroad, cash in hand basically. Is that going to be a hinderance?
Should I include that I had approx 10k other debts with credit cards?
Should your outgoing be lots higher than your wages or is just a few £s OK?
Also, if they see from my bank statement that I was spending a lot of cash in the pub going to count against me?
Sara (Debt Camel) says
You were borrowing from UK payday lenders whilst working abroad cash in hand? Not seen a similar case – sound like it will make things very difficult to prove that the loans were unaffordable.
Your 10k borrowing on credit cards should have been visible on your credit record – the lenders should have taken account of that.
“Should your outgoing be lots higher than your wages or is just a few £s OK?” its a question of whether you could afford to make the loan repayments.
“if they see from my bank statement that I was spending a lot of cash in the pub going to count against me?” this sort of thing makes it much harder to win cases – as a rough generalisation you will have needed to borrow more and consistently from the same lender.
Susan Edwards says
Hi
I have been informed Myjar will present there case to the FOS tomorrow. What happens ten please?
Sara (Debt Camel) says
CAn you say what stage your case is at the moment? Has it been assigned to an adjudicator? HAs the adjudicator made a decision and MyJar are considering it?
Susan Edwards says
I had an offer from MyJar so sent to the FOS as when I went back to MyJar with what I thought was an acceptable amount they rejected this and sent a final response.
Spoke to the FOS and they said they had not been in touch with MyJar yet but will be writing to them today! So am very confused
Mrs R says
Hi All –
Any recent experiences on…
I’ve just accepted an offer through the FOS for MY Jar, settlement form has been signed and sent back as confirmed by the FOS.
How long does it take for My Jar to contact you for bank details and then for them to make payment?
Thanks!
Jo Taylor says
Hello there,
I am going through the process of seeking redress for irresponsible lending from payday loan companies (I got myself in quite a pickle a few years ago) I have hit a brick wall with both Swift Sterling and Liquid Advance and don’t expect anything from Wonga. The thought occurred to me that two of these debts were sold on, to MMF and MT Collect. If I cannot claim redress from the original lender, could I do so from the company who bought the debt?
I would really appreciate your thoughts on this. Thank you for an amazing resource and website!
Sara (Debt Camel) says
Some people have managed to get interest removed from the outstanding balance with a debt collector – it’s worth trying for this.
Tom says
Hey guys
I’ve just had an email from 247 Money box.
It reads:
You have borrowed a total of £1,291.00 from us, and you have repaid a total of £1,210.05. This means that you have not repaid the principal amount lent to you (ie minus any charges). As the principal has not been repaid, there is no redress we can offer.
As a gesture of goodwill however, we are happy to resolve today by writing off your outstanding balance of £455.46, in full.
Please confirm this acts as full and final settlement.
I did have other active loans at the same time and my loan amounts were increasing with 247. I’m tempted to have the balance write off but maybe I could reply with details of my mental illness at the time for them to reconsider.
He also said at the beginning of the email that whilst they follow responsible lending policy, they expect us to be responsible borrowers
What would you recommend ?
Mark says
Tom,
The best way to decide whether to accept their offer is to compare what they are offering with the MAXIMUM you COULD be awarded by the FOS, if they decide in your favour. To do this you need to get details of all loans and payments by making an SAR (as per step 1 above).
Once you have the two figures to compare, you can then decide based on fact and this should help to prevent future regret.
Personally, if the offer was at least 75%-80% of the maximum possible FOS award, I would accept and save the weeks/months wait, but that that I purely my preference. However, in some cases that could be thousands of pounds difference. As they say…..YOU DECIDE! :-)
Good luck and keep us posted.
Emma says
Hi
I had a complaint with 24/7 and this page suggested that I declined the first offer and they would come back with a better offer which they did!
I didn’t owe anything outstanding though so it might be different.
Good luck
nikki says
If you haven’t actually paid any interest I don’t see how you can get any more back? You haven’t actually paid the principal amount you borrowed so no refund would be due so I think that is a good offer. Unless that £1291 is just one loan and you have had others that they havent included?
Sara (Debt Camel) says
Hi Tom,
“You have borrowed a total of £1,291.00 from us, and you have repaid a total of £1,210.05” are these figures across ALL the loans you had from Moneybox 247? If they are, then this is an excellent offer and you should accept it.
But you may want to check that no negative information will be recorded on your credit record if you do.
Carl says
Afternoon All,
First of all may I say what a great help this site is, so thank you in advance!
When I send my bank statements into the relevant companies, should I just send the month for when I took out the loan(s)?
Thanks
Carl
Sara (Debt Camel) says
yes unless the lender asks for more statements.
Mark says
Carl,
I sent bank statements covering the same date ranges as the ones the FOS request. That is 3 months prior to the loan(s) up to 1 month after the loan (e.g. if the loan was paid into your account 15/04/15, send statements covering the period 15/01/15 to 15/05/15). That way the lender will be getting exactly the same info as the FOS (if it gets that far) and it means you already have the statements downloaded/scanned ready to send to the FOS when you make the complaint to them (again, if it gets that far!). Hope that helps.
Carl says
Thanks Sara / Mark.
Have sent the stage 2 email to QQ today. Waiting to hear back from 5 others at the moment.
John M says
Hi Sara and all,
Update on PayDay UK. I received my response today from Adjudicator and he has advised I am refunded from loans 2-5 plus 8% simple interest. They had only agreed to refund loan 5 so I think I am going to be due about £2000 instead of the £168 they originally offered providing they accept adjudicators findings.
This would leave Cash Genie to issue a cheque (already agreed) plus Wonga and Quick Quid with FOS as more than 6 years ago so a long wait for those.
I’ve had refunds from Pay Day Express (relatively straightforward), Wage Day Advance (very straightforward), MyJar (very straightforward), 247 Moneybox (nightmare but don’t give up with them, keep asking for what you think you are owed) and EPDL (Capfin) who were the easiest to deal with. I did get a token amount from Swift Sterling as well but I only had 2 loans with them so for the drama of going through Malta etc I didn’t think it was worth pushing too hard.
Can’t believe that if and when I get Cash Genie and PayDay UK back I will have got £10k back and with a baby on the way that will come in very handy.
Keep going all of you, it is worth it and I am more than happy to help with advice if anyone needs it.
Mark says
Well done John!
Good luck with the baby and thanks for updating us.
Dawn says
Hi John
can I ask how long it took for payexpress, PDUk and Wage Day Advance to respond? I have only sent my request on Friday but just looking for rough time scales, Thanks D
John M says
Hi Dawn,
PDUK and PayDay Express took around 7 weeks to reply to me but it seems it might be a bit longer now. Wage Day Advance replied exactly on 8 weeks but were very fair in their decision.
All the best and let us know how you get on
Dawn says
thanks so much John = )
Luke says
Hi Sarah,
Following your advice the Ombudsman have recommended Quickquid refund me all interest plus the 8%. However I’ve recieved a message to detail Quickquid have provided further arguments and that it is being reassessed – what is the typical outcome of this?
Thanks,
Luke
Sara (Debt Camel) says
often no change, but it does depend on what QQ say!
David says
Hi all
Anyone had any dealings with Ferratum?
Lodged my complaint on 16th July. Only recieved the acknowledgement on 2nd August. Made my offer of repayment on 6th August, no response. No 4 week update and the 8 weeks were up on Monday and have not heard a peep from them since the acknowledgement of the complaint. Obviously I am going to the ombudsman but is there anything else I can add concerning the lack of communication?
Any help appreciated
Ross says
Hi David,
Ferratum were very good, when I complained, and everything was settled within 48 hours. Their emails were very kind and to the point. I would recommend giving them a friendly ‘nudge’ (email) and advise them that you’re taking your case to the FOS. It may help them speed up?
David says
Thanks I will.
How did your complaint turn out while we’re on the subject?
Ross says
I had taken several loans with them, which increased in size each time. When I complained, they offered to refund all of the interest I had paid on the earlier loans, to help pay off the existing loan. This left a balance which, as a gesture of goodwill, they offered to write off. It was a generous settlement, in my opinion, and one which I didn’t have to think twice about. I hope you’re successful.
David says
Just emailed them. Made sure I made my point but kept it friendly.
Added a line at end saying I’m sure both you and I hope it doesn’t have to go to the ombudsman, hope I did the right thing
Ross says
It’s good to keep being polite. My complaint centred around a number of loans, which gradually increased in value. They offered to refund all of the interest paid, on the previous loans, and offset this on the current loan. This left a balance, which they offered to write off as a gesture of goodwill. In all honesty, it was a fair outcome and I wouldn’t have really done any better by going to the FOS. After accepting, I had an email within the hour stating the account was fully paid and closed. Hope it works out for you!
StevieC says
I just received my final response from Ferratum 2 days before the 8 weeks are up. Despite not upholding my complaint as a goodwill gesture they have removed interest from current loan and used all interest paid on previous loans to leave a small outstanding balance to be repaid on the principal. I have replied asking for negative marks on my credit file to be removed.
Emily says
Hi,
I also had a relatively positive experience with Ferratum.
I used them as my ‘ad hoc lender’ when I was in the height of my problems so all my loans were few and far between, about 12 loans in total over 3 years (around £600 in interest -with the 8% interest added on) I sent it off anyway, they said I would hear back at the 4 week marker but I did not and I actually only got an email from them the day AFTER the 8 week marker.
They offered me £160 as a good will as they stated (and I somewhat agreed) that a lot of my loans had long gaps between them, I always repaid on time and I never borrowed large amounts. I went back and asked for £250 and they countered with £200 which I accepted. This negotiation occurred over a 24hr period and the money was in my account within 2 hours of accepting the £200 they offered.
So definitely negotiate! Remember – asking for more won’t make the original offer disappear! :-)
Good Luck
David says
Hi again all, feel like I might be posting here quite a bit as the 8 weeks are either up or almost up on most of my complaints.
Have one with moneyboat. Made my complaint on 19th July. Checking back my emails I found my ‘4 week’ update sent on 24th August where it states my complaint was raised on 27th July. Not only do I have proof I submitted my complaint on 19th July, the statement of account I requested in my complaint was sent to me on 20th July
david askew says
Hi guys,
When you receive email responses from the payday loan companies requesting you send them copies of your bank statements and payslips from the time of the loan is it something we have to send them??
Ross says
It’s your choice entirely, but you don’t have to. The point is that they should’ve done these checks PRIOR to issuing the loans, so it’s a bit like closing the stable door after the horse has bolted! You’ll definitely need these for any cases that you send to the FOS though. You only need to send them once, which cover all of the periods you had loans for. They’ll use these for all cases you send.
Mark says
David,
Ross is completely correct.
I sent statements to 3 out of the 12 lenders that requested and 2 have already upheld my complaint. Waiting to hear back on the 3rd. So if I were you I would send. Also means you are prepared for the FOS too.
Richard says
Not sure if this has been covered before, but I can see a couple of people above have had issues with either P2P or QQ presenting further arguments when the adjudicator has ruled against them.
From what my adjudicator has told me, this is some sort of general argument about all loans from 2015 and not specific to my case.
Does anybody know what they are arguing or if this is just a stalling tactic? Personally, it’s quite frustrating for me as they defaulted me as soon as I said I was struggling to pay, and I’m obviously keen to get this removed from my credit file.
Sara (Debt Camel) says
Well they can make general arguments if they like, but the Ombudsman is usually more interested in the facts of each case. And at the moment 69% of QQ cases are being upheld…
Richard says
So the adjudicator ruled in my favour initially, but they have asked for whatever this general argument is to be considered.
It’s actually P2P but same business?
Sara (Debt Camel) says
Yes, P2P is the same. If the adjudicator does change their mind, you are then given a chance to respond. Not much you can do now apart from wait and see!
Diane says
Can I ask how long it to took your W and p2p to be picked up by an adjudicator? Sent mine in March and still waiting
B says
Hi,
Bit of advice please. I’ve had a final response from Peachy stating they were not obliged to check credit reports and could therefore only base their lending on my pay and outgoings so they said they acted responsibly. They offered a refund for the rollover fees on my last loan because I had extended it twice.
I’ve seen posts stating never to accepted their first offer, but as it’s a final response – I can’t see them changing it as they’ve already said that if i’m not happy to go to the FOS
History is: borrowed, repaid early and re-borrowed the same day for 4 loans ( repayment early was me paying it all off when got paid and re-borrowing as the payment alone would have left me shorter of money). They then declined my next application, 6 monts later I was then approved again and extended this loan 3 times.
I had also asked them to block my account but they allowed me to unblock and re-apply
Whats everyones thoughts?
Sara (Debt Camel) says
Sounds like a good case to send to the Ombudsman. The fact they weren’t legally obliged to check a credit report is irrelevant. If you kept borrowing they should have looked more closely at your case eh credit checks or asked to see bank statements before deciding the loans were affordable. And if you had asked them to block your account (did you have a gambling problem?) then they should also have looked closely when you decided to unblock it.
Alice says
Hi everyone
The 8 weeks for my complaints are up tomorrow so really I would have expected final responses by today with it being the weekend tomorrow. I received a ‘no’ response from QQ and P2P fairly early on which is now with the FOS. This means I’ve had no final response from
Myjar
Payday Express
Wageday Advance
Lending Stream
Wonga
Wonga I understand may be a problem due to them going bust but is it usual to not have responses from the others in the 8 weeks? Should I send all straight to the FOS?
Tim says
Hi Alice
My jar, wageday advance and lendingstream all waited until the very last day before sending me a final response. Strangely the one from WDA arrived In the post on the final day so you may receive tomorrow. Since it’s been more prominent in the news it’s becoming more common for the lenders to come back at the 8 week point and say they are still investigating, I had this with a couple and sent straight to the ombudsman. Good luck
Tim
Alice says
Hi Tim
Thanks for your advice. I actually had an email from WDA at about 5pm saying they were still investigating, I’ll send this one straight to the ombudsman. I’ve been really struggling to get old bank statements from old, closed accounts for my QQ complaint and I’m really worried that this means that all my complaints will be rejected by the FOS.
I wonder why on Earth I’ve not had responses from the other companies
Sara (Debt Camel) says
Many of the lenders are just struggling to deal with the number of complaints they have.
Andy says
Hi,
I sent the template later to the PDL providers (5 in total), QQ have come back with all my loan history within around 14days.
This totalled around £5.5k, should I go back to them and ask for a settlement figure? If so should I detail what I think would be reasonable?There was a total of 43 loans which increased each month then dropped off and increased again over a couple of cycles which I assume would be a good case?
Sara (Debt Camel) says
I suggest you use the details you now have to write a fuller complaint, you can use the step 2 template as a starting point. I suggest asking for a full refund and not trying to decide what you might accept.
Andy says
Thanks for the reply Sara, I originally used the step 2 template to write quite a detailed complaint and estimated the number of loan from bank statements (under estimated), does this mean they still have 8 weeks to give me their official response even though they have supplied me with all the loan history or would you complain again going into further detail on loan timings and amounts? Looking at the history and some other comments on this thread from people who have had refunds I would have thought they would just pay the refund!
Sara (Debt Camel) says
If QQ have just sent you the loan history, this is not their final response.
If you think your original complaint was significantly wrong, you could go back with an email saying “Thank you for sending me the loan history. From this I can now see that I had …………….. , so please can you add this infomration to my complaint dated dd/mm/yy.”
QQ refunds – they seem to have set metrics which decide what loans they will refund, these are NOT the metrics the Financial Ombudsman uses. If your borrowing happens to fit their pattern you may get a great offer. If it doesn’t you may get an offer on some loans which look to you as though they have been picked at random!
Andy says
Got the final response today, NOT UPHELD, basically saying I didn’t have more than four consecutive loans and they didn’t increase in value so I can’t of been dependant on them, this isn’t even accurate?! Straight to the ombudsman?
Sara (Debt Camel) says
ah it sounds as though you got the standard template which includes the sentence “When I reviewed your loan history I see that you never had more than four consecutive loans with less than 15 days between loans.” See https://debtcamel.co.uk/quickquid-payday-loan-refunds/ for my comments on this.
Yes straight to the Ombudsman!
James says
Received a ‘final response’ letter (by email) from Mr Lender tonight some 5wks after my complaint letter basically rejecting all my points, but ignoring the salient point that I repeatedly borrowed just to service the original debt. Very disappointed to have no acknowledgement but assume this is a case worth taking to FOS?
StevieC says
I am still awaiting a reply from Mr Lender only 2 days to go before the 8 weeks are up. How many loans did you have with them?
James says
7 separate loans, although often consecutive.
Mark says
James,
Many lenders just send a template final response letter as they are struggling to deal with the volume of complaints.
They dismiss most complaints, in the hope that the customer will except it and not take the matter further. In other words, it’s a commercial decision, as if just 10% of people accept their dismissal, it’s profitable for them to take this action. Not based on the complaint merits.
So, my advice is to complain to the FOS ASAP. It’ll take no more than 30mins and a few weeks/months of patiently waiting for them to investigate. What do you have to lose?
Good luck and keep us updated on here.
James says
Thanks Mark, used online form to complain to FOS yesterday. (working day after the response.) Although there were some case specific details in the response it did smack of a generic rejection…to my mind their position on affordability simply isn’t plausible. Is worth £1k in interest alone to me so definitely worthwhile.
Stevie C says
I just had my final response from Unclebuck claiming i earned £4800 after tax some months? If i did I would never have looked for a bad credit loan. I really wonder where they get their details from because i know I did not say that and clearly if I had that would be an alarm bell for them to check the validity of it!! I have referred the complaint.
Sara (Debt Camel) says
Is it possible they have your monthly wage down as weekly?
Stevie C says
There reply stated I earned between 2400 to 4800 monthly which is ridiculous.
Mark says
Stevie,
I had the same experience with a couple of lenders……I sent all lenders a FSAR (Full Subject Access Request), asking for ALL information/documentation the held on me. That way you will receive all the “affordability & creditworthiness” documentation. I.e everything they used to determine if you could afford the loan(s) they completed. In my case most of the Income & Expenditure figures were wrong, made up or just plain crazy (one of the lenders had my monthly food cost down as £15 p/m!). Once you have this info I would go back and explain how wrong each figure is. This will make your case much stronger if/when it gets to the FOS. So far the lenders have upheld all my complaints where I have taken this tact (2 out of 12), the others will be going to the FOS if they reject. Good luck!
Ant says
Morning Sara. Just a quick note to say thank you for your amazing website. I was pessimistic that I’d get anything back, but had some good news yesterday. I got myself into a horrible debt cycle which ended a year ago thanks to StepChange. I then encountered this website and started to write emails to a large number of companies. Following weeks of anticipation and a couple of rejections (most notably, MyJar – now sent to FOS), I’ve had emails from Sunny and Lending Stream, who offered me £500+ and £400 respectively, and I’ve accepted both. I’m still anticipating more replies, but it’s a good start. Thanks again!
Amy says
Lending stream- 6 loans from 22 April to 27th August totalling of £840 being borrowed.
Also had 4 loans from Sunny from 30 August to 11th September totalling £500 being borrowed.
Also have a loan with 118118 money .
Can people give me advice if I should go ahead and complain about this?
Sara (Debt Camel) says
That sounds like a lot of borrowing in a short period. Do you still have balances owing to LS and Sunny?
Amy says
Yes still have balances with both
John M says
Hi Amy,
Those loans seem very close together. Was the amount you borrowed increasing each time?
Think you can certainly send in your complaints and see what they say as loans are very close together.
Let us know how you get on
Amy says
Hi John,
No the loan amount didn’t increase with lending stream, they just continued to tell me I was eligible to apply again. They were willing to borrow me more than I actually wanted with Sunny. I was given £1000 from 118118 money on the 29th July also. I got myself into a little bit of a rut with the whole lending thing. I’ve never done this before could you advise me what’s best to say to the companies?
Amy says
My credit score is extremely low too as I’ve just checked it
John M says
Hi Amy,
If you follow the template letter on the website then you can advise you had other borrowing as well and you are in a debt spiral. Be honest about your position and tell them what your position is.
You can speak to your bank and stop your CPA which means these companies can’t take anything and put your complaints in straight away.
Anna says
Hi all.
Submitted my complaint to PAYDAY UK on the 19th July. They have come back to me on Wednesday just gone, (1 day short of 8 weeks) saying they need further time) I’m reluctant to send straight to FOS without at least giving them a couple of more weeks?? Has anyone had anything similar and if so how much longer? Thanks for reading
Nichola says
Hi,
My partner had a similar response and like you, we were reluctant to go straight to ombudsman. One week later (yesterday) and they have responded to say they have completed their investigation and should have asked more questions at the time of lending, although they are undecided how this would have affected their decision of whether to loan or not. They have requested bank statements which we have forwarded which should confirm that the loans were unaffordable and i sent these yesterday also. Awaiting their reply although am hopeful as they have admitted they did not do enough checks. Hope this helps.
Kelly says
Yes had the same, they sent their final response 3 days after they sent the need more time email and rejected my complaint.
LO1 says
I also sent my complaint to PDUK and PDEX on the 19th, never actually received a response at the 8weeks via email, but was told when i called that my email address is “bouncing back”, and that they need more time. I thus emailed them (and got a receipt confirmation), that i will give them 5 extra working days.
Fingers crossed!
Marie says
Satsuma have now missed 2 deadlines set by the fos to issue me with my cheque refund. Should i be asking for compensation at this point for the inconvenience?
Sara (Debt Camel) says
Yes. Whether you will get it is a different matter, but don’t ask, don’t get!
Steve says
Hey all,
I’m in the process of putting my letter together, and after a little digging, realiased just how much I’ve paid, and am still paying back. Was going to include this sentence in my letter, but just want to make sure I’m not potentially shooting myself in the foot, by giving too much info.
Cheers
Also; MMF/Lantern (Motormile Finance UK Ltd) and their agents ‘Moriarty Law’ had been requesting repayment of the three loans (with the interest), whom in May of 2018 I had agreed a repayment plan at £200 per month. At the time of sending this email, I have paid an additional £800 to these loans (May-Sept 2018), on top of the £964.30 paid in 2012. This totals £1,764.30. MMF and Moriarty Law are included in this complaint/dispute of debt, as according to their letters received; At present, the remainder I owe £526.68. This would mean that by the time I have finished paying, I would have paid a total of £2,290.90, which is £497.90 over what the total of the three original loan agreements state (Principle, plus Interest) and £1,475.90 above the principle amount.
Sara (Debt Camel) says
Which lender is this?
The “price cap” (you can never pay more in interest and charges than you borrowed) doesn’t apply to loans before it was brought in in January 2015.
Steve says
Hi Sara,
It’s with Lending Stream.
I’m guessing the £497.90 over what the original loan agreements state are their charges relating to non-repayment of the loans, back in the day. Also, if the loans was bought out by MMF/Lantern, would I get anything back from them too (seeing as I’m still paying the interest & charges in the balance), or just on the £964.30 I’d paid in 2012 to Lending Stream?
Vicky says
Hi all
I found this site after looking on MSE and it popped up about payday loans and possible interest refunds.
Unfortunately and embarrassingly around 6/7 years ago I was in a very dark place with the loans and was loaning from 9 different lenders, lending from one to pay the other, loans often increasing in amount as I was ‘living off’ them from one month to the next. I’ve spent an hour trawling through my emails and although I had an idea of the terrible state I was in (mentally I was in a very bad place) I’m absolutely horrified about the money I was lending and the interest I was paying. I earned minimum wage!
With that in mind, I have started the process to complain using the templates. I’m not very good with all the ins and outs and I was wondering if someone might be able to help me with what to say and do in the next step when they inevitably tell me they won’t uphold the complaint. I’m feeling very overwhelmed with it all and am the type of person who will not fight it whereas a lot of you have done incredibly well and have not taken no for an answer.
I have had loans with: QuickQuid, Lending Stream, Peachy, Myjar, Wonga, Payday Express, Uncle Buck and 1 Month Loan.
Any help will be appreciated – I feel absolutely overwhelmed!
Vicky
Sara (Debt Camel) says
Hi Vicky, welcome to the club!
This is often a long, slow process, especially as it sounds as though many of the loans are over 6 years, so settle in and take it steady. It’s easier on your nerves if you don’t expect immediate responses and keep checking your emails every few minutes!
Have you started with the first template and asked for details of the loans from each lender, or gone straight to step two as you have your emails?
John M says
Hi Vicky,
You sound in a similar situation to me when I started this. As Sara says send off the first template for a list of loans. Your complaint will kick in from then and companies have 8 weeks to respond. Some take less to respond but others take longer.
Be calm and patient, it will be worth it.
African Queen says
Please try not to feel overwhelmed, Vicky.
You have come to the right place.
I love this forum as there are no egos.
We have all been in the same position as you and we are all still fighting and supporting each other.
Just send your letters off using the templates that Sara has provided and be patient. It will come good in the end and it will be worth it.
You will be fine xxx
Chele says
Hi need some advice please. I put my complaint in to Quick Quid but they rejected it and told me if I wanted the FO to take a look at it I had 6 months from the date of their letter to do so. Does it have to be within 6 months or will the FO also reject it if it’s longer than 6 months?
Sara (Debt Camel) says
If you are outside the 6 month time, the FOS will not consider your complaint unless there are exceptional reasons why you didn’t go to the FOS earlier.
JD says
Hi
So the 8 week deadline for some of my lenders has passed today, with no final responses.. do I pre-empt a complaint to the FOS or wait longer? In terms of Wonga, I can just feel that there won’t be any kind of reply.
One of the lenders is Wonga, there has been a recent update about this but no explicit announcements to say the FOS are not considering handling new cases from them, so should I just go ahead and submit a complaint?
Thanks.
John M says
Have the deadlines passed or are they due to end today? If they are due to end today there is a high chance you will get some sort of feedback as to the nature of your complaint or if they need more time.
It does appear companies are inundated with complaints at the minute. Maybe check with them first the status of where your complaint is at but you can certainly send your case to the FOS and if you get a suitable offer you can withdraw your complaint before FOS look at it.
With regards Wonga, this is far more complicated. Were your loans more than 6 years ago?
JD says
Hi
They’re due to end today. Should I contact them to ask for an update or just wait a few days?
My original complaint with Wonga was for all my loans to be considered which does include a few that do stretch a few months into the over 6 years period. Would I be able to amend my complaint to consider only the loans within 6 years from my complaint date.. would this speed things up?
Thanks
John M says
Definitely give them a chance to reply today. If no reply today then chase them tomorrow and start preparing your case for FOS by getting bank statements etc together.
Wait and see if Wonga reply but, depends on how much is over 6 years with Wonga. If only a few small loans probably worthwhile letting them go at FOS stage but entirely up to you and I guess no guarantee what will happen with any complaints at this stage. Do you still owe Wonga any money?
JD says
Hi John
Thank you very much for the advice. My last payment to Wonga was last February. I’ll wait a few days but start putting together the information for the FOS soon but will probably drop a few loans to put it into the 6 year period.
Thanks
m says
Hi
I have received the SAR from Wonga -( I know their complaints may not even be looked at but just wanted to try and see what amount I should receive if this was looked at?) as I may just forward this onto the fob instead of waiting for them to reply as they advised they are not sure if the 8 week response time will be upheld.
the total interest on my borrowing shows – £1515 is there anything else I need to work out of what I should receive or just this ? and if there is something missing what should it be ?
the total amount in fees totals to – £182
just not sure if there is anything I would need to add to this or not to see what I should expect if this was to get looked at?
thanks
Mark says
M,
You don’t really need to calculate the totals at all when sending to the FOS. As long as you state in your complaint to the FOS that you want “a refund of all interest/fees/charges that were applied above and beyond the capital repayments”, that would suffice. They will do the rest.
If it’s just for your own piece of mind/calculations, simply add up all the loans you received (A), then add up the total repayments you made (B). Deduct A from B and that will be the total you would be due if you received a full refund of interest/fees/charges.
Hope that makes sense?
Good luck
m says
thanks for the help!
that gave me £1670 least I know if I hear back from Wonga I now know what should be classed as reasonable offer. its only been 2 weeks but not sure if I should wait till 8 weeks or just take it straight to fos?
Mark says
m,
Yes, that’s the best way to evaluate whether an offer is good or not.
Unfortunately you have to wait until you receive your “final response” letter or 8 weeks have passed. You will be unable to send your complaint to the FOS until one of those two things have happened. I don’t THINK the recent news regarding Wonga and their administration changes this fact. I’m sure someone else will correct me if I am wrong.
If you haven’t already, you might be wise to read the link at the very top of this page regarding Wonga so you have realistic expectations regarding any refund that you are expecting.
m says
that’s fine I think I shall wait for the next 6 weeks to pass till it reaches the 8 week mark then contact fos, and yes I am aware of the current situation hopefully something changes by then!
I just wish I could work this out the same way with my qq loans as they have sent me a SAR but no where near as easy to read as the ones Wonga send you, really struggling to view that and work that out but again I think they will reject my complaint and make me go FOS anyways so will just have to see.
thanks for your help
Mark says
m,
Yes, hopefully the Wonga situation should become clearer over the coming weeks.
I know what you mean, I tried for an hour to work out my QQ statements and I’m not a “silly man” (unless you ask my g/f!) and didn’t get close to understanding them. So I gave up and decided to let the FOS work it out. It’s almost as if QQ don’t want us to know how much interest/fees we paid them! ;-)
You’re welcome, keep us updated.
Lee Sharratt says
Hello . Should I accept the offer from payday uk. They are refusing to look at Loans older than six years old, case is with the fo, they said either wait or accept? He worked it out. Before 6 years there is about 1000 pound in interest and charges. What should I do?
John M says
How much interest did you pay after 6 years and how much are PayDay UK offering you?
Lee sharratt says
Only looking at loans from August 2012. I had an outstanding loan off 300 pound, they offered 950 minus the 300, so 650, which I thought was on insult, borrowed over 4000 since 08/13.
Mark says
Long answer:
Best way to evaluate the offer is to work out exactly what you could get back if you were awarded a total refund of all loans Vs the offer you have already. Then you must also allow for the time it may take to be resolved by the FOS, as they are still trying to fight the test case(s) in order to allow them to investigate complaints older than 6 years. This result is due anytime soon, but no one knows for sure how long this will take AND if the FOS will win that argument.
My advice is to work out the MINIMUM you would be happy to accept, then go back to the PDUK and ask for that amount plus 20%. Some lenders do negotiate. Others do not. If you don’t get an offer of that minimum, then take your chances with the FOS but be patient.
Short answer: Up to you ;-)
John M says
So you have borrowed £4000 since August 2013 is that right? How much interest have you paid?
£950 seems like a relatively low offer but difficult to tell without knowing how much interest you have paid
Lee sharratt says
Borrowed 4K from 2009/2013
From 2009 to 2012 I paid over 1300 pound in interest
Jasper says
Strictly speaking, if they are not even looking at loans earlier than 6 years ago, then you should be able to reserve your right to complain again about these loans again if it turns out later that they do have to consider them? Logically they are removing these from the complaint so any compensation can’t be a full and final settlement against them.
May I ask, how long did it take for PDUK to come back with a final decision? I am waiting on them at the moment.
Sara (Debt Camel) says
“Strictly speaking, if they are not even looking at loans earlier than 6 years ago, then you should be able to reserve your right to complain again about these loans again if it turns out later that they do have to consider them? Logically they are removing these from the complaint so any compensation can’t be a full and final settlement against them.”
that is known as “splitting your case”, so you take two parts of it forward differently. It isn’t possible unless the lender agrees, which they won’t.
Sara (Debt Camel) says
There are a lot of figures here, so can I ask you to give the following details:
1) amount of interest paid (not the amount borrowed) on the older than 6 year loans
2) amount of interest paid (not the amount borrowed) on the under six year loans but not countin =g anything for the last loan at all
3) the last loan only – what did you borrow? and how much if anything have you paid to it?
Lee sharratt says
Basically 0ver £1300 interest before 6 years, about £700 interest after. But £200 on the latter is outstanding
Sara (Debt Camel) says
So they are offering a “full refund” on the under 6 year loans. But there are a lot more over 6 years loans, and they would also have a lot of 8% interest added… well there isn’t an easy answer, but most people would think it was probably worth waiting to see what the ombudsman says as PDUK is has been paying out on older loans.
Lee sharratt says
Full refund on younger loans. I think I will wait. As they are paying out on older loans. Thanks for your help
Gareth Moore says
Hi,
Only recently discovered this website when I was searching about the ROP Vanquis refund delays and stumbled on the Payday loan interest refund claims!
Since then, I’ve slooked at through all my Payday Loans from 2011 up to 2014 and was horrified at the amount of loans taken and interest paid.
Myjar, several consecutive loans in 2012 & 2013 totaling £4k. Quick Quid £5.5k, from DEC 2009 to DEC 2010
Cash Genie and Wonga refunded me in the past, out of the blue, when they closed down and bought back debts from Debt collection agencies respectively.
MYJAR and QQ are with Resolver now, but due to age, QQ looks a bit tricky judging by the coments made here. QQ, however, send me all the SAR info in less than 2 days!
Steve says
Hi all,
Quick update on my situation so far:
24/7 Moneybox: Upheld complaint, refunding £196.61 + removal of loans from credit files
SafetyNet Credit: Upheld complaint, refunded £578.58 from balance, now owe £460
PoundstoPocket: Not upheld, gone to FOS (£940.07 interest)
MyJar: Not upheld, gone to FOS (£534.64 interest)
Moneyshop: No response yet (£293) – response by 24/09/18
LendingStream: No response yet (£658.66) – response by today (17/09/18)
Wonga: No response yet (£252.53) – response by today (17/09/18)
Fingers crossed to hear from the others soon!
Carl says
Afternoon Steve,
Thanks for the update!
247 Moneybox have just offered to remove the loans from credit file but no refund offered currently, so have gone back to dispute. Still waiting for them to send me the loans I took / interest etc etc.
Did they say how long it would take to remove loans from credit files? I took out 17 loans in 2 years with them.
Steve says
Hi Carl!
No problem!
I got their final response letter an hour after agreeing, and in it they said they’ve already contacted the credit agencies they use (Equifax and Call Credit) for them to make the changes, but the agencies tend to take up to 30 days to update. I should have the refund within 24 hours.
Good luck, they were actually really friendly and understanding!
Steve says
Just to say re 24/7 Moneybox, money was in my account by 4:30pm, so less than two hours after sending them my bank details.
They also re-confirmed the removal of all six loans from my credit files, which is a better result than I was expecting!
Lending Stream emailed me yesterday to say I only emailed my complaint to them on the 15th August so they have 8 weeks from then, but I actually emailed them on the 23rd July so I’m not sure if that’s just a delay tactic?
Michael says
Hi Steve,
I had to complain about 20 consecutive loans from moneybox. They said I hadn’t been treated unfairly and their final response was an offer to wipe my existing loan (but that’s it) I have been waiting for the ombudsman since early April now. Did you go through the ombudsman or have moneybox just offered you this?
Thanks
Steve says
Hi Michael,
Oh gosh, I hope you hear from the Ombudsman soon.
I didn’t go to the FOS at all, it took the full 8 weeks and we settled on the very last day.
I hope it goes well for you, I can’t see how the Ombudsman wouldn’t uphold your complaint!
Neil Thomson says
Hi All,
Has anyone had any success claiming back form Lending Stream and or Ferratum.
I have had over forty loans from Lending Stream , re borrowing after each loan was repaid.
I have had over thirty consecutive loans with Ferratum.
Sara (Debt Camel) says
Lots of successes against Lending Stream, not as many against Ferratum but they are a MUCH smaller lender so that’s what you would expect. Both sound like very good complaints. Good luck.
Neil says
Thanks Sara,
I sent in my complaints to theses complaints two weeks ago along with bank statements for the relevant period and my Equifax credit report.
I sent them straight away in order to keep any delay tactics to a minimum and also so that Lending Stream dont come back saying i had a high credit score.
Sara (Debt Camel) says
Well LS will reply with their standard statement whatever you say. But I suggest you get your Noddle credit report – that’s on CallCredit, not Equifax. It tends to be much more relevant for people with payday loans as more payday lenders use it than Equifax or Experian.
Luke says
Hi, I am about to send out an email to QuickQuid requesting a refund for the loans I have taken out in the past.
I took 27 loans out over a 2 year period between 2012 and 2014.
I have a couple of questions however before I want to send the email off. In the first year of taking out these loans I was living with my parents and thus was not paying any rent/household bills. However in the 2nd year of taking out these loans I started university and so started paying rent and bills.
As I am required to give my financial details during the period of time I took out these loans, and my financial details differ quite a lot from the first and second year, should I give two sets of details? One for whilst I was living with parents and the other for whilst I was at university? Or should I just draw up an average of my finances for over the two year period? Do I also have to include any maintenance loans that I received from the Student Finance whilst at University?
Many thanks for your help.
Sara (Debt Camel) says
Yes it would be helpful to give two sets of details. The standard template is just a starting point, change it so that it describes what happened to you.
Do you remember QQ asking you for details of your expenses? I think they often didn’t.
Maintenece loans would count as income over this period.
Bobby says
Hi Sara, I thought PDUK were one of the companies that are paying out on loans over 6 years? Has this changed recently? I had two periods of borrowing with them, one over 6 years and one under 6 years. I complained about both and they only replied about the loans under 6 years and ignored my complaint about loans over 6 years. So I raised a complaint to FOS and then eventually they responded three weeks later regarding the older loans confirming that they should have undertaken more checks and asked me to supply bank statements, who’s I did. Then when I chased them for an updated response they said they couldn’t reply as it had been raised to FOS and they shouldn’t have asked me for my bank statements. Very frustrating! Anyway my concern is that they were prepared to pay out on the loans over 6 years but have now changed their policy.
Sara (Debt Camel) says
A few people have mentioned this recently. This is going to sound vague, but it can be hard to tell if a firm has changed its policy or if something else is going on until there is a clear pattern.
Sy says
Hi,
Could anyone advise how long it takes MyJar to refund after accepting their refund offer please?
Thanks
tom says
mine was 5 days
Sy says
Mines been 18 days so far and they dont respond to any emails!
Does anyone know if there is a maximum time period they have to refund within after accepting their offer?
Thanks
Graeme says
I waited 10 of the 15 days they suggested and after emailing without response, I just called their main Telephone number from the site and asked why it was taking so long. Money was in the account the next day.
Sy says
Great thanks.
I’ll try and give them a call…
AC says
I keep being told that the Complaints Department have a back-log, which is why they haven’t *yet* acknowledged any e-mails I have sent – dating back to the 4th of September!
The customer services department seem to tell you a different thing each time you call them, I’m expecting Santa to drop off my refund during his rounds…
Aaron Myers says
I complained against Safetynetcredit about a loan I took out last year, I didn’t pay any of it back and was having gambling problems at the time. They accessed my bank account and could see the transactions coming and going for said gambling also that I had no income at the time other than the gambling as I was unemployed. They emailed me back saying they weren’t upholding my complaint and that I have no basis for a complaint, given my credit rating is very bad and was just as bad at the time if not worse I think they shouldn’t have give me the loan. They say I still have to pay the £264 I owe them. Just wondering if I refer it to the FOS do I have much of a case at getting the debt wiped off? Or even the interest wiped off the debt?
Sara (Debt Camel) says
One loan cases are tricky, but where they saw your bank statement showing you had no income and a lot of gambling, this sounds worth going to the Ombudsman. But you won’t get the loan wiped, only the interest removed. In this situation, I think it’s worth going back to them, pointing out what they should’ve seen and saying you will be sending the case to the FOS unless they remove the interest from the balance and let you set up an affordable repayment plan.
Aaron Myers says
I’ve done as you suggested, seems like the best possible outcome given how safetynetcredit have replied. I never paid any of the loan I had with 24/7 moneybox around the same time and after me emailing them a month or so ago they’ve replied that they’re wiping the debt off and removing it from my credit record. I guess lenders vary in how lenient they are.
Aaron Myers says
At first when I emailed about them removing the interest and setting up a payment plan they said no and that their previous response was final. I offered to set up a payment plan to pay the full £264(couldn’t be bothered going to the FOS and waiting for the sake of £64) then they have emailed saying that was fine, today I received a further email saying they’ve wiped the interest off and I just have to pay back the £200. Weird way they’ve gone about it but the result I wanted so not complaining.
Ben says
Hi Sara,
One of my loans I am disputing from LS has now been sent to court by TM legal services on behalf of Asset Collections and I have received a claim form. The original loan was for £700 and they are now claiming £1441 including costs. I was under the impression you could not be taken to court if still under dispute? I sent my complaint letter on 12th August and have not had a final response from lending stream. I also haven’t escalated yet to FOS as eight weeks not passed / final decision given by LS. Should I now arrange a payment plan to stop it going to court or reject the claim as it is still being disputed?
Sara (Debt Camel) says
Did you tell the debt collector that you had started a complaint against LS? When were you sent a pre-action letter which is described in this article: https://debtcamel.co.uk/letter-before-claim-ccj/
Ben says
I have informed then only when I received the claim form. They are saying they will progress ahead anyway but I could set up a monthly fee and avoid going to court.
Sara (Debt Camel) says
That was a mistake – it’s why the article above tells you to inform a debt collector when you make a complaint.
“They are saying they will progress ahead anyway but I could set up a monthly fee and avoid going to court.” well that is true, you don’t have to go to court, you could just complete the “I admit the debt” form and offer a monthly payment. You do get a CCJ however.
The alternative is to try to prolong this case by defending it for as long as possible. This can usually be done for quite a few months, 6 months or more may be possible, it depends a bit on timescales at your local court. This may or may not be enough time to get the LS refund resolved, but you should also use this time to save up money to pay off the debt if/when you lose the court case. If you pay the court judgment amount within 30 days the CCJ will disappear from your credit record.
If you want to try this, I suggest you post on the Legal Beagles forum asking for possible defences and saying that your main aim is to postpone the judgment for as long as possible: https://legalbeagles.info/forums/forum/legal-forums/court-claims-and-issues/
Ben says
Was sent a pre action letter but assumed it was posturing by the debt collector if I’m honest. I only made the debt collector aware of my complaint once I received the court claim form. Should I set up a payment plan with them to stop the matter going to court and continue my original claim against LS? The problem is I believe this calls for me to admit the debt.
Sara (Debt Camel) says
Unless the debt collectors says they will withdraw the court case in writing, it is unlikely that setting up a repayment plan at thie point will stop the court case.
“The problem is I believe this calls for me to admit the debt.” do you have any reason to defend the court case?
Sapphire not my real name says
Also i know this might sound greedy stupid daft etc, but in Dec 2004 I had z 2 grand loan from someone over the phone. I have not z clue who it was from but I was on benefits at the time and should never of been given it.
Sara (Debt Camel) says
Obviously that isn’t a responsible way to lend. But even if you did know who it was from, you couldn’t do anything about it after so long.
david askew says
Hi all,
I am currently in communication with Satsuma and they have asked for details of my loans.
I ordered my old bank statements to go through them and identify my loans with them.
Was just wondering if anyone knows or is aware of Satsuma showing as something else on bank statements?
I know with some companys I used the name showing on my statement was different from the company name, and on my bank statements there are payments that are obviously payday loans but I do not recognise who they are from.
Anyone know of any alternative names used by Satsuma for payments?
thanks,
Sara (Debt Camel) says
Why are Satsuma asking you about the loans? Can’t they trace them?
List the payday loan payment names and see if they ring a bell with someone here
Mike says
Satsuma Loans’ website states:
“Satsuma Loans is a trading name of Provident Personal Credit Limited.”
Does that come up anywhere?
If you list the other names that you can see on your statements, we can try to help.
David askew says
I sent them the template email and they have responded by asking me the details of my loans, original amounts, agreed payback dates and bank account details. Trouble is my finances were in such a mess back them I don’t know which bank details I gave them. I ordered old Bank statements and there are amounts showing that I don’t recognise as satsuma but wondered if they sometimes transfer under another name?
Sara (Debt Camel) says
if you list the names you don’t recognise, that may help.
david askew says
Payday, Payday.co.uk & Cashongo…..
Also there are a lot of payments to and from MEM Consumer finance.
Also I have noticed loans with 1st Stop, Cash Genie & Pixie Loans, are these companys now defunct??
thanks,
Mark says
David,
Just checked my bank stat’s (the ones I sent to the FOS), but the Satsuma Loans paid into my account in 2015/16 all had Satsuma Loans and a 16 digit ref number.
Have you tried googling the names on you statements? That should direct you to the PDL companies in question and will hopefully refresh your memory.
Tim says
Hi Sara
After raising a case with the ombudsman and they have everything they need for me and the business, is there a time limit they have to allocate the case to an adjudicator and send a response or is it simply first come first served on the cases they already have logged with them? Spoke to the ombudsman this morning and they advised for one of my cases they were waiting for an assesment to be made by the case handler (raised at beginning of May) and for another said they had 3 months to provide a decision?
Thanks
Sara (Debt Camel) says
There are no time limits.
Mar says
Hi All,
Just wanted to share my outcome with ferratum as I know there have been a few comments with people dealing with them.
Sent my complaint 30/07 regarding 4 loans I had with them, one which is currently outstanding and unpaid.
Just received a response today on the 1st day of the 7th week, they dispute they did anything wrong however stated ‘as a gesture of good will’ they will remove all the interest off the 4 loans from my remaining balance meaning I have to pay them back £198., however saving £468 on interest.
Im quite happy with this and I am going to request that they remove the last loan from my credit file once paid.
Lee sharratt says
I had 35 loans with them. Case with the fa, I’m hoping I get a good result. Be waiting nearly 6 months 😞
Lee sharratt says
Sara how much longer u think I might be waiting?
Sara (Debt Camel) says
At this point I don’t think my guesses are worth any more than anyone else’s. It should be soon but there is a big random element in here. I hope it will be a straightforward case when it is looked at.
Lee sharratt says
Thanks . Soon be Christmas 😱
Dee says
Hi
I was wondering what response times people received from Payday Express, PaydayUK and Wage day Advance? I sent my emails off on Friday for details of my loans held with each, received an automated email from WD.Advance straight away but nothing from the others.
I have some details of my loans in my emails but I’m not sure it is all.
Also I changed banks a few years ago so cannot access statements from my previous bank i don’t think, this bank would show some of the loans and payments I made. will this be an issue?
Sara (Debt Camel) says
You can get bank statements from closed account and this would be a good time to start doing that so you have them ready in case they are needed.
Carl says
Afternoon Dee,
I emailed those three companies on 04/09/18 but yet to hear back.
Thanks
Dee says
I think im going to have to learn some patience with these ones lol
thanks for your response, and Sara I will get onto my old bank for statements so im not wasting time if requested later on = )
Julian says
Hi Dee,
I sent a subject access request (SAR) to Pay day UK on the 25th July 2018. They acknowledged my complaint a few days later and have just received my loan history with them today. It’s not very clear how they have set it out and I’m going to have to work out what their status means to try and calculate the interest. I had loans with them from 2008 to 2014. I also had loans with Payday Express and WageDay Advance. Not heard anything regarding Pay Day Express at all. I also wrote to both companies on the 25th July 2018 with a SAR. WDA provided my loan history on the 22nd August 2018.
WDA said:
regarding your complaint, I advise it appears you have raised this issue previously on 29 April 2015. Our final response was issued on 22 February 2016 and therefore, we do not agree to investigate this complaint again.
I do not recall making such a complaint as I was not aware of being able to make this type of complaint until July 2018. The only thing I can think of is me asking them to freeze the interest on my last loan with them and setting up a payment plan. I have escalated my complaint directly to the FOS.
Hope that helps and good luck.
Julian.
Sara (Debt Camel) says
If you sent WDA a Subject Access request that asked for all your personal information, not just your loan details, then they should have supplied you with details of your previous complaint and their response to it. If you haven’t asked for this, i suggest you do this now.
Julian says
Hi Sara. Thank you. WDA have only sent the loan history. And the final response saying they don’t acknowledge the complaint. I went straight to the FOS because of their response and I am still waiting for the case to be allocated to an adjudicator.
Can I still go back to WDA and ask for a copy the the complaint they said I made or do I have to leave it now with the FOS?
Many thanks.
Julian
Sara (Debt Camel) says
Your case with the FOS carries on. But whether they reject your complaint or not, they have not sent your the SAR information you asked for and they are legal obliged to do this, so treat getting the SAR as a seperate matter, pursued at th same time as your affordability complaint.
Gareth Moore says
So, I had 19 loans with MyJar, from feb’12 to oct’13, with a total of £4K. They were consecutive loans (there were a couple of period of just over 2 month between loans) and paid £1250 in interest.
Put the complaint through two weeks ago and they asked for statements and payslips, but I only sent the statements yesterday and told them that the salary was showing in there. Let’s see the outcome.
At the same time, I had cash genie rollovers and a few 247 money box here and there.
I think I have a good case as they never did checks, only the usual texting for a loan and that was immediate approval.
QQ is a different case: from dec ‘09 up to dec ‘10, (consecutively including a few rollovers) I borrowed £4.4k, paid £1.9k in interest. The last £900 was fully paid, except for £100 interest that were defaulted and sold to a debt collection agency, which was then paid.
I sent the complaint with QQ who promptly sent all the loan history and contracts. They asked for bank statements but I can’t get these as the bank account I had was closed mid 2011.
Tara says
I also had the same with my jar. Borrowed from them since they were Txtloan up to last year. In last 3 years I borrowed over £10,000 and just 4 loans I paid nearly £5000 in interest. I also sent statements etc on Sunday with a email stating that if they look closely they can see I took other loans out with Wonga of the same amount that I used to pay them off before applying for next loan and they also didn’t do checks on my credit report as they would have seen what my borrowing situation was like and the many defaults I had and the fact I was on benefits but still they gave me big loans like £3000. Let’s hope we get a good result. You will have to let me know how you get on and I will let you know how I did.
Gareth Moore says
Sure Tara, will do.
Mark says
Sounds like two very good cases Gareth/Tara.
Good luck and keep us all updated on here.
Gareth moore says
They replied today (less than 4 weeks since complaint started) with a pathetic offer of £110 including interest on just 1 loan. they ignored the loans ove 6 years old, so i’m going to try and negotiate.
Sara (Debt Camel) says
Is this MyJar or QQ? If it’s QQ, you are wasting your time trying to negotiate – they don’t.
Tara says
I’m still waiting. I’ve had a email saying they are still looking into it and will get a reply before the 8 weeks is up.
My biggest loans have all been in the last 4 years. All the 6 year plus ones when they were txtloan are small amounts. I’d be happy if they just looked at the last 4 years as I’ve paid around £6000 in interest. 3 loans have been over £3000 each. Are you gonna go to FOS now?
Gareth moore says
It’s MyJar… I’m not holding my breath for QQ
Gareth moore says
Well, it’s only 4 weeks tomorrow since I’ve made the complaint and their reply was quick, so i’m going to give a chance and reply MyJar with my calculation which is around £800 + interest. This is taking into account the loans that were taken consecutively within 7 days after repayment.
If they come back and offer something in the region of £500, i’ll be happy with that .
If they don’t change their offer, or make another low offer, then its straight to the FOS.
Kerry says
Hi I’d like some advice I had 2 loans from 24/7 money box but they were over 6 years old I’ve just had this response as follows
Thanks for your email. We are confident that the required assessments were carried out prior to the advance of all loans. We are able to substantiate fully the information on which lending decisions were based.
You have had a total of 2 loans with us – this is not indicative of repeated, or irresponsible lending.
You have borrowed a total of £275.00 from us, and you have repaid a total of £201.72. This means that you have not repaid the principal amount lent to you (ie minus any charges). If you ask a third party mediator to look into this, they are likely to recommend you repay what you have borrowed (the principal amount). In this case that would mean they would recommend you repay £73.28 to us.
As a gesture of goodwill, we are happy to resolve today by writing off your outstanding balance of £463.88, in full.
Please confirm this acts as full and final settlement
Is it worth taking to the financial ombudsman?
Sara (Debt Camel) says
If these details are correct “You have had a total of 2 loans with us… you have borrowed a total of £275.00 from us, and you have repaid a total of £201.72.” then this is a good offer and you will not get any more by going to the ombudsman. One sorted!
Neil says
Hang on ,
Outstanding balance = £463.88 . What you have already paid is £201.02 . Therefore they originally wanted 463.88 +201.02 = £664.90 for a £275 loan.
£664.90 – £275 = £389.90 Interest and charges on a £275 loan.
I thought new rules prevented them for charging more than double the principal amount.
Sara (Debt Camel) says
those are the new rules, but they don’t apply to pre 2015 loans.
David says
Hi all. Waiting on refunds from PUK and PDEX. Although everything was done through email I was asked to post the form. Sent it 1st class on Friday still to receive any confirmation they’ve recieved it yet even though I’ve been emailing. Anybody had their refund sorted through phone or email
Julian says
Hi Sara,
I received a final offer from Uncle Buck today. I had 5 loans with them which they agree. The interest I paid was £701. They are upholding my complaint in part for loans 3 and 4, but not loans 1 to 3. They are offering me £251 in interest fees and the statutory 8% as a final settlement. They said at the time of taking my first loans there was nothing to indicate by the checks they did that they were unaffordable, but could see that for the later loans I started to become reliant due to my loans being funded within quick succession. I am planning on declining their offer and escalating this to the FOS. My bank statements show that I was using other payday lender at the time had a high overdraft and within a couple of days, was out of money.
I had taken loans with them on:
15 November 2014
1 December 2014
30 December 2014
1 February 2015
25 February 2015
Would you agree that I should take this to the FoS?
Thank you in advance as always for your help.
Kind regards
Julian
Julian says
sorry that should be they are upholding loans 4 and 5.
Mark says
Julian,
I would also take this to the FOS, it’s highly unlikely (I must stress that it’s not impossible), that the FOS will reduce the offer that the lender has made.
I think often the lenders really have no rhyme/reason for their offers, it’s just a numbers game for them.
Sara (Debt Camel) says
How large were each of the loans? Would your credit records have shown recent defaults or other problems?
Julian says
Thank you Mark and Sara for your responses.
Sara, all 5 the loans totalled £2,400 (£200, £300, £600, £650, £650) plus interest and admin fees of £700 so £3,100 in total. I have escalated to FOS, but also wrote to them saying I will accept an interest refund for the last 3 loans which is a most £500. Will wait and see what they say.
Thanks again.
Julian says
Sorry, forgot to say, they say my credit files did not show any default, which I can’t quite remember but would have definitely shown other PDL lending.
Sara (Debt Camel) says
Your offer sounds like a good compromise to me. It was the third loan where the amount doubled where they should really have stopped and thought.