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?
Andy says
Hi Sara,
I currently have a complaint against QQ that’s sitting with an adjudicator, they up held loans 8 to 10 and 14 to 20 (I decided to leave the loans outside of 6yrs). I have received an offer from QQ but only for the top up on loan 8 and loans 10 and 15, this still looks like a decent amount of money but I’m struggling to calculate how much it would of been had they agreed with the adjudicator and offered based on all of those loans.
If I reject and this goes to the ombudsman is there a chance I can end up with nothing? also iv read in the comments that this may take another 6 months or so?
Laura says
Hi Andy, don’t be blindsided by their rubbish counter offers. They came back to my adjudicator with a offer of around £2,000 but I took it to the ombudsman and just this week I’m looking at just under £11,000. So just wait your time would be my advice
chris says
good afternoon everyone thought i would share some good news. i have 6 complaints in with the FOS and ihave four rulings from the adjuciaotrs, think they have got back to me pretty quick, i put my complaints in dec 18.
Peachy – 3 loans over 7 months – rejected all – not to fussed as only £120 off interest- my weakest case.
Mrlender – 5 loans – rejected 3 upheld two – i have one outstanding loan £650 already paid £300 and £300 interest refunded only left with £50.00 to pay which im happy with.
Uncle buck – up held my complaint about one loan – due £45 in interest back.
Casheuronet – upheld my complaint about all loans – Due £550 in interest plus 8%. this is big one for me – so will they reject and ask for a final decision or because its only a small amount to them do you think they will accept the decision?
just decision on Lending stream and myjar to go.
have a great weekend – thanks to this site and everyone who helps.
Sara (Debt Camel) says
Casheuronet – what date were your loans?
Joseph says
Chris can i ask how you had 1 loan upheld from uncle buck? I’m in the same position but keep hearing it’s unlikley to be uphelp with one loan
Rach says
Hi Sara
I received a court claim from Lantern Services on behalf of Quick Quid (Pounds to Pocket) in May 2018 and submitted a defence admitting (rather foolishly I think, in hindsight) to part of the claim as I expressed concern about the interest charged and the accumulated debt. I heard nothing from either the court or Lantern following this until March 2019 when they wrote to me requesting the whole amount, plus charges. I’ve done a lot more research on the matter and am going to challenge the claim. I’ve sent a SAR to Lantern (QQ) and want to send another letter requesting they hold any action pending further investigation, perhaps by the FOS. Could you let me know the CPR section, or the Pre-Action Protocol to quote in my letter making a request for the company to hold any further action pending investigation? I’ve seen it quoted somewhere on a forum/blog, but just can’t seem to find it!
Many thanks in advance of a reply
Sara (Debt Camel) says
You need to send QQ a complaint about unaffordable lending for all your borrowing from them, not just this last loan sold to Lantern. Do it asap.
I can’t tell what point your case is at and i cannot give advice about what to do. I suggest you either talk to National Debtline on 0808 808 4000 or post on the Legal Beagles forum see https://legalbeagles.info/forums/forum/legal-forums/court-claims-and-issues.
Nathan says
Hi Sara
I had an interesting letter from the company that had prebiously purchsed my debt from Sunny, stating that the debt has now been transferred back to Sunny.
I originally made a complaint against Sunny in October last year but it was rejected and has been with the ombudsman since December.
Just wondered if this reassignment of the debts has happened to anybody else? I had an outsnding balance of around £1500 on the account when it defaulted and was sold on. I am thinking I could now get a new response from Sunny upholding my complaint but taking the debt away from the compensation?
Anybody else experienced this?
Thanks in advance.
Steve says
I’ve had similar with Likely Loans – they sold my debt to a third party, however after I wrote to LL and explained I wasn’t happy that it had been sold considering I was making payments & had an affordability complaint, they brought the debt back from the other company.
John says
Sara .I have received two emails back from fos telling me that satsuma and sunny have not sent in my case file.It is past eight months these amoung six other pdl complaints have been with the fos..During my monthly phone call to check whats happening with my cases past the 4month period I was led to believe they were all just awaiting picking up by an adjudicator .My qquid complaint(awaiting final ombudsmen decision) apart.My question is at what point is a company held to account if fos has asked them for information to investigate a case.I am well aware how busy they are .I am a patient person but I am very annoyed about this because however well intentioned I have been either fobbed off/or lied to on quite a few occasions.In my shoes how would you feel about this.Am I over reacting??
Sara (Debt Camel) says
You can leave Sunny a very bad review on trust pilot here https://uk.trustpilot.com/review/sunny.co.uk. That may kick them into action. It won’t work with Satsuma whose Trustpilot rating is already abysmal!
Drew says
I have been offered redress from The Money Shop group, but they have only looked at lians in the last 6 years.
I have had loans from them for two years before this aswell, and it states tyat I would need to tell them why I have complained within the 6 years before they could investigate.
The offer so far is very good in my opinion, and would like to accept and get the refund ASAP.
It says on the acceptance sheet that this is full and final offer, so if I accept now does this mean I could no longer pursue the loans over 6 years?
Could I wait til I receive the refund, and then tell them why I didnt complain? and initiate a complaint about the loans over 6 years?
Thanks
Sara (Debt Camel) says
“if I accept now does this mean I could no longer pursue the loans over 6 years?” basically yes.
If you accept this offer, you can no longer take any part of your complaint to the Financial Ombudsman.
You can still ask them to look at the loans over 6 years explaining when and how you heard about payday loan refunds (eg “My brother saw an advert on Facebook from a claims company and sent it to me at Christmas. Then I researched to find out more and realised the loans I repaid were actually unaffordable as they left me so short I had to keep borrowing more. Until then I had no idea that a lender should have checked for affordability so I didn’t know I could complain.” There are no wrong answers, just say what happened to you!), but if you don’t get an improved offer that would be the end.
How good is the “under 6 year” offer? And how many loans and how much interest did you pay on the over 6 year loans?
Drew says
Thanks. I will accept it, and explain the over 6 years reason, seeing what the outcome is.
The offer is £2,500. I think its good as covers every loan in a two year period, but there is also two years before this period over the 6 years.
Overall I have been refunded £9,000. Thanks so much for all the help and advice Sara
Sara (Debt Camel) says
Ok, well double check with them that they will look at the older loans if you accept now. Some people have done this but always worth making sure.
Rich says
Complained to sunny 21st January having had 39 loans in 3 years, most of which was spent at my max allowance with 3 loans open at a time. Total interest I paid during that time was £4700.
Got a reply of a partially upheld claim direct from Sunny (no FOS involvement)
Outstanding balance of £995 written off
£3700 interest refund
£600 simple interest refund
All thanks go to Sara, her templates and her unbelievable help through this website 👍
I have complaints in with 4 other companies but these have all been escalated to FOS.
Good luck everyone!
Nicki says
Hi Rich, I currently have a complaint in with Sunny that’s in it’s 7th week, can I ask how long it took for them to make the offer and how long it took for them to refund out of interest please?
SLS says
I just want to say a massive thank you to this forum. I came across it about 3-4 weeks ago and put in affordability complaints. I already have had safety net uphold my complaint wiped my debt and refunded me interest worth 1193. With this I have managed to clear some other debts which means i will no longer feel sick when payday comes around. Credit cards i am going to do the snowballing and for once i can finally see light at the end of this tunnel and a manageable way forward. So thank you. I still have complaints in with other lenders but i am feeling very optimistic now.
Sara (Debt Camel) says
what a great start!
James says
If a lender says they ‘might not have’ done a credit check as they can’t produce it and on that basis the adjudicator has declined my complaint is there any way to prove whether they did a check or not from my credit report for a loan in 2013/2014? I got all info from a DSAR but it didn’t contain a credit check, their checklist said ‘credit report not available’
Sara (Debt Camel) says
Did you just have one loan from that lender? How large was it?
Iain123 says
Sara
Received a reply from an adjudicator. Thought I’d share it so others know what it looks like. I’m surprised they’re working Saturdays!
Dear mr…..
your complaint about CashEuroNet UK LLC (trading as QuickQuid)
I’m getting in touch to let you know I’ve written to the business today to explain what I think about your complaint. I’ve attached a copy of my letter.
what happens next?
As you’ll see, I’ve given the business time to think about what I’ve said and reply to me. If they agree, I’ll let you know – and explain what this means for your complaint.
It’s possible that the business will come back with new information that changes my view about your complaint. If that happens, I’ll let you know.
what do I need to do now?
If you’d like to discuss anything I’ve said in my letter, please let me know as soon as possible.
Otherwise, you don’t need to do anything – and I’ll be in touch once I’ve heard from the business.
Yours sincerely
Sara (Debt Camel) says
So does it sound promising?
Iain123 says
Very. Tried to post the letter he sent to QQ, but it’s too large! I’ll portion it out.
Sara (Debt Camel) says
oh just summarise the good bits!
Iain123 says
what this means… I’ve thought about all of these issues and I think loans two onwards shouldn’t have been lent. I’d like to explain why.
The repayment amount of ££££ on loan two represented a significant proportion of Mr xyz declared income. In these circumstances, there was a significant risk that he wouldn’t have been able to meet his existing financial commitments without having to borrow again. So I think it’s unlikely that Mr xyz would’ve been able to sustainably
meet his repayment for this loan and any subsequent loans.
By loan three, Mr xyz had also shown signs that he was struggling to repay the previous loan that he held with you. For example, Mr xyz deferred the repayment on loan two up to “xx” times which took him up to “xxx” to fully repay. In these circumstances, I also think there was a significant risk Mr xyz would’ve been unable to sustainably meet his repayment for this loan.
how to put things right
refund all interest and charges that Mr xyz paid on loans;
pay interest of 8% simple a year on all refunds from the date of payment to the date
of settlement*
Baz says
My myjar case was picked up by an adjudicator on thursday after 4.5 months. It was 3 large loans(1200, 1600 and 1200). Adjudicator ruled in my favour on loan 3. Myjar have until 5th april. As it is only 3 loans i suspect myjar will not agree and it will be off to ombudsman. Anyone know how long myjar take to get back to the adjudicator?
Jessie says
I currently have 3 cases with Payday UK, Payday Express and Quick Quid. All three have asked for bank statements unfortunately they go back past 7 years so the bank are unable to provide copies.
Has anyone experienced this ? I was using pay day loan companies between 2008 – 2011. Rolling over and getting into a circle of debt. How do I prove this without the bank statements. Nothing will show on my credit file because it’s pass 6 years.
Iain123 says
I wrote a very polite email to my bank head office requesting older statements. They provided an extra three years worth of statements, which was crucial for my case against Instant Cash Loans.
High Street bank staff aren’t aware of this, so contact head office this week. They do it on a ‘best endeavours’ basis and it took around three weeks.
If they can’t supply them go to the FOS anyway.
Iain123 says
Also, your account history with Payday lenders will show the repeat borrowing. This will help the Ombudsman make a decision.
Laurence says
Hi Jessie, Which bank is it you’re after old statements for?
Halifax produced statements going back 8 years very easily and Natwest I managed to get statements from 2008 recently (this was a 5 month battle though and lots calls and letters.
Being polite is definitely the way forward
Casey says
Hi can anyone advise of the approximate wait time for the case to be looked at by the ombudsman after adjudicator has escalated it ?
Thanks
John says
There is no standard or average time wait .looking at 3to 6months you could be lucky as some people have been. There are some waits like quick quid going past seven months.Hopefully it will get better and quicker but there is a very large backlog of cases.
Iain123 says
Six months.
Loopymoo says
Been told after 6 months wait that it could be up to 9 months or longer.
Jessie Jones says
I currently have claims with Payday UK , Payday Express and Quid Quid. All 3 have asked for bank statements. The loans I took out were between 2008 – 2011 so unable to access my bank statements. Bank is unable to help.
I have had a response from Payday UK and Payday Express…..” They have looked into my records. They believe they should have asked more questions and done more checks. Unfortunately unable to make a decision without my bank statements. ” Any one else experienced this kind of response ?
I have email the financial ombudsmen for advise waiting a response.
Any advise would be appreciated.
Thanks
Jessie
Sara (Debt Camel) says
Just send the complaints to the Financial Ombudsman. FOS likes to have bank statements but understands if they are not available in this sort of very old loan situation. If you borrowed again and again from a lender, FOS will take that into account.
Jessie Jones says
I spoke to FOS they advised I ask for the final response from the suppliers and they will look into the case.
Claire says
Sorry I may sound a bit thick here but I have had 2 cases that have finally been picked up by an adjudicator at the Financial Ombudsman. They have both rang and introduced themselves but I’ve not heard anything else from them it’s probably been just over a month. Is this normal once a case has been picked up
Sara (Debt Camel) says
I suggest you ask them if there is any more infomration you could help with – a polite nudge.
Claire says
Thanks, I’ve filled in an income and expenditure form and sent bank statements etc 4 weeks ago but yes I will give them call
Leanne says
Hi just a few general questions
Are there any companies which give a response before the 8 weeks? Do any typically take longer?
I’ve sent stage 2 emails now to safetynet, quick quid, pounds to pocket/on stride, money box 247, my jar, moneyboat, wonga and satsuma.
If you have outstanding amount with them will any refund be automatically taken from the balance?
Sara (Debt Camel) says
Wonga – don’t bother with the standard process, as they have gone bust there is nothing you can do except wait. See https://debtcamel.co.uk/wonga-has-stopped-issuing-loans/.
Of the others, Safteynet Credit and Moneybox 247 are the most likely to respond quicker than 8 weeks. 247 often doesn’t give a good offer but can sometimes be pushed to increase.
Are your QQ and PTP/On STride loans recent?
Are any of the loans very large?
Yes any refunds are first used to pay off balances. Who do you currently owe money to? Have you cancelled the CPAs to them with your bank?
Leanne says
Hi Sara
My pounds to pocket and on stride loans were from 2012 to fab 2019, one in 2012 was for 750, x4 in 2013 the biggest 1100 one on 201r for 1100 and the most recent for 550.
Quick quid from 2012 until 2018 largest 1500 looks like they were topped up/rolled on loans. I’ve had 13 loans with them in this time but was I say I think some are top ups etc and not a new loan each time. This is the info as provided by them. I only have the current loan of 550 which I have set up a repayment plan for.
I’ve requested paper copies of my bank statements which I now have, I haven’t submitted these to any of the companies but have advised them i will send them to ombudsmen if needed
Thanks
Sara (Debt Camel) says
With QQ/P2P loans from 2015, you are almost certainly not going to get a good offer from them, so expect to have to take this complaint to the Financial Ombudsman.
Baz says
My Myjar case was picked up by adjudicator last week and he ruled in my favour on 1 loan. My debt had been sold to Secure Recoveries who I had been in contact with a couple of months ago, they had put a hold on outstanding payments while complaint dealt with. On Friday 2 hours before I received my decision from the adjudicator I received an email in my spam folder (just came across it last night) from Ardent Credit. “We have been asked by the above named client to contact you with regards to a personal business matter”. The client stated was Myjar Treasury Limited.
They have asked me to contact them by phone or email and if email to send full name, address, postcode and DOB which im guessing is for security. Anyone have any information on what this may be about ? The timing feels strange to me.
Sara (Debt Camel) says
No idea. I suggest you email and ask what it is about.
Brian says
I had 20 months of consecutive loans with Ferratum and they’ve just come back with this offer:
NB: I have an outstanding balance with them of (£492.76) as I’ve paid £507.24 of the £1000 borrowed back…..
Bare in mind, the total amount of interest I have paid on the 12 loans totally 20 months is £3,168.96 (this does not include interest of £393.80 paid on loans 1-6).
In order to bring this matter to a speedy conclusion, we have reviewed the complaint and in full and final settlement we would like to offer to waive the balance of the current loan – £714.93 and no further monies will be due. We will advise the credit reference agencies that the loan has been paid in full. In addition, we will refund £450.00 to yourself. If you provide a bank account number and sort code this will be sent by faster payment.
I think this is quite an embarrassing offer – I was expecting closer to £3000 + the balance written off.
I have sent them an email asking them to reconsider in light of the details I have provided, but I suspect this will go to the Ombudsman. I find it very odd that they aren’t willing to make a better offer when evidently – this will go to the Ombudsman and I’d say I’ve a pretty good chance of winning.
I’ve already had £2510.52 + 8% refunded from 24/7 Moneybox – who I borrowed from 6 months later than Ferratum…. and I borrowed less from…..
Brian says
They’ve now upped their offer to £500…..
Thank you for your prompt response. Please find attached loan statements as requested.
The maximum redress to yourself we could offer is £500.00. If you are not happy to accept this we will withdraw this offer and provide the Financial Ombudsman Service with any information they request. Ferratum do not feel we lent irresponsibly. All interest and charges are detailed in the terms and conditions of the loans provided and agreed to at the time of application. This documentation forms the legal basis for what was agreed at the point the loans were set up.
All the loans were paid back as agreed which suggests they were affordable and we were not alerted to any financial difficulties.
Off to Trust Pilot I go with a very negative review. Then off to the Ombudsman.
J says
Hi Sara
Some good news to share. FO adjudicators picked up Payday UK, Payday Express and Mr Lender complaints (all submitted to FO on Oct 13) and have found in my favour on the majority of the loans. Lenders have all agreed. Totals £1256, £493 & £606 respectively. Roughly equates to around 70% of the total but I suspected that initial loans would not be upheld, as is usually the case.
Lenders have taken bank details and advise payment within max 28 days for the first two and 5 days for Mr Lender. A result, provided they pay up!
A note for all concerned is that the Payday UK phone number of 01903 768769 was spot on (thanks to whoever posted that) as it was answered on the second ring, the gentleman was very helpful and located all the details within a minute or two, checked everything was in order and ready for payment.
Finally, a question if I may? I wondered if there is any news on progress regarding the backlog of QQ and LS loans being settled as yet? Mine are pre 2015 but some go back more than 6 years; neither have been picked up (everything else has) but they are by far my biggest claims and as time goes on I get more concerned that they will get considered. I lost out on both WDA and Wonga.
As always thanks for the brilliant site and advice; you have no idea how amazing this site has been to so many people, thank you.
J
Becs says
After submitting all of my complaints to the Ombudsman back in May 2018 (to various PD lenders), I have had my first win with Sunny! They didn’t respond to the adjudicator initially, but funnily enough there was a response the day after I left them a bad review on Trust Pilot! They replied stating that they didn’t agree with the adjudicator’s findings and offered a lower amount. I declined their paltry offer and said that I wanted it to go directly to the Ombudsman. They have now come back agreeing to her initial findings (refunds on loans 1 and 4-24). I am so happy – well worth the wait! I returned the signed agreement on Friday afternoon, so now we shall see just how long it actually takes them to make the payment (approx £3,560 including 8% interest and all entries removed from my credit file). Thank you so much Sarah!
John says
Well done .Expect they tried it on to test your resolve .Also expect will happen to others I have 43loans complaint with them since June cheeky gits offered me £60 refund on one loan .The length of time these cases are dragging on for at fos probably emboldens them to try it on .Hopefully I will have one of my cases picked up soon .Have you been lucky in having an adjudicator that will look at your other pdl complaints ive heard this has been happening with some fortunate complaints. .would be nice if this was standard.
Becs says
I chased Sunny by email on the 4th April, had a response from them yesterday morning to say that the payment would be sent by Friday at the latest – the money then appeared in my bank account at about 11pm last night! Thank you again for all of your advice Sarah – it’s been a long wait, but worth it!!!
Dave says
Hi
I have recently comevacross this website. I’m wondering if i do have a good affordability complaint with Uncle Buck.
I have recently recieved my statement of account
Loan 1 – Amount £200 taken in May 2018 repaid on time loan closed on 10 July 2018.
Loan 2 – £800 taken six days later on 16 July 2018. I immediatley cleared £500 around end of July, used a £2500 118 118 loan for debt consolidation. I have still got an outstanding balance of £120 which I am clearing weekly (I missed many payments and eventually come to arrangement with Uncle Buck).
I have provides them with a copy of my Noddle credit report and no bank statements – as I imagine they will be able to see my circumstances at the time from this.
Interest I’ve paid in total is Loan 1 – 93 and Loan 2 (as of today) 383
Do you think i have reasonable grounds for them to uphold ?
Sara (Debt Camel) says
I think as loan two was so much larger than loan 1 then this is worth a complaint.
You might also want to think if the 118 money loan is unaffordable… there is a different template letter and procedure for those sort of large bad credit loans, see https://debtcamel.co.uk/refunds-large-high-cost-loans/
Dave says
Hi Sara
Thank you for a quick reply.
I have complained to 118 118 aswell currently in £1000 arrears set up a payment plan of £100 a week but the arrears balance keeps staying at a £1000 as my monthly repayment of £365 keeps getting added. Effectively I’m making payment to clear the balance but it will always remain in 3 months of arrears.
Robert says
2 pretty considerable wins for me recently thanks to your advice.
SafetynetCredit Agreed to a refund (£596, minus the £360 i owed them and im left with £296). This is the one i was most confident about winning, since they had direct access to my bank account, and continually offered me credit limit increases that i had no buisness accepting.
247 Moneybox also got back to me, i had borrowed a total of £420 and repaid £308. I really hadnt paid that much interest to them, so i was fairly surprised when they offered to write off my loan 3 days after sending my complaint to them.
Still waiting on replies from Mr lender, Peachy, Uncle Buck, Ferratum and Myjar (Im fully expecting them to wait out as long as possible, seeing as its been 5 weeks, with only acknowledgement from peachy and Mr Lender, and no response so far from the others.)
I also have a complaint with QQ at the ombudsman, but reading on here i can see i may have to wait a while for that one.
Ross says
Hi Robert,
You should, at the very least, have received an acknowledgment from all of the companies you have complained to. MyJar responded to me, with an acknowledgment, within a matter of hours, so you really need to chase this up. How did you send your complaint? If it was via email, you can forward them the original email (should be stored in your sent items) stating that you want the complaint recorded from the date of the original email, otherwise you will be waiting for 8 weeks from this date and not the original date you sent them.
Robert says
From what I’ve read, I was under the impressions that they had 8 weeks from me sending them the complaint to address it. I have chased them up, and I am still waiting for an email response.
Ross says
Yes, they have 8 weeks to investigate (before you can escalate it to he FOS) BUT they have to send you an acknowledgment, otherwise how would you know they’ve even received the complaint, let alone be investigating it? The general rule of thumb is 5 working days. If you’re in doubt, go to the ‘complaints policy and/or procedure’ on each of the websites and this will outline how they deal with complaints.
Jessie Jones says
Anyone else waiting for a pay out from The Money Shop? I have been told 28days was wondering if it will be sooner than that.
Thanks
Jessie
C says
Have you checked your junk emails for the reply, that’s where mine went.
All the best
tom says
Hi Jess – i have had issues with the money shop – firstly have you recieved the final settlement letter from them? If so it should take 10 days from then, I wasa due to be refunded by last friday on 2 complaints – 1 for pd uk and 1 for pd exp.
If you have not had the settlement letter i suggest calling them – which i did and they acknowledged they had made a mistake.
I have called them this morning and they have advised monies should be paid to me by Friday
Jessie Jones says
Hi Tom
I sent the settlement form back on the 19th March and it was assigned to my case on 22nd March. When I chased yesterday I was told the system was down and could take up to 28 days.
tom says
Hi Jess
so have you had a letter with the full breakdown on it and at the bottom it should state that – monies will be paid to you within 10 working days?
it was only after i had received this letter did they state how long it would take. I had one letter on the 19th and one on the 20th both stating payments would be made 10 days from then
When i ring i get the same guy everytime he is very helpful and advised me that the payment would be made by friday afternoon so watch this space.
It is beyond me how, if you take a loan they can pay you out the same day – but if your after a refund it can take upto 28 days… obviously trying to save the interest
Jessie Jones says
Hi Tom
No timescale on the letter. The letter states the offer and a settlement form to complete with bank details. I will ring later for an update
Drew says
I am waiting on three sums being paid back to me for The Money Shop, Payday UK and Payday Express.
I submitted TMS agreement letter on 05.03.19, and the Payday Express letter on 07.03.19. I only sent in the Payday UK acceptance letter in the last week.
I am still waiting on pay out at 22 days and counting. i called again today, and was advised the usual 28 day rule – and that it should be in for early next week at the latest. Same old response. I was told a week ago that the payment requests have been sent to the payments team who apparently need to send the actually bank transfer – god knows why it takes so long for them to transfer it!
Fingers crossed I actually get the refund – but am becoming a bit more concerned with each day that passes :(
Ross says
Hi Drew,
Instant Cash Loans (which are/were the parent company) tend to drag it out as long as possible. Even when I approached my adjudicator, and he approached them, they said it would be paid, when it would be paid. Granted, it was within the 28 day period, but very close to the point. You will receive it, but when they decide to send it.
Drew says
Thanks Ross. Fingers crossed that it comes through shortly. Will let you know what happens.
tom says
Im over 28 days for 2 refunds – they are seriously taking the piss now…. So i have advised them via email that i have contacted a solicitor
Jon says
Help!!!
Just had this, can anyone advise me.
Thanks for your email.
You have borrowed a total of £3,088.00 from us, and repaid a total of £3,074.82 to date. This means there is no redress we can offer, as the principal balance is yet to be repaid (refunds are calculated from interest and charges paid over the principal amount funded.)
You currently have an outstanding balance of £964.10. We are happy to set up an affordable payment plan for you. Please advise how much you can afford to pay on which day each week/month so we can set this up for you.
————————————
This is with 247 moneybox.
The last one was 11/09/2016 for £638. There was 9 loans in total over 12months. 2015 > 2016
The calculations look correct from what they have sent but I can’t be 100%
Sara (Debt Camel) says
Well it is fair to say you won’t get any money back if you go to FOS is you have overall borrowed more than you have repaid.
BUT it is unfair to ask you to repay the whole of the outstanding balance, which means paying all the interest on the last loan – FOS is VERY unlikely to say you should do that for a ninth loan.
I suggest you go back to them and offer to repay 3088-3074 = £14. That means you will have repaid everything you borrowed.
Chris says
Received a call yesterday from Phillip at Uncle Buck, 7weeks since I lodged my complaint. I was open and honest with him, I had taken out four loans in a 12 month period, borrowing as soon as the previous loan was settled, loans were for £300, £450, £500, £600.
Phillip requested a copy.of my bank statements which I sent yesterday. I have just received confirmation that they will waive the outstanding amount of £597.84 due. He was a very pleasant and understanding person.
I await a reply from Peachy and LS, both complaints reach 8weeks this Monday.
To date, I have had Mr Lender waive outstanding £600. Ferratum waive outstanding £1,100 and provide £250 compensation.
I know if I went to FOS I may have got more, but I just want rid of these loans so I can get out of the cycle and start again
Sara (Debt Camel) says
“I know if I went to FOS I may have got more, but I just want rid of these loans so I can get out of the cycle and start again”
That’s fine, it is a sensible approach to take if your problems are recent and you have used several lenders.
The UB offer may well have been pretty much what you would get by going to FOS – a refund after the 3rd loan is a common FOS award. the Mr Lender and Ferratum offers there isn’t enough information to say.
In your situation escaping from the payday loan trap is the most important thing you can do.
That doesn’t mean that it’s good enough for a lender you have borrowed from a lot previously to just wipe the outstanding balance. But you have your eyes open and as the old English proverb says, “Fair exchange is no robbery”.
Joseph says
Update with money boat, adjudicator upheld my complaint agaisnt just 1 loan – said it was evident through credit file I was reliant on loans. Also requested default to be removed because they did not send me a notice of intended default they just applied it straight away. He said this doesn’t usually happen because i made no effort to pay it, but when i explained the situation he agreed with me. Very happy!
Nanc says
Does anyone have any knowledge of Quid Market payout times once they agree with adjudicator?
Sally says
Hi Sarah my complaint about SNC has been with the FOS since March last year. An adjudicator picked it up and said that the loan was given to me fairly so I asked for it to be escalated to the ombudsmen. Last week I had an email from the adjudicator saying hes re-investigated the case and now agrees the loan was given to me unfairly. My question is at this point could I contact SNC to see if they agree with the adjudicator or just wait for the adjudicator to contact me. As you can imagine this has been going on for quite some time and I’m eager to get this sorted without it going to the Ombudsmen and dragging on further.
Sara (Debt Camel) says
Most firms don’t want to deal with a customer when there is a complaint underway at FOS. I don’t know whether SNC would listen to you at all.
Phil says
How long do companies have to give you the detail on the loans? Is it 30 days? And is that legally binding or?
29 days I’m waiting from sunny. Sent them a weekly email to chase and they confirm it’s been raised with the data protection team every time but nothing yet.
In the meantime I have collated all the information and have the second stage email ready and waiting. Just want to wait on the information to double check before I go for it…
Jane says
Hi Phil,
They have 8 weeks in total.
I actually sent my second stage email after a month with supporting evidence….hang in there it will fly over.
Jane says
Hi all,
Just wanted to share my first success story! In case there of any of you waiting patiently…it’s worth it.I started my complaint journey in August 2018.
I have claims with the following currently: MYJAR,Amigo,Likely Loans, Quick Quid,Wonga, Speedloan Finance and PAY DAY UK.
All rejected my claims despite my providing reams of evidence. All of my cases are with the FOS bar PAYDAY UK. Though they rejected my claim in December 2018 on the basis that my loans were taken out over six years ago in 2009.They did ask me to provide further information as to why I hadn’t complained earlier, so I thought it would be worth contacting them and providing further supportive evidence.
Two weeks on and I have been offered full redress accompanied by a very pleasant letter.
Total refund £947.20!Chuffed to bits….granted I put a bit of effort it but, they admitted I should never have been given the loans.
Huge thanks to Sara at Debtcamel and hang in there to all of those waiting, it’s worth it!
John says
Sara.I have aquestion .I took out over 100 loans with a cheque guarantee card starting april 2009 till 2011 .My bank made things very awkward and often were deliberately slow in sending out new cheque books at time .leaving me paying charges both ways .sometimes one £50 cheque could cost me £100 plus by the time it was cashed.What are the actual rules about this kind of complaint .My bank told me I was breaking the law by doing it .So no redress there .What can I do about the actual lender ??I used to be given £41 for a three week dated cheque .Obviously my debts escalated very quickly .
Sara (Debt Camel) says
who was the lender? you have no practical hope of complaining about the bank after so long.
John says
The company was speedloans .Don’t know if their still going or changed their name Expect its going to be difficult because of the time passed .Can companies just say no to any Fos enquiry and that s it because of time passed ??
Sara (Debt Camel) says
You need to talk to FOS about this. The cheque based lending may have been from Albemarle & Bond & Pawnbrokers Lt who went into liquidation.
Jane says
Hi John,
I have a complaint with Speedloan Finance with the FOS at the moment.
I had used their cheque cashing service between 2010 and 2014 with Herbert Brown(30 plus cheques with interest paid on each). I then had a loan with Speedloan (they own Herbert Brown).
The details to make a complaint are: complaints@albemarlebond.com or telephone 0203 7660135.
I heard nothing from them during the 8 week period despite several emails/calls. The FOS are now kindly looking at the case and I have sent supporting bank statements and a list of loans. My deadline with the adjudicator is 2nd April, so I’ll let you know if I hear anything.
Lisa G says
Hi Jane,
I’m sure I had a loan / loans with them too… When you say you didn’t hear anything from them, does that include them not sending you details of your loans? We’re you able to get them from your bank statements?
Jane says
Hi Lisa,
It does indeed! Not a twinkle from them during the 8 weeks despite emailing/sending bank statements etc.I went through bank statements and detailed every cheque/cheque number and then the loan which started 2014!They just ignored me, despite have a complaints protocol which is on the Albemarle Bond website!
The FOS then gave them a further 8 weeks to respond in January 2019….still nothing and Speedloan Finance are still trading. I’ve now got to supply further info to the FOS…
I’m not giving up!!
Chris says
Just had response from LS.
I had 52 loans over 3.5 years. They rejected my complaint and say possibly 3 loans may have been unaffordable and have offered to pay £284 towards my outstanding balance of £584, leaving me to pay £300.
I called their complaints team, waste of time. My last loan was for £600 taken out in October, this is the balance outstanding. I tried to take out a loan with then in November but when they seen my bank statements (new process of theirs) declined.
They are unwilling to reconsider and said go to FOS if I want.
My worry is that the outstanding balance will continue to grow interest, they refused to freeze account and affect my credit file. They told me if the FOS reject my complaint then I will owe them even more and my credit file will be ruined.
Any advice please
Sara (Debt Camel) says
“the outstanding balance will continue to grow interest” this can’t happen for long because the interest will soon hit the payday loan price cap – a lender can’t now charge more than the amount you borrowed in interest and charges. So the bad old days of one payday loan spiralling out of control are gone.
“if the FOS reject my complaint then I will owe them even more and my credit file will be ruined.” gosh, sounds like they don’t want you to go to FOS, making threats like that…
Although every case is different, I would be VERY surprised if FOS doesn’t decide a lot of your loans, including the last one, are unaffordable. 52 loans in 3 and a half years is a lot! There is not zero risk, but it must be very small. And you could well get a large refund and any negative marks removed from your credit record.
John says
Their trying to scare you.it could take 6_9 months at Fos.remember most interest they can ever charge is double what you borrowed.Tell them you’re financial distress .just pay £10 a week or less but stick to it .53 loans shows theres a major dependency.YOUR case is a strong one.Good luck
Sara (Debt Camel) says
“most interest they can ever charge is double what you borrowed” just so that no-one is confused, borrow £250 and you can’t repay more than £500, which would be £250 capital repayment and £250 interest and charges.
Steve says
Hi Sara – is it different with the higher value loan companies? For example, I borrowed £2000 from Likely Loans, the interest is £2359.96, so total to be repaid is £4359.96?
Sara (Debt Camel) says
the price cap only applies to short term high cost credit – ie payday lenders. Likely Loans get away with it as their terms are over a year.
Chris says
Thanks all, to date I have paid £603 on this loan with £584 outstanding, this makes sense.
I will pay back what I can afford but will take my complaint to the FOS, thanks everyone.
LS are based in India and have no UK contact centres. I was passed to three different people, seemed like they were reading from a script, not helpful at all.
They should take note of the complaint handling by Mr Lender, Ferratum and Uncle Buck, all top notch. Very understanding and willing to help
Benji says
Hi Sara,
I sent a complaint to Pay Day UK on 18.01.19. On 30.01.19 they emailed me a letter saying they had no record of me and asked for more details. I emailed everything back to them the next day 31.01.19. I did notice however that their letter was titled Rejection, DPA Failure. Today is the 8 week deadline from me providing them will all of my details, past addresses and telephone numbers etc and I have not heard anything further from them. Do I go ahead and escalate it? Thanks
Sara (Debt Camel) says
I suggest you phone them and try to sort this out.
Lisa says
Hi- I’ve had exactly the same problem. I escalated to FOS before 8 weeks as I wasn’t happy with their response. FOS have had similar problem trying to get information and then all of a sudden I receive a final response yesterday with details of the loans. I must have had 6 rejection letters even though I provided all the information.
JC says
Hi Sarah what are the chances of me getting s REFUND if i accepted the offer from the pay day lender and then contacted them a few weeks after to say that my acceptance was only for the loans I agreed with and not the ones with the FOS but they had already paid out?
Sara (Debt Camel) says
So you are asking if you can send the ones the lender hasn’t offered to refund to FOS (or keep a FOS case going if it was already there)?
No you can’t do this. Not unless the lender agrees IN ADVANCE that you can accept an offer and still take rest to FOS. Normally accepting an offer is in full & final settlement of your complete case against the lender.
Paul says
I have never posted on here as of yet, but reading other people’s comments and questions I thought I would just update people regarding my FOS complaint against QQ.
I hade made my initial complaint to QQ October 25th 2018. I was offered £273 as they agreed on 2 loans and not the other 6. They quoted the 6yr limit etc but stuck to my guns and carried through and escalated my complaint to the FOS. I have just received an email saying it’s been picked up by an adjudicator and he hopes to complete by end of April.
This website is a gem for information so thanks go to Sara for that and to everyone going through the complaints process don’t give up, these companies have managed to get away with it for so long and extort hard working people up and down the country who just needed that little bit of help. 18mths ago I owed £24000, now I owe only £11000, there is light at the end of the tunnel. Stay strong.
As I receive news I will update this thread.
Ffionpear says
Hi Sara. I used your template to do 3 complaints for a client and have saved this as a standard debt letter to ‘re-use. This is the preliminary template. This is what I got back from Mr Lender :
`Thank you for your email.
It has been noted on Mrxxx account that you are acting on his behalf.
While the start of the letter suggests you are making a complaint there is vague information regarding the reason for your complaint just that you feel they were unaffordable, which is followed by a request for a list of loans, dates they were taken and the charges and interest paid.
We are unsure how you are suggesting these loans were unaffordable Tec
We have seen the same email from other customers and have found it to be a template from https://debtcamel.co.uk/payday-loan-refunds/.
(More waffle)
With this in mind, we are unable to log this as a complaint based on the limited information you have provided specifically relating to the loans held with Mr Lender.`
Of course I replied saying that it should have been clear from the email that this was a request for information with a view to a complaint and that they would be hearing from us with the full complaint in due course. Clearly your template and forum has highly irritated them.. Has anyone else had this response?
Nicki says
Hi Sara and Ffionpear,
I also had this response just a couple of days ago. Not responded yet as want to get all the information together first.
Sarah says
Hi Sara I have started the process of trying to claim refunds. Over 6 years I have had around 27,000 from sunny alone. I have loans from most lenders at the same time. I asked sunny to send me a full statement of loans and interest, they have responded saying it’s with their data protection team in the meantime they have added that 6 loans they agree shouldn’t have been lent they have cleared of £1400 outstanding loan and offered £759 to be refunded. Based on 27k around 16 loans plus, should I accept this or wait for further details to understand the interest I paid in full? my bank statements won’t look good as shows multiple loans from multiple lenders combined but more so gambling also as I was just trying to find a way to keep the plates spinning which obviously only made matters worse. Could this go against me?
Sara (Debt Camel) says
You really need to know how much interest you paid to Sunny, also if there were any very large gaps between your Sunny loans. But an offer on 6 out of more than 16 loans does not sound good…
Sunny seem to have a new automated system churning out these offers but it seems a lot less generous than you could get from FOS. But without the data, you are just guessing here.
Clearing £1400 on the outstanding loan isn’t as generous as it sounds as much of this will be interest. So the actual refund on earlier loans is less than 759 + 1400.
I suggest you reply that in order to consider their offer you need a list of your loans and the amount of interest you have paid.
Gambling makes it harder for a lender to realise you are in trouble – but repeated borrowing – especially if the amounts often went up – should have suggested that Sunny look much more closely.
See https://debtcamel.co.uk/gambling-payday-loan-refunds/ for some gambling cases.
Sarah says
Thank you once I have the details in full I will post here to get your opinion. what they did say is they are not willing get to review this further so presume I have to go straight to FOS if I do disagree
Iain123 says
Wait for more information. The messy bank statements will go in your favour, if they’d checked properly they wouldn’t have loaned you money.
The gambling transactions also go in your favour. No responsible lender would have loaned to you.
You’re entitled to all the interest back plus eight percent.
Nats says
Hi, I accepted an offer from QQ/P2P last year on my loans above 6 years as these weren’t being looked at. Does this mean that I can now complain about the years over 6 years as theres some movement on this?
Thanks
Sara (Debt Camel) says
No sorry, you will have accepted their offer in final settlement of your complaint against them.
Nats says
Has anyone had any luck with lending steam when adjudicator agrees? Or do they always make it difficult/ignore? Thanks
Robert says
Received a response from Ferratum today, but not a good one.
They agree that they lended to me irresponsibly, and have said they would pay back half the interest payed on all loans, £25.
I don’t have my full list of loans from then on hand at the moment, but I had 8 loans with them, ranging from £50 to £350, so frankly their offer is insulting and most definitely not accurate. I’ve mailed them again asking to reconsider, but seems very likely that this is one I’ll be sending to the Ombudsman
Robert says
Some extra clarification, ferratum responded to me now saying that they do no believe that they lent to me irresponsibly, and that “£25 is a token of goodwil and all things considered, a very fair offer”
Iain123 says
Politely decline their goodwill offer.
Work out what you think they owe plus eight percent compound and make them a counter offer, or wait months and get 100 percent what you’re owed.
Robert says
My second reply was their response after I had asked for a full refund an statutory interest (I checked, some loans were replayed early but I have still payed about £120 in interest). I find it strange that they would even make a goodwill offer when they seemed adamant they didn’t lend to me irresponsibly… either way, the case has already been sent to the ombudsman. I don’t mind waiting a bit, especially seeing as they lied about how much interest I had paid.
Sara (Debt Camel) says
It is rare to get a full refund of interest on all your loans. It would normally only happen if the first few loans were large.
In your case you have had 8 loans but the average interest paid on them was only £15. You may not get much more than £25 you have already been offered by going to FOS and this sounds like one of the very rare cases where there is a possibility you may get less or nothing.
Grant says
Piggy bank have upheld some of my loans complaint today but have put the following in the response:
It is your responsibility to ensure that the figures provided on application are accurate and true, otherwise this could be seen as a deliberate misrepresentation, misstatement or omission of financial data for the purpose of misleading the lender. The T&C’s of your Loan Agreement states the following; ‘If you give us false or inaccurate information and we have reasonable grounds to suspect fraud or we identify fraud we may record this and may also pass this information to Fraud Prevention Agencies and other organisations involved in crime and fraud prevention to prevent fraud and money laundering.’
Should the investigation indicate that you have contravened the above, we will be submitting your details to Fraud Prevention Agencies and other organisations involved in crime and fraud prevention to prevent fraud and money laundering which may make obtaining credit in the future more difficult.
If I accept the refund will they screw up my credit file?
Sara (Debt Camel) says
What was their offer? How many loans did you have from them and do you still owe a balance?
Grant says
Most of the loans and interest. It covers all of what I paid in interest with them. No balance held currently.
I’m just worries if I accept they could put a cifas against me. At the time I was desperate to get the loans and didn’t re read all of the costs as they were automatically populated.
B says
they did the same to me my response was “A lot has changed since my borrowing including my employment. As a now serving police offer, you will find that Blackmail is something that is not tolerated in the UK law. By granting you permission to run a full credit check at the point of my application, all of my information and circumstances was visible to you at all times and therefore ‘fraud’ is not possible in this scenario.
Copy it word for word and watch them squirm!
Sara (Debt Camel) says
Then it sounds like a good offer, no need to think about going to FOS.
I have seen various reports where lenders have blustered about potential fraud over the last three years. In no case so far as I am aware has any lender added a Cifas marker. I can’t guarantee you wouldn’t be the first but it seems unlikely.
You could go back to them and say that there was obviously no intent to defraud, as is shown by the fact you repaid the loans! Or you could simply ignore the threat and accept their offer.
Iain123 says
QuickQuid update.
Last week received an email from the Adjudicator saying they found in my favour and wrote to QQ giving them 10 days to respond.
Adjudicator emailed today saying QQ don’t agree with his decision and want an ombudsman to decide. Adjudicator said they have enough information so no need to send anything else.
I’m disappointed and surprised.
Does anyone know how long this will take?
Sara (Debt Camel) says
how old are these loans? Have you asked the adjudicator if QQ gave any reasons?
Iain123 says
Loans from 2013. I’m due about £2k, so not a big deal. It’s a cast iron case, rolling over loans, just paying the interest. Backed up with good documentation.
That’s why I’m surprised. Perhaps there are wider issues with QQ? Nothing I can do but wait.
Chris says
How long does it take for an adjudicator to review once you submit to FOS. I received a letter from the FOS acknowledging my complaint and confirming they had written to Cashfloat and if I had any further information to forward by 22/3. The written acknowledgement was received within 7 days of intimating the complaint
I have heard nothing further, does it just go in the queue now and take months?
Apologies, this is the first complaint which I have had to forward to the FOS
Sara (Debt Camel) says
Probably about 6 months to be picked up by an adjudicator. Some shorter, some longer.
Pete says
Hi Sara was after your advice, I started 4 clams last may with a cmc , (I know it was a mistake after I found this website a month after I signed my declaration with them) but what is done is done now… enyway I’ve had been emailed new forms to sign and transfer my case to a new company who are now taking over from my old cmc because of rules that kick in on the 1st off April 2019…. now the is a cancellation form there so could I now take over my own cases if I reject this transfer? They have stated that if I don’t transfer they may not be able to give me the best possible outcome for my case as they won’t have the systems to do it eny longer…. to me that’s a them failing me on there promise…. I’m probably stuck with them but advise would be appreciated as I don’t want to get this wrong…. great website aswell.. thank you
Sara (Debt Camel) says
What does the cancellation form say? At what stages are your claims – still with the lenders, with FOS?
Pete says
Try are all with fos from September 2018… it’s exactly like the forms when I sign to start the case, how much I have to pay if I win ect ect….. but it has this form saying I can cancel which I never had before….. they sent it yesterday knowing it was the end off the day and knowing they were closed the weekend… I’ve had 4 other emails saying sign now before 1st April….. I think I’m going to ring them Monday to find out what this is about before I sign enything again…. wish I found this site before I sign my claims away to these imbeciles… thanks for your help Sara
Sara (Debt Camel) says
Cancelling sound like an excellent move if you can without having to pay them any fees. I can’t imagine FOS will mind you taking over your cases.
Stephen says
Hi Sarah
I’ve just spoken with the FOS, as I have two cases with them. The main one PDUK, is causing a few problems. When I submitted my complaint to PDUK last year all 14 loans were within 6 years of complaint, however due to the insane delay in PDUK responding and it going to the Ombudsman a number of the loans have now slipped over the 6 year mark. PDUK have told the FOS they will not consider these loans. The FOS told me that this case is now waiting a specialist adjudicator to see if the loans should be considered alongside those within the 6 year and whether PDUK are right in objecting them. Is this normal? What can I do to do speed this up?
Any advice would be great.
Sara (Debt Camel) says
when did you send the case to FOS? At that date how many loans were over 6 years old?
GM says
I’m on the same boat as you regarding PDUK. all loans are over 6 years old and they are with the FOS’s Jurisdiction team to decide if they can consider looking at these loans. it’s been 4 months and there has been no outcome yet.
Stephen says
Hi Sarah, I complained to the Lenders in October 2018, no loans over 6 years at the time, I referred to FOS first week of January. 3 loans had fallen outside the 6 year window during this period.
PD UK issued a final response in Feb and made an offer on 3 of the 14 loans, 2 lent fairly (no redress) 3 outside of 6 years they wouldn’t consider. The others they needed further info, by this time I had already sent to FOS so they were unwilling to enter further negotiations/conversation.
Sara (Debt Camel) says
ok so there are 3 loans older than 6 years and 11 under. Unless the older loans were rolled a lot, you probably wouldn’t get a refund on the first three loans anyway… so you could tell FOS that you are happy not to get a refund on the older loans if they are taken into account when assessing the 11 loans within 3 years.
Tom p says
Another update
after s=tarting my journey over a year ago and putting in claims against numerous companies this is how it now stands
P2P/QQ – settled before FOS- £4.8 K refund
My Jar -settled before FOS- £4.2 k refund
SNC- settled before FOS- £1.2 K refund
Sunny- Settled before FOS – £1k refund
Wonga – settled before FOS – £2 k refund
Mr Lender – settled befroe FOS- £850 refund
wageday advance – Went to FOS – found in my favour – 5 months before they went bust
Payday express – Went to FOS – £1.5K refund
Payday UK – Went to FOS – £1 K refund
This only leaves Lendingstream – without a doubt the worst of all companies
The moral of this story is – keep going – regardless of how difficult the companies try and make it, it will all be worth it in the end
So a MASSIVE thanks to Sarah and this site – YOU DO NOT NEED A Claims company everything you need is on this site!
Anita says
Hi Sarah, just to clarify. To get a refund for the tax paid the Claim for repayment of tax deducted from savings and investments need to be made?
Sara (Debt Camel) says
yes, see https://debtcamel.co.uk/ppi-payday-refund-get-back-tax/
Alex says
If I have a DMP agreed and make a complaint against a company listed in my DMP can they reject my payment offer as punishment? Ive likely got a really good case against Satsuma but dont want to do a complaint and then they decide my offer of payment through stepchange is no longer acceptable – DMP has been active for 5 months now.
Sara (Debt Camel) says
It won’t affect your DMP. The regulator would not think that is a fair way to treat a customer! No one has had a problem with this.
Nicki says
I have just had a surprising phone call from Uncle Buck. Based on your review of their handling of complaints I was expecting a long drawn out battle. They have just called and offered me £680 in redress for loans I took out with them. I had calculated redress at about £800 however the lady stated that there was a gap in borrowing of 2 months so wouldn’t consider the first 4 (as credit seemed ok at the time of these loans) and 1 other due to the gap (total of 13 loans). I have accepted based on the time it would take to go through ombudsman etc and actually she seemed to have reasonable justification for the loans they were discounting. Obviously not received the money yet so i will see what happens. Just thought that maybe they have a change in how they are dealing with these cases maybe? On the other hand the last it makes me nervous as the last company that offered redress were WDA and they went into liquidation the day after!!!. I will let u know how long if and when I get payout. Just thought it might be useful for others.
Mo says
Hi Nicki. Just thought I’d tell you that I accepted my offer on the 12th of March, chased on the 13th and got told it would be 7 working days until I receive my payment. The money was in my account on the 15th March, so hopefully you don’t have to wait too long. I’m still waiting for PDExpress to send payment and a decision for 247 so hopefully I get it before they go bust!!!
Nicki says
Thanks Mo that useful to know. Also waiting for 24/7.
Nicki says
Update just checked my account and refund from uncle buck there. So 3 days from agreement to payout.
Erica says
Had my final response from TMS today
Loans between 3/9/07 – 5/3/09
“One rule is that a customer must complain within 6 years of the problem. Another rule is that if more than 6 have passed, you must complain within 3 years of knowing you could complain about the problem. I can see that some of the loans that you are complaining about are more than 6 years old. So for me to consider these loans, I need you to tell me why you didn’t complain about these loans until now”
Loan 28/2/13
“You borrowed 1 loan from us on 28/02/2013. Having looked at our records, I believe we should’ve asked more questions and done more checks at the time we lent the loan to you. Unfortunately, I have been unable to reach a decision as to what we should have done with the information I have available to me”
If I am reading this correctly, if I tell them why I am only just complaining about loans over 6 years, they will consider them. Shall I forward on my bank statements for these to prove I was already in financial difficulty?
For the loan on 28/2/13, they have already stated they believe they didn’t do enough checks. I could get a bank statement but it will take me a long time to get it as it is from an older closed account. I am not really interested in getting this loan refunded because I wanted them to look more at the older loans.
What shall I do?
Sara (Debt Camel) says
If you get them to look at the older loans they will promptly ask you for bank statements for them… So you need to set about trying to get bank statements going as far back as possible.
Have they actually offered to refund anything?
Erica says
Hi Sara
I have the bank statements for the older loans which cover the whole period.
They haven’t mentioned anything about a refund yet just that they need more information.
Is this normal?
Sara (Debt Camel) says
oh in that case send them a reply explaining when and how you became aware of these complaints – there are no wrong answers, just say who told (friend? relative?) and when or what you saw (an article in the Sun? a Facebook ad from a claims company?). And send them the bank statements at the same time (digital or copies, not originals) to try to speed this up.
Nicki says
Hi guys, just a bit of info for you all. I sent two complaints to FOS in July last year for MyJar and Satsuma none over 6 years, nothing odd or delaying and they have got all casework. I spoke to a lovely girl there today and she said she expects all cases to start moving quicker as they’ve changed how they look at them. So fingers crossed for results soon
Erica says
I have received my final response and sent off the information they have requested.
How long after sending bank statements/further evidence to The Money Shop did they take to reassess your complaint?
Iain123 says
10-14 days.
Jane says
Hi Erika,
I chased it up at the 2 week point and they made an offer the same day. This was after 6 or 7 months of going backwards and forwards.All loans were over 6 years also.
Good luck.
Leah Lambert says
Hi, my irresponsible lending claim 247 money was paid around 17th October 2017, they refundef & confirmed my account was settled. I was in a debt management plan including 247 from 2016. March 19 I received an email upon an audit I am in credit on my account. To provide my bank details to refund me £16.05 (which they state was due to DMP paying in Jan 18). I asked for : the date my redress was paid & date of all payments made after this date. Interest on each payment & compensation (due to me being in financial difficulty & they have kept hold of my money for between 14 and 17 months.
They provided this after 3/4 emails & i telephoned. They had actually received 3 payments end of October, beginning December & January.
At the time of the redress they advised me they would tell the debt management company that the account was settled but didn’t. Should they do this? (I did it in January 2018 upon my DMP review as 247 hadn’t)
They acknowledge 3 payments & said they will refund. I am not happy with that as I had to force them to look into the amounts paid again.
They advised the credit was noticed due to an audit, which was clearly not accurate. If i hadn’t questioned it they would have kept my money.
They ignored my request. As they knew I was in financial difficulty & due to the fact their audit procedure isn’t accurate any advice on this, what I am entitled to if anything? Who I can report this audit process too as it is not accurate?
Leah
Sara (Debt Camel) says
So they failed to tell your DMP company. And so were getting monthly payments. But even when the audit discovered the incorrect credit from your DMP firm, 247 didn’t look into at the problem properly but only told you they took 1 extra payment until you asked them to give all the details which revealed three extra payments.
(Have you checked if they corrected your credit record if they were supposed to do this? they are sometimes sloppy about that too…)
It doesn’t sound as though there was anything wrong with the audit – it correctly flagged up that a payment was received that should not have been. It is 247 being lazy and not looking into the situation that is wrong.
I suggest you send 247 a complaint about their poor administration and ask for £100 compensation. And send the complaint to FOS if they don’t pay up.
Reen says
By the way PDE just got back to me regarding undetermined loans 2 months after I accepted their final response and had received payment too so will also be getting another payment, Thanks sarah you are an angel for all your help to everyone.
Iain123 says
This is interesting. Some on here are saying that if you accept any Instant Cash Loans offer it voids any other claim.
That wasn’t my experience with them. Thanks.
Sara (Debt Camel) says
If you accept an offer and provide statements so they look at other loans, then they MAY offer more redress on the other loans but if they don’t you can’t take the other loans to FOS as you have accepted an offer in final settlement of your complaint.
Claire says
I have got 2 complaints being looked at now with FOS against Money Shop and PDE, I excepted an offer on 2 loans but they were unable to determine the rest. I’ve everything to ombudsman bank statements etc and cases have been picked up just over a month ago. Just waiting to hear back
Steve says
Hi,
I need a little advice,
Quick Quid have agreed they mis-sold one of my loans and have agreed a refund of £ 1,669.37,
The problem is they had passed it to Lantern, who had in turn used Moriarty Law to pass a CCJ and they have added fees totalling £369.82
I have paid Moriarty/Lantern £900 to date
The debt Lantern took over was for £1,810.33 so after paying £900 the balance should be £910.33 leaving me a refund of £759.04
Yet with the added fees my refund would only be £389.22
I have argued that I should not be held responsible for the fees as all fees and interest attached to this loan should be removed,
Am I correct?
Moriarty/Lantern are both passing the buck for 4 months now, so have not yet given QQ a final balance so they can pay me
Sara (Debt Camel) says
Can I double check the figures … how much did you borrow? (ignore interest added) did you make any payments to QQ?
How long ago was this CCJ? Had you already complained when the court proceedings were started?
“Moriarty/Lantern are both passing the buck” you mean they haven’t agreed how much you owe? Who are you making payments to?
Steve says
They upheld 2 complaints both had principal amounts of £1050
The first was paid off, and the amount payable to me on that loan says £1489.59
The second is the one passed to Lantern and only £135.12 had been paid, the amount payable to me on that loan says £179.78
I have paid £900 since the CCJ and only realised I could claim against these loans after I’d paid this
I think the penny has dropped
They passed the debt of £1,810.33 to Lantern (principal amount + interest and fees – less amount paid) but when calculating the refund they will have to remove the interest and fees? (principal amount £1050 Less paid to Lantern £900 Less £179.78 refund) so the balance on that loan should be +£29.78 ?
Total due back from both loans = £1519.37 ?
“Moriarty/Lantern are both passing the buck” neither are willing to remove the £369.82 fees they added, each saying that it’s up to the other
Sara (Debt Camel) says
“Total due back from both loans = £1519.37” that sounds right to me.
And (obviously) for the CCJ amount to be set to zero and the debt with lantern to be deleted from your credit record.
This may seem like going off at a tangent, but do you care about the CCJ? If you have a dreadful credit record it may not make much difference.
Steve says
This is what they put in the settlement email
● Interest and fees eligible for refund: £ 1216.81
● plus 8% statutory interest £ 565.69
● less 20% withholding £ 113.13
● Total Owed to you £ 1669.37
——————————————————————–
● Total Waiver Amount: £ 1669.37
——————————————————————–
● Total Outstanding balance after the redress: £ 140.96
They are taking the total owed to me from the amount they passed the on to Lantern (£1810.33) but this is the loan plus the interest
surely the interest should be removed?
The account balance Lantern sent back was £1280.15 even after deducting my £900 payments because they had added their own fees
So using those numbers I would be getting £389.22!
I have argued that the interest and the extra fees added by Lantern need to be removed from the balance Lantern are claiming, and this is where the trouble is. Lantern say the added fees are from Moriarty, and Moriarty say it’s up to Lantern
My credit rating, whilst not great, is much better than it was, and would be much better without a CCJ
Sara (Debt Camel) says
“surely the interest should be removed?” yes!
Was this direct from QQ or via FOS?
I think you should set out what you think you should get leading to the £1519 figure. And get the evidence of your £900 payments to Lantern to back that up.
Then If it was direct from QQ, send that to QQ and say this is what you think the refund from them should be, it’s up to them how they sort things out with Moriarty and Lantern, provided the balance owing on the CCJ and the debt is set to zero and the debt removed from your credit record. Say they have 2 weeks to organise this or you are sending the complaint to FOS.
If it was through FOS, send it to your adjudicator, cc’d to QQ and ask for this to be resolved.
re getting the CCJ deleted. I think Moriaty or Lantern (whichever was the claimant?) should agree to co-operate with this. You can ask them to sign a Consent Order and then apply on form N244. National Debtline can explain how to do this. If there is a consent order attached it should cost you £100. But it’s probably best left until you get your money back first!
Steve says
Hi Sara,
Thank-you for all of your help
QQ actually upheld my complaint on my last 2 loans, But although the delay is on the last loan that they passed to Lantern, they have grouped them together
Loan 1 (Repaid)= £1050
Interest and fees paid = £1081.69
+ 8pct interest = £509.87
– 20% tax = £101.97
amt payable to me = £1489.59
Loan 2 (Defaulted) = £1050
interest and fees booked = £855.45
Interest and fees paid = £135.12
+ 8pct interest = £55.82
– 20% tax = £11.16
amt payable to me = £179.78
Amount passed to Lantern £1,810.33
Fees added by Lantern £369.82
Payments made to Lantern £900
Balance that QQ are using £1280.15
this is the response from them last night
Thank you for your email. At this time, we can only go off of the balance currently owed that they have provided for us previously which is £1280.15. The offer we extended was for a waiver of £1669.37, if accepted and processed we would refund you difference of £389.22. We can not refund anything pass what the third party has confirmed. We did reach out to the third again but have not heard back. I do apologise for the back and forth concerning this.
There are 9 previous loans that they have said are Out of Jurisdiction. the interest paid on those loans is £2,318
Kate says
Hi,
I complained to PDUK in May 2018, they rejected my claim and stated that they did not lend irresponsibly. I referred the case to the FOS and they ruled in my favour on 7 out of 14 loans on the 8th March and gave PDUK until the 22nd March to respond, which they didn’t. I received an email today saying the company had not responded and that my case was now going to the Ombudsman.
In anyone’s experience has the company suddenly got in touch and agreed with the FOS? What is the process now with the Ombudsman?
Thanks in advance.
Sara (Debt Camel) says
Some lenders do pop up and accept the adjudicator offer before the case gets looked at.
Are you happy with the 7 out of 14 decision? You may have been happy enough to settle for it, but if you think it should have been 5 out of 14 or something, this is the point you should tell your adjudicator this. Otherwise the Ombudsman may not consider the first 6 loans.
Also if there is anything more you want to say, this is the time to write it down and ask the adjuidcator to pass it to the Ombudsman. You don’t get to interest with the ombudsman directly.
When the ombudsman looks at it, if he agrees with the adjudicator decision completely, it usually goes immediately to a final decision as you and the lender have both had a chance to comment already. If the Ombudsman wants to change the decision to be different loans, then a provisional decision will be issued so you and the lender both have another chance to comment, then a final decision.
Stuart says
Hello Kate I complained in March 2018 to the fos regarding payday UK. Adjudicator ruled in my favour on loans 3 to 9 for loans taken out between 2007 – 2011 and they have a deadline until tomorrow to respond but I am not holding my breath. I am sure I have read on here they sometimes respond after the deadline.
tom p says
Hi Stu, I was in the same boat as yourself and found from my experience they took a few extra days. Keep ringing them
for my claims against Payday Uk and Payday Express the adjudicator found in my favour for both and TMS accepted the decision
J says
Hi Stuart – the Adjudicator ruled in my favour and they didn’t respond within the time limit. They were given a further seven days or it would go to the Ombudsman and they did respond within that time, agreed the findings and sent me email confirmation 3 days later. Payment due in 10 days, which is this coming Friday. Someone said on this site that the instruction to pay goes to their Treasury department on a Friday and they set it up and confirm by email on Monday / Tuesday each week; that was exactly right in my experience.
My advice would be to hang in there, when I rang to confirm my bank details they were very helpful and just said that they were overwhelmed with so many claims that they were struggling to keep to deadlines.
J
Sergei says
I’ve had some claims rejected by the lender. The interest for each case is less than the £550 it would cost them if I refer it to the financial ombudsman service.
Is it ok for me to send them an email and basically say that I am going to refer it to the ombudsman as I do not agree with their decision unless I hear from them within 7 days and basically heavily infer that they might as well pay me as taking it to the ombudsman will cost them more than it would take to make me go away?
Know its a cheeky approach but didnt know if legally its ok or not
Sara (Debt Camel) says
It’s legal in the sense they can hardly sue you for it but it isn’t at all likely to work.
You need to make a reasoned argument why they should refund your 3rd and 4th loans, or remove the interest from the outstanding loan or whatever you think is reasonable. If you want to try to negotiate, you can’t start asking for a full refund and just repeat what you have said before, you have to offer a compromise.
Sergei says
Surprise it wouldnt work. Would have thought if they can get rid of someone for £300 rather than pay £550 and then still have a chance of paying the £300 then they would just pay at as saves as a minimum £250.
Sara (Debt Camel) says
Well give it a go and report back :)
But if any of them are reasonable cases and they are lenders who may negotiate (see that link) you would be better off trying to go for something realistic.
Tony Nanson says
If I took a loan out in 2014, which was then sold in 2017, and I have received redress from the company the debt was sold to, inclusive of stat interest from 2018 to date, am I still owed money by the original creditor from 2014?
After my complaint was upheld, the amount sold on reduced from approx £350 to approx £90
I hope that makes sense
Sara (Debt Camel) says
why did you get redress from the debt purchaser? Sorry, I think you are going to have to give names and say what happened, it sounds odd.
Tony says
I don’t really know, I had a loan with Avant credit, which was sold to asset collections in 2017.
I complained to the FOS about avant, who upheld my claim and instructed avant to repay all interest, charges and 8% stat interest.
Avant said they calculated the value of my debt post removal of these charges and supplied asset collections with a revised amount of what I “had left to pay”. The FOS was aware and happy with this approach.
Asset collections have offered me a refund of just over £400, £54 of which is stat interest from 2017, calculations have been supplied.
I have requested calculations from Avant numerous times but have nothing as yet.
So my question is as the loan was 2014, shouldn’t avant offer redress in the form of stat interest from 2014 until 2017?
Thanks.
Sara (Debt Camel) says
the statutory interest should be calculated on each payment you made. so if you paid £50 on 02/02/2014 that till have 4 years statutory interest added. If you paid £70 a year later that would only have 3 years statutory interest added.
If you didn’t make any payments before it was sold, there would have been no statutory interest at that point.
All should become clear when you get the statement of account. I hope!
Tony says
It’s the avant/asset collections query above.
The FOS are aware and I assume happy, but am I owed further redress from Avant from 2014 until 2017?
Sara (Debt Camel) says
I think you need statements of account from both companies. That will show the payments you made that are being refunded. You can then work out the statutory interest on those payments. You need the total to be paid, doesn’t matter who it is by, it’s unusual to get half from one firm and half from another but provided the total is right, does it matter?
Tony says
Nope, as long as it is correctly refunded I’m a happy man.
Thanks Sara
Emma says
I wonder if you could advise please, I started (already successfully succeed with P2P thanks to debt Camel’s advice) the process of asking for a refund from Ladder Loans as it was not affordable at the time they lent it to me. They eventually sent back a email saying i still owed money, i didn’t take it any further at the time as i knew i had been sent a letter saying the debt was written off but couldn’t find it. I have now found the letter date December 2016 saying the debt was written off – is it it true the debt has gone as they say? My credit rating on experian is showing i have late payments on this account?? but the account is showing as settled?? Also is it worth pursuing them as i would believe that my case would be won, i am not bothered about getting anything from them just removal of the account from my file.
Sara (Debt Camel) says
What does the Dec 16 letter say about why the debt was written off?
emma says
the letter reads
” This product was discontinued in March 2015 and in light of the age of your outstanding debt we have taken the descion to write off the outstanding balance on your account.”
Sara (Debt Camel) says
So they have set the balance owed to zero, which is correct.
” i didn’t take it any further at the time ” how long ago was this complaint?
Emma says
It was last August I sent a letter using one of your templates, so out of the 6 month time frame. The letter from them saying it had been written off is from 2016 though.
Sophie says
Hi Sara!
I recieved a final response from PDUK saying that they will only consider half of my loans unless I can explain why I took so long to claim. I sent an email back explaining the situation, as you suggested but I’ve still heard nothing back. It’s been four weeks since I sent the email. Is it worth calling them and chasing it up or just wait? It’s already with the FOS anyway as I sent it after the original 8 weeks was up at the end of January.
Sara (Debt Camel) says
It’s worth a chase after 4 weeks I think!
Sophie says
Thanks for all your help Sara!
Weirdly I recieved a response about half an hour after I posted this!
They have agreed that all loans should be taken into account and have offered redress on all but 11 so far (34 in total).
The first three they say were lent responsibly, which is fair enough, and the remaining 8 they will review if I provide bank statements.
If I send the agreement to them will they still review the 8 with the statements or should I hold off for now?
Sara (Debt Camel) says
so this is a reasonable result which could get up to very good. I think its worth sending the bank statements if you have them. If you want to accept the current offer I think they will look at the bank statements and reconsider them, but you may not then be able to ask FOS to look at them if they reject all or most of the 8.
Sophie says
Ok thanks. I’ll hold off for now then.
To be honest, I’m very pleased with their response as I wasn’t expecting a decent offer seeing as the earlier half of the loans are over 6 years old. Fingers crossed it won’t take quite so long for them to review this time.
Sara (Debt Camel) says
Let’s say they don’t improve the offer… would you then accept it or carry on with your FOS case? If you would accept it as you don’t want to wait many months, then I think you can accept their offer now and they will still look at the older loans – it’s just your right to go to FOS you are giving up by taking the money now.
If you want to confirm this with them, be clear “If I accept this offer will you still consider the other 8 loans?”?
Sophie says
Honestly, after getting burned by the WDA situation I would probably accept, but if they did reject the remaining 8, which I really don’t see how they could given their reasoning for refunding the rest, I just wouldn’t want to feel like they’d been written off because I’ve given up my right to go to the FOS.
GM says
Glad they replied to you, even though they knew you sent the complaint to the FOS.
it took them 3 months to send me a response asking why it took so long to complain, as the loans were over 6 years old, and since that letter in December they never replied to my emails. Sent the case to the FOS at the end of november, but once PDUK found out, they refused to continue to look at my case.
Sophie says
That’s not good!
I waited three months for the original response too.
I’m not actually sure if they realise it’s with the FOS at the moment as it hasn’t been mentioned, the other responses I’ve had have acknowledged that the case has been passed on but I’ve only had the general statement about my right to take it further if I want to from PDUK.
I’ll just have to wait and see I suppose.
Laurence says
As GM knows the same happened to me. The minute PDUK knew my case was with the FOS they stopped corresponding with me completely. Sounds like you have done well to keep this going with them even though you’ve sent to the FOS.
GM- Update for you (as I know our cases are similar time etc) mine has been picked up at the FOS and looks like I’m in for a good result (will share more in the coming days once I get the final details)