Have you had problems with payday loans? 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 here. This works if your payday loans were repaid or you still owe money.
Contents
What are “unaffordable” loans?
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.
A loan is not affordable just because you haven’t missed a payment – if paying a loan left you so broke you had to borrow again – from the same lender or a different one – it was unaffordable!
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. Payday loans are meant for short-term problems.
Many lenders ignore obvious signs of problems such as your loans increasing in size, or your credit record showing increasing debts.
How much compensation can you get?
A typical payday loan decision by the Ombudsman is that the lender should refund all the interest you paid after the third, fourth or fifth loan.
But if your first loan was large, or was rolled over several times, you can get a refund from just one loan.
Which lenders can you get refunds from?
Lenders include:
CashASAP, Drafty, Fast Loan Uk, Fernovo, Fund Ourselves (now in administration), Kabayan, Lending Stream, LoanPig, Mr Lender, Moneyboat, My Finance Club, QuidMarket, Savvy, TickTock, The Money Platform, WageMe.
See this list for payday lenders for a longer list and their email addresses to use.
You can make claims to lenders who have recently stopped lending. It is probably too late to make claims to other lenders who gave up more than a few years ago.
For larger loans there are better template letters to use on other pages:
- 118 Money, Everyday Loans/Evlo, Likely Loans/Finio, Reevo, Bamboo, Updraft, Lendable, bank loans and other long-term loans.
- Loans2Go – the worst loans in Britain!
- doorstep lenders and guarantor lenders,
Do this before, before you send in a complaint
Doing these things now will make your life easier later.
If 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. Winning a complaint then speeds up the DMP.
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 have to go to the Ombudsman.
Unless you can afford to make this month’s payment without borrowing again, cancel the CPA or the Direct Debit to the lender at your bank. Otherwise the lender may take the money and you will be in a mess.
Start your complaint
It’s easy to make these complaints – you don’t need to calculate what refund you should get or quote laws.
Find the lender’s email address for complaints from this list. If your loan was sold to a debt collector, you complain to the original lender.
Put “AFFORDABILITY COMPLAINT” as the subject of your email:
I am making an affordability complaint about the loans you gave me. You should never have given me these 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 and the rest of my credit record that my debt problems were getting worse. It was not responsible to continue to lend.
My credit reports would have shown all my other debts [include this if it applies: 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.
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.
Some ways to improve this
Add any other points that help you describe what happened to you. Some examples:
- “I took out another loan with xxxx to pay you.”
- “Sometimes I borrowed to pay the rent and then had to top-up to get money for food.”
- “I had a gambling problem and your loans made this worse”.
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 (say £800 or more), 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 difficult complaint to win. If you have borrowed twice from 5 leaders, that is much more difficult to win affordability complaints than having 4 or 5 loans from two lenders.
Sometimes a lender will offer you a small goodwill amount to give up eg £50 or £100 so if you only had one loan and it wasn’t large, that would be a bit of help.
Waiting for a reply from the lender
This email starts your affordability complaint.
The lender should reply to your complaint within 8 weeks. Don’t be surprised if you have to wait until the end of the 8 weeks to get response – this is common.
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.
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. Don’t bother to send payslips.
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 rejects the complaint or makes a poor offer
If the lender says No or offers you a small amount, 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.
Give up?
Some lenders try to make your case sound bad when it isn’t. Ignore any of the following comments, they do not mean you have a weak case:
- they relied on your loan applications – see Lender says I lied for more about this;
- some loans were paid early – this doesn’t prove the loans were affordable, just that you were trying to save interest;
- loan size 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 closely;
- some 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.
Some points to think about:
- if you are offered a refund on only a few loans, don’t accept it if you think you should have more refunded;
- an offer to write off your current balance may sound helpful … but it may be very poor if you should get a cash refund as well.
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 instalment 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 – there is a 6-month time limit after a lender rejects your complaint to send the case to the ombudsman. If you aren’t sure, send the case and let them make an independent decision.
How to send a complaint to FOS
Put in a separate complaint about each lender. There is no limit to the number of FOS complaints you can make.
Send the rejections as they come through – don’t wait until all your lenders have replied!
FOS’s “complain online” option is easy and asks for the information to set up your case.
Attach:
- the lender’s reply.
- 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.
- your TransUnion Statutory credit report
- it doesn’t matter if you don’t have the credit agreements, FOS will get them from the lender.
What happens after you have sent a case to FOS
Your case will wait for the lender to send FOS their case file and then be picked up by an investigator/adjudicator who will make a decision on it.
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 have been bankrupt unless your borrowing was all after your bankruptcy – 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 you are in a DRO now, a refund of more than £2,000 may mean your DRO is cancelled! But many payday loan refunds are less than that.
More help
Ask a question in the comments below.
Don’t use a claims management company. They are expensive and often incompetent. FOS says individuals making a complaint have a better success rate than claims firms.
Card & catalogue affordability complaints
Can you get an overdraft refund?
Could a Debt Relief Order help you?
Lee sharratt says
Hello. Silly question. Can u complain about irresponsible lending, if you have an current loan with them, but had a few loans in the past?
Joseph says
Yes, if you get any redress it will be taken of the current balance you owe them
Peter says
Thank you Sara, I will write to Ferrretum tomorrow and decline the offer.
Do you know if the Ombudsman are incredibly busy at the moment? Only asking, as I sent them a complaint on 24 April about MyKredit. This is almost a month ago, and I havent had a reply yet (apart from the standard “we have received your email”. Should I call them to check on that one, or just assume they will get back to me when they have had chance to investigate?
Thanks again
Nicki says
Hi peter they are incredibly busy. You will probably here from them asking for more information such as bank statements but settle in for a long wait for an actual investigation I believe the average used to be a six month wait but all of mine have been with FOS since July 2018 and I speak to them monthly and there is no reason for the delay other than how many complaints they have to deal with
Craig Morton says
Hi all, I have just received a than I response letter from Ferratum,
With exception to the final loan which remains outstanding, your loans were repaid on time or earlier than the due date. We were not alerted to any financial difficulties. Your final loan was approved for £400.00 on the 8.9.2017 and was due to be repaid over four monthly instalments. To date we have received payments totalling £367.27 and payments are continuing through your debt management plan. The current balance is £431.32.
I have reviewed your loans and cannot agree that Ferratum lent to you irresponsibly. Interest is the cost of borrowing money and Ferratum have not acted unfairly in charging this. You had the benefit of the loans. However, as a goodwill gesture and in full and final response to your complaint, we will offer to waive the balance of your outstanding loan. No further payments will be due, and we will also offer a refund of £50.00 paid directly to you. If you wish to accept our offer please confirm your sort code and account number for the refund to be issued.
I had asked for information on all my loans and they didn’t get back to me and this is what I’ve received.
I don’t feel this is a suitable offer at all.
Thinking if it’s worth going back to them or straight to the Financial Ombudsmen?
Thanks in advance guys
Sara (Debt Camel) says
I am assuming that you had a lot of loans…
I suggest you reply that you have asked for a list of your loans and they have not provided it – they will be aware that in writing off the last debt only £33 of that was capital, the rest was interest – so their refund actually amounts to only £33 + £50 which is massively less then the interest you repaid – you have not taken account of the repeat borrowing which should have alerted you to the unaffordability of the loans. Add that you want a list of your loans and unless they provide you with an increased offer within a week you will be sending the complaint to FOS.
Craig says
I think it was only 3 or 4 from them, but would have been at time.with a few from others.
Paperwork is my issue if I want to take it further, it was an old bank account which I no longer have so can’t get statements. Is that an issue?
Sara (Debt Camel) says
Unless the loans are very old, you should be able to get bank statements from a closed account. this is a good time to do this as it feels as though this complaint will be going to FOS.
Claire says
Hi Sara, I sent the template email to Mr lender and reviewed this response..
Thank you for your recent email.
We are writing to ask for confirmation and clarity on the reason for sending this as the detail within the email is confusing.
While the start of the email 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 loan(s), dates they were taken and the charges and interest you paid.
We are unsure how you are suggesting these loan(s) were unaffordable if you are unaware of the number of loan(s) you have had with Mr Lender and the value of interest and/or charges paid. We have seen the same email from other customers and have found it to be a template generated off the forum website debtcamel-co-uk/payday-loan-refunds/.
Whilst you are within your right to seek third party advice and make a complaint, with the above in mind, we require further information in order to conduct a full and thorough investigation into any concerns you may have relating to the loan(s) you held with Mr Lender.
We have attached detail of your loans with Mr Lender as requested, if you feel you would like to make a complaint regarding these loans please provide further detail indicating why you feel they were unaffordable
———————-
Do you have any advise before I respond.
I had 3 loans, taken out with only a week between them. The 3rd I’m still paying via a payment plan.
Sara (Debt Camel) says
Ok, then go back and say you think they should have refused the third loan because of the short gaps. Also point out if your credit record had got worse – more borrowing? Recent problems? More payday loans? Fro m the time of your first application to the time of the third one. Enclose your bank statements for the two months before and the two months after the third loan application.
Holly says
Hi all ,
I have had a safety net credit account since January, and the payments are getting on top of me now , I have numerous loans as well as this one at the time I applied as well , shall I put in a complaint and set up a payment plan with them ?
I have since set up plans with the others
Sara (Debt Camel) says
Put in an affordability complaint – if their debt was affordable you would not be struggling! Also cancel the CPA so they can’t take any more money. Then offer to repay the balance at a rate you know you can afford without having to borrow again and ask them to freeze interest.
Holly says
Don’t worry I have put forward affordability complaints with both mr lender and safety net credit now going to tackle them
D says
Safety net were an absolute joy to deal with to be honest. If more companies were as easy to deal with it would be so much better
Lisa says
Just following on from this Sara can I ask please before I put in my complaint, since contacting my creditors one of them has immediately emailed back notifying me that they have passed my debt to a debt collectors to deal with my DMP. I know this may have been inevitable but my account is on hold for 30 days and and to my knowledge I didn’t receive an official default notice just a late payment email. Is this right? There were also special medical circumstances that they were aware of which I can’t really go into. It just seems harsh as id only missed one payment and I would have preferred Stepchange to deal with the company direct as I have given them the name of this company
Sara (Debt Camel) says
They dont have to issue a default notice before sending a debt to a debt collector.
Honestly it is easier to deal with debt collectors normally than payday lenders… Just tell StepCahnge that the debt has been passed to a debt collector.
Hayley says
Hi I had an offer from sunny I accepted it waiting the 5working days no money called them up said it would be the following day still nothing called them back said there was a funding error on their side called the two days after to then be told am not getting the refund as was administrative error on their side can they do that after I accepted the offer ?
Sara (Debt Camel) says
No they can’t – well if they do you can take the case to the Ombudsman who is likely to agree they haven’t treated you fairly.
How good was their offer – how many loans were they refunding, how many did you have?
Hayley says
I had 8loans they were offering me 6th loan onwards and was happy enough with the offer I even accepted it then they told me 7days later I wasn’t getting it
GM says
MyJar case update:
Sent to MyJar Sin Sep ’18, 32 loans from May ’11 up to Nov ’14, but last 2 had a few months beak between them. They offered just over £100 for one loan, then I tried to negotiate, but they refused so the case was sent to FOS, including bank statements, at the end of Oct ’18.
Today, 22/05/19, Adjudicator emailed me saying it upheld loans 5 to 30, totaling £1.5k interest refund + statutory interest. MyJar has until 04/06 to respond.
Funny how my negotiation offer to MyJar was around £800 plus interest, and now they will end up paying double that!
KK says
Ok thanks, I have sent the Sunny one off to the FOS.
I have read that even with the FOS coming down on my side, I am unlikely to receive a refund from Sunny.
Do you have any experience of them at all?
Sara (Debt Camel) says
Don’t know where you read that – if the Ombudsman says some loans should be refunded, you will get that refund, Sunny are paying out, an Ombudsman’s decision is legally binding so they have to. There is no particular reason to think Sunny are likely to go bust like Wonga.
KK says
Ah thats reassuring.
Im not clued up on how these things work, i think i read somewhere on a forum that Sunny were still not paying them even though the FOS had upheld the complaint.
I shall just wait for the FOS to contact me now.
Thanks
Sharon Ferguson says
Hi how far back can you go for payday loan refunds ? I have just received a list of mine going back to 2006 can I claim from that date
Sara (Debt Camel) says
You can only go to the Ombudsman for loans after April 2007. I haven’t heard of anyone getting a refund from before that date.
Jo says
Hi Sara, so I sent off my complaint back in January finally got the outcome today with the MS . They have agreed with the loans from 2012-2014 but can’t determine the ones between 2010-2012.
They are now asking for bank statements (which I don’t have). I banked with Norwich and Peterborough at the time and they are now closed! Any suggestions on what to do??
Sara (Debt Camel) says
You have to choose between accepting their offer and ending the case or sending the whole case to the Financial Ombudsman. How much have they offered for the 12-14 loans? Do you know what the interest on the 10-12 loans added up to?
Turtle00 says
Just a little update from my end. I had 1 loan with Ferratum who responded to my complaint and have removed all interest from my existing loan which leaves me with a small balance to pay meaning I am only paying back the original capital borrowed. I have asked them if they will remove this loan from my credit report once paid so fingers crossed.
Gail says
Hiya I’m complained to lending stream in 2016, stupidly accepted £200 odd for irresponsible lending, I paid £1000s in interest, can I re-complain as in their responses never once did they advise that I could go to financial ombudsman service, surely their meant too? Thanks in advance for your response.
Sara (Debt Camel) says
Yes, you can. Send them a complaint saying that you want them to look again at your affordability complaint because you feel they did not give you a fair answer in 2016 and failed to tell you you had the right to take the case to FOS.
johnvan says
I just received a response from Lending Stream rejecting my complaint and advising that proper and proportionate affordability checks were conducted at the time of approval for each of the 13 loans I had between August 2014 and March 2016. They checked via a third party my other credit obligations and these met all reasonable lending criteria. No alarm bells seemed to ring that I had 70 payday loans in the 12 months before I started borrowing from them or another 71 whilst I was borrowing. I also had loans with Amigo and Bamboo for over £5000 and £3500 credit and storecard debt.
These loans totalled £4740 and I repaid this plus £3800 in interest. The expenses which I declared for the first loan are reasonably accurate apart from the credit outgoings but for all subsequent loans they reduced my mortgage by £225, utilities by £50 and dropped transport costs of £50. They are unrealistic.
I will now submit this to the FOS.
Sara thank you for giving me the insight and courage to contest these decisions. I spent many years fearing the phone ring or the postman approach.
Jo says
Oh I thought I if I was accepting it was only for the 3 loans they have agreed on! For the 2012-2014 £364 but the 2010-2012 total nearly £1000 Interest.
Sara (Debt Camel) says
Well you can ask them if you can accept the 12-14 offer and take the 10-12 to FOS, but they may say No.
Neil says
Hi All,
Just had a phone call from my adjudicator regarding my 51 loan lending stream case . He feels that they should refund interest on loans 4 to 51 .
He feels it is a pretty clear cut case and that ombudsman would agree should it go that far. In fact he said he had a colleague check my case out and that they both feel my case is a very strong one.
Here’s hoping that lending stream agree at adjudicator level and don’t go into administration any time soon.
LS have two weeks to reply.
Agony
DanK86 says
Hello,
I recently received a response from piggy bank who have upheld my complaint.
They have agreed to refund me just over £400 plus 8% interest.
Does anyone know how long they take to pay the money into your account.
Thanks in advance
Zoe says
Hello,
Mine went to the FOS and dealt with by an adjudicator and piggy bank agreed with their outcome.
Two weeks later I’d not heard anything so dropped them an email with my bank details. Then follow up call 3 days later.
I received an email later that day confirming the refund had been processed and would be in my account within 3-5 days. It was there within 2.
Unsure if piggy bank have agreed yours directly so they may process quicker. I’d give them a week and then call. They were very helpful when I spoke to them and obviously sped the process up. Hope that helps
Tom says
I have just been contacted by lantern to say my £706 refund from WDA will be going to them, my total outstanding balance towards wda was £0 but my other outstanding balances towards debts with them are £1011. Seems abit harsh really especially as the debts with them are with other payday loan companies in which Im fighting for a refund with also. That refund would of done a massive deal for us at this current time
Colette says
Hello everyone
I have had an outcome from my adjudicator who has recommended to lending stream that they pay me back the interest on loans 4-5 of my 5 loans I took out, this works out at just under £1k with the 8% interest.
I’m currently waiting for LS to respond, the adjudicator has given them till 30th May.
Anyone else had experience of this and what happened next?
Cheers
C
Joseph says
Lending stream took 11 days from me accepting my decision. Good luck!
Jon Doe says
Hi Sara,
Thank you for your help. I have already received redress from SN and have open cases with FOS regarding QQ and PP. I think we are at a turning point regarding payday loans. I recently tried to reopen my SN account and they advised it could not be reopened. There is a reason payday loans are there, for those whose financial situations are not very good. Typically banks wouldnt lend to such people or people have already maxed out loans from banks. Once payday loans only lend to people with good credit which I think is what we are headed for or have very little other loans, those whose credit ratings are not so good will find it almost impossible to obtain credit. Just an interesting observing of what may be to come regarding loans. So yes by all means celebrate your redress but if you dont improve your financial situation because obtain credit in future after all this furore i imagine will be very very hard.
Sara (Debt Camel) says
The thing is, the affordability definition is spot on. If you can’t afford to repay credit without getting into more debt, then all an unaffordable loan does is move this month’s problem into a bigger problem next month. Unaffordable credit creates a trap, where high credit lenders – not just payday loans but the other firms such as Provident, Brighthouse, Amigo, 118 Money, everyday loans, the logbook lenders etc – extract their profits every month leaving the borrowers worse off and still desperate.
Holly says
Hi all , as some of my cases are getting to the escalation point to the company’s higher person for want of a better word before it goes to the ombudsman, shall I be asking for a list of previous loans at this point ?
Sara (Debt Camel) says
I suggest you may as well wait now and see what response you get. If you aren’t sure if it is enough, reply you would like a list of your loans so you can consider their offer.
MM says
Hello
I made complaint against SATSUMA in Aug 2018, had FIVE loans, 100-400 consequently & many other pdl’s that had me in desp/bad cycle!!
Satsuma rejected! Then I ref to FOS.. & disappointed they also refused MARCH 2019!!
As I feel not fair I suggested private Ombudsman review (May 2019) & I received letter tdy that Ombudsman is not upholding either :(( bcz he did not feel Satsuma had reason to believe finan hardship. 🤷🏽♀️
Any one else have had refund from SATSUMA…or the above is quite common of that company? Know case by case decision etc
Thanks
MM
Sara (Debt Camel) says
When you asked before if you should go to an Ombudsman I replied:
“I am sorry but I don’t think you are going to get anywhere with this complaint. The amounts of interest you paid were mostly tiny:
loan 1 £1, loan 2 £37, loan 3 £18, loan 4 £11, loan 5 zero.
Loan 5 is the only one you would have a chance of a refund on but there Satsuma already removed the interest and let you just repay the loan amount. So effectively they have already refunded the last loan.”
Gail says
Thank you Sarah so much for your reply I’ve re-submitted my complaint, they also re-lent to me in 2018-2019 a futhur 5 times and rejected my complaint is it worth pursuing, many thanks your a super star.
Holly says
Email from mr lender ;
Thank you for contacting us.
We have received correspondence through an email address that is not linked to a Mr Lender account. We cannot locate an account based on this email address and we have no way of verifying the personal data (if any) in the content.
It appears that this email has been sent through a third-party platform called Resolver. As we have no controls over their software or technology, we are unable to send any personal information through their platform nor will we be able to accept any personal information as we are unsure as to how safe this platform is, whether the data has been sent with the correct authority i.e. by the account holder, whether the data will be stored encrypted and who will have access to it.
We treat our customer data with the utmost of importance, therefore, due to our data protection policies and in order to adhere to GDPR legislation, we would not be able to review or send any information regarding personal customer data to an email address that is not recognised and authorised as being linked to a Mr Lender account.
You can find our FAQ page by clicking here: https://www.mrlender.com/frequently-asked-questions; and also our contact us page can be found by clicking on the following link: https://www.mrlender.com/contact-us.
Is this ok for them to say this shall I email them from my personal email ?
Luke says
I had the same with Mr Lender. Basically copied and pasted the same email over to them from the one listed on my account.
Initially they rejected my complaint and offered me a £50 Amazon voucher as a gesture of good will. 8 emails later and today they sent over just under £500 to me. They are keen to negotiate it seems, but will start proceedings at the very bottom. Stand your ground with them and you should be ok.
Turtle00 says
I had the same experience to this. They started off with the £50 voucher offer, then £800 then finally £1100 a few emails later. The last offer was still considerably less than I think I would get so I have sent it to the FOS.
Nats says
Does anyone know how myjar come up on bank statements? Going back to 2011 and trying to locate the payments.
Thanks in advance
GM says
They come up as TXT Loan:
FASTER PAYMENTS RECEIPT
REF.**************** FROM
TXTLOAN
When I first opened the case with them, they offered a redress on 1 of 32 loans and said that they were affordable as the average gap between loans was 30 days… even though they put into the calculation the last 3 loans which were more than 6 months apart!
i offered a calculation of loans under 6 years of just under £1k + interest, but the adjudicator decided yesterday on a far bigger payout, including loans more than 6 years, totaling over £2k including interest!
Neil says
Hi Sara,
Yesterday an adjudicator found in my favour against Lending Stream and they have two weeks to reply to the adjudicator.
Do you think it is too early to put a review up on trust pilot? . If I was to put a review on trust pilot what would i say at this stage?
Thanks
Shaun says
Hi Neil,
I had a letter (e-mail)) on Monday saying that it was found in my favour and to out things right all interest and 8% should be refunded on loans 2-25 (I had 25 total).
working it out using the calculator on this site it’s a payment of around £3300.
hopefully LendingStream accept as when I originally asked them they rejected it right out point blank.
Similar boat to you though, hopefully we’d find something out within a similar timeframe. I had original sent this to the FOB End of May last year.
Brian says
Sara – I was given redress in March from 24/7 Moneybox – but they’ve not removed adverse details from my credit file. I think 2 months is long enough.
Having contacted customer service, they told me to email complaints – which I’ve done weekly since my redress with none of the emails opened let a lone responded too (I have a tracker).
Shall I just go to FOS and open a case seeking £200?
SteveiC says
Hi,
I had the same issue. I emailed them everyday sending to every possible 247 contact I could find. I also said I would report to the FOS which I did. They eventually came back asking me what I would think is fair compensation. I asked for £100 they offered £50 and removed adverse reporting almost instantly
KK says
I signed up to receive emails from this forum and I am gobsmacked by how many people these companies have failed. I have always felt alone and trapped in my financial position.
Sara, you are doing a fabulous job with your advice.
philip says
After some mixed results – total fail on minicredit, and wonga and wda being accepted but in admin. Finally some clear success, MYJAR have accepted the adjudicators decision to refund all charges and interest after loan no 4 (a couple thousand), all in relation to loans over 6 years old.
They only took 2 working days to respond to the adjudicator as well, so that was pleasant suprise too! Although I apparently may need to wait up a few weeks before they ask me for bank details (but i hoping they will be slightly faster!).
Only 1 complaint left – QQ which is waiting on the FO.
A huge thank-you to this site for giving me the guidance to start this process over a year ago.
GM says
Nice one. Yesterday, my adjudicator also upheld the complaint against MyJar, from loan 4, which older than 6 years, up to loan 30. hopefully they wont take too long in my case too
Holly says
Cab you make an affordability complaint if you only had one loan £700 with a company but had another 3/4 aswell and was unaffordable ?
Sara (Debt Camel) says
1 loan complaints are hard to win unless the loan is large.
But 700 is pretty large! OK, have a look at the slightly different template over on this page: https://debtcamel.co.uk/refunds-large-high-cost-loans/. That doesn’t have any of the stuff about repeat lending and being trapped in a debt spiral as you only had 1 loan from them. It also starts off by asking for a copy of all your personal information from the lender. That is normally way more detail than you need for a payday loan complaint where there is repeat borrowing, but it can help you argue that this lender (who is it?) saw *this* on your credit record and that they should have realised this loan would be unaffordable.
Jm says
Hello , Just an update for anyone complaining to Safety Net Credit, I heard nothing from them and put a 1 star rating on trust pilot. Two hours later I have a final response letter upholding my complaint.
I had to log onto my safety net account and check the mail as I did not get one to my email.
Beth McLeish says
Hi
I have had a SNC account for about 4 months now, keeps being increased and have to borrow back immediately when it’s paid off, do you think it is worth my putting in an affordability complaint? Any advice would be welcomed. Thanks
Jm says
Hello Beth, I totally think you should complain. They can clearly see a pattern of borrowing and repaying then borrowing again. I was in this cycle a few years ago with them and ended up clearing my balance with a DMP (stepchange).
I received a full refund of all interest +8%. Roughly £800 . They were very slow at replying. I put a negative post on trust pilot at 2pm this afternoon and by 430 I had a final response letter.
Brian says
I was rejected out of hand by MyJar on 17th April.
I’ve been messed around by customer service there – they were awful.
I took to emailing their CEO and outlining my bank statements which showed payday loans and gambling in the 50 days prior to taking 1 large £1,500 loan from them. Prior to emailing him, the firm had refused to re-investigate my case with this new information.
Within 24 hours, I have been offered a FULL refund + £200 (requested) compensation due to being messed around so much.
I want this to show people, be polite, be persistent and don’t give up.
Thank you so much for what you do Sara. There is light at the end of the tunnel.
Diddy says
Totally agree. Hope I have a strong case, 26 loans taking them out virtually immediately after they were paid off. Using them to pay off other payday loans and my credit record shows I should never have been given them. Fingers crossed that they rule in my favour but reading other posters, not so sure now. Thought it would be nice to have the email in case I need it but understand what you are saying. Well done, hope I’m just as lucky.
Liam says
I’ve had a final response from moneyboat and they’ve declined my complaint. In their letter, they’ve showed what I put down as my expenditure (which I lied on as I was desperate for the money to pay other loans) and said they increased my expenditure based on my credit report. Surely that shows they knew I had lied? Then they say that it’s an offence to have obtained the funds by deception and they will report me to CIFAS if I admit to it. They finish off by saying “I think it is therefore reasonable to assume that you made the decision to borrow on the basis that this lending was affordable to you. If the lending had not been affordable you could have chosen not to proceed with the application.” Again, I was desperate for the money. If I didn’t need it, I certainly wouldn’t have used payday loans! Is it worth replying and sending my bank statements to show all my other lenders and my gambling habit at the time? Or should I just go to FOS?
Sara (Debt Camel) says
how many loans did you have from them?
Liam says
I had 4 loans. First loan was for £250 over 3 installments but I paid it after 19 days then took the second loan the next day for £350. That was a 6 installment loan but again, I paid early after 27 days then took the 3rd loan of £350 the next day. I repaid this after 11 days as a family member had lent money to me to repay it. I found myself in difficulty again and took the final loan of £1500 which was due to be 6 installments but I defaulted then went onto a DMP which I am still paying.
Sara (Debt Camel) says
So a fair result would probably be removing the interest from the last loan?
Did you use the same expenditure figures for all your loans?
Ashley says
Hi,
I am have emailed my complaint as I had various payday loans from the money shop from 2011 till 2017. On more than one occasion the lender accepted a wage slip 1 week from a employment agency and they had my bank statement which showed my spending and they could see I spent more than what was put on my application, I feel this is irresponsible lending and the lender should have been concerned about the amount of expenditure I had with the income I was getting, I was 18 and naive.
A speed says
Hi Sarah
I’ve just had a final response from Mr Lender from my 6 loans after 6 weeks.
1) £250 on 22/1/13 settled 14/2/14 interst paid £730.62
2) £250 on 17/10/16 settled 13/1/17 interest £122
3) £500 on 14/1/17 settled 23/6/17 interest 250.94
4) £300 on 24/6/17 settled 23/9/17 interest 196.80.
5) £1000 on 24/9/17 settled 6/4/18 interest 864.68
6) £1500 on 6/4/18 not settled
Lost my job so it got sent to SLL capital and current balance is £2356 which I’m paying £7.50 a week.
They have partially upheld my complaint on loans 5 and 6. They said they can’t investigate loan 1 as it’s older then 6 years old by a few months!
They have said they will reduce my balance to 283.82 with SLL capital and clear any negative info on my credit report when it’s paid. Do you think it’s a fair offer?
Sara (Debt Camel) says
It’s unusual to get the first loan refunded anyway.
How much have you paid to Mr L or to SLL for loan 6? Ignore their calculation about whether you have repaid interest or capital, how much have you paid to it?
A speed says
I had paid £269 before i stopped paying it.
Sara (Debt Camel) says
OK so it looks as though they have offered you a “full refund” on loans 5 & 6, including statutory interest on loan 5.
It’s a fair offer. If you want to try to push, you could ask for a refund of loan 4 as well – if you took it to FOS it’s possible you might get loan 4 included, but you may not as it was less than loan 3.
You need to ask for the negative marks on your credit record for loan 6 to be deleted if they havne’t mentioned that.
A says
Hi all,
I wanted to offer guidelines to anyone waiting on hearing from FOS on complaints.
Sunny:
complaint submitted July 2018, unsure of adjudicator pick up dates as this wasn’t confirmed at the time but I was okay with that as i would become even more anxious about hearing back!
Adjudicator decision – upheld on loans 6-38 May 2nd
Sunny partially rejected – May 17th
Referred to ombudsman earlier this week.
Lending Stream:
Submitted July 2018
Adjudicator decision – upheld on loans 6-13 today, may 24th.
Awaiting LS response.
I received emails from FOS apologising for the delay in these cases, but I am just grateful they exist at all so can’t be frustrated.
Patience is keys guys, and if you found yourself desperately borrowing on high interest rates just to make loan repayments then it WAS unaffordable.
All the best and thanks to Sara and others who have created a really informative and supporting community on this page.
Stewart sadler says
Hey all, commented a while back but i struggle to keep up with this so i’ll try to be brief. My cases are with the ombudsman about quickquid an p2p(casheuronet) an they have been with them since september last year. I havent heard anything from them, so im wondering is anyone else in the same boat? I know there is a dispute atm between the ombudsman an them, but 9 months seems ages to me to be waiting to even have an adjudicator appointed!
Dan says
Quick quid are notoriously hard to deal with.I had an email start of month saying balance is waived .But as for resolution to complaint im waiting on ombudsman .They seem to dispute everything .I’ve been waiting for ombudsman for 5months .I am not expecting a resolution soon but apparently things are moving quicker these days .so good luck .
S says
Hi Sara,
Can you tell me if you’re aware if anyone has had any redress from Cash Generator – and do you know who they contacted please? It doesn’t seem to get much of a mention.
Thank you.
Sara (Debt Camel) says
They are very rarely mentioned at all. I suggested before that you should talk to the Ombudsman about the reply you had from CG.
Si lad says
Has anyone had any dealings with Moorcroft debt collection agency.???? My debt has been sold to them by 118118money.
They are based in Stockport. Just want to know if they reasonable or gunna pressure me???
Sara (Debt Camel) says
all debt collectors are much of a muchness. If you have a complaint in against 118, then tell Moorcroft you are disputing the debt with 118.
Nat Garvey says
Hi Sara and everyone else, the FOS have also contacted me and agreed that of my 27 loans, the interest on loans 4 – 27 should be refunded. Lending Stream have until the 5/6/19 to respond. I’ve sent off my complaint to the FOS on 23/9/18.
I guess the FOS have come to some kind of arrangement with these types of loans now, as it was only 3 weeks ago that I received a letter from them, stating that they were still looking in to how to deal with these types of cases where people had continuously borrowed from Lending Stream.
amy says
Hi i have received a response from ML 8 loans agreed t uphold 2-3 only which i cant understand at all. They gave me a refund amount but no 8% interest? is this correct and is it worth going back to them?
Amy says
Hi Sara. This is the list of the loans
Date Funds Transferred 27/07/2012
Date Loan Settled in Full 21/06/2013
Capital Borrowed £300.00
Total Interest Paid £1,018.00
Admin Fees Paid £17.00
Date Funds Transferred 25/06/2013
Date Loan Settled in Full 20/12/2013
Capital Borrowed £400.00
Total Interest Paid £748.00
Date Funds Transferred 20/12/213
Date Loan Settled in Full 17/04/2014
Capital Borrowed £350.00
Total Interest Paid £444.00
Date Funds Transferred 26/06/2014
Date Loan Settled in Full 20/02/2015
Capital Borrowed £500.00
Total Interest Paid £457.00
Date Funds Transferred 14/02/2016
Date Loan Settled in Full 18/05/2016
Capital Borrowed £250.00
Total Interest Paid £127.33
Date Funds Transferred 19/08/216
Date Loan Settled in Full 21/02/2017
Capital Borrowed £250.00
Total Interest Paid £218.01
Date Funds Transferred 22/02/2017
Date Loan Settled in Full 21/09/2017
Capital Borrowed £400.00
Total Interest Paid £379.21
Date Funds Transferred 03/12/2017
Date Loan Settled in Full N/A
Current Status SOLD to DCA
Capital Borrowed £1,000.00
Total Capital Paid £166.66
Total Interest Paid £347.46
Sara (Debt Camel) says
Your comment was a bit scrambled so i have reformatted it – can you check thst that is all ok.
The first loan – was it rolled a lot? Or did you have an arrangement to pay? Do you remember why there was an admin fee?
Thats a lot of borowing – go to FOS if you diont think the offer is good
Diddy says
So the first of my complaints came back from Mr Lender saying their final decision is that “as a gesture of goodwill”, they would right off my loan currently £450 and would pay nothing else as I could afford it (according to them). As they didn’t ask for bank statements and said they did a credit check, I didn’t have a case. They said they would send a statement of my account but haven’t so I have gone back to ask for one to see if it is a fair offer. I have 7 loans with them, all sizeable so amounts so was hoping for a better response.
Will see what the statement says when they forward it and may come back for some advice, if that’s ok.
Sara (Debt Camel) says
Definitely come back if you aren’t sure – Mr L do listen to reasoned arguments.
And think how generous this “write off” offer actually is. Look at the amount you borrowed on the last loan and the amount (if any) you have paid to it so far.
Simon says
Hi everyone Just a question on the 8 week timeframe, is it 8 weeks from your initial contact i.e. 1st email sent asking for loan details?
Diddy says
That’s the date I’m working on, my deadline for all of them is this week and I’ve only heard from one so far before the deadline.
Diddy says
Hi Sara
Well my statement arrived this morning after emailing Mr Lender last night, impressive! On the statement it says they credit checked and did affordability checks …. not so sure they did!
06/13 to 02/14 £400 interest £240
11/15 to 01/16 £300 interest £136
02/16 to 04/16 £400 interest £161.20
05/16 to 10/16 £600 interest £464.80
10/16 to 07/17 £1250 interest £1021.88
08/18 to now £1100 interest £852.64 (still owe £532.51)
Their final offer was to wipe out current balance. I know the 2013 one isn’t worth pursuing as it’s too old but do you think I have a case with the others?
Thanks
Iain123 says
Absolutely, that’s repeat borrowing which the regulators have ruled on. Don’t settle, unless you really need to. Hold out for every penny and take them to the FOS.
Sara (Debt Camel) says
Can you say exactly how much you have paid to the last loan? Ignore how Mr L dives this between capital and interest, you borrowed £1100, what have you paid to this?
Diddy says
Hi Sara
So far paid back £1333.46 (only 4 payments left I think). For the larger one in 2016/17 paid a lot in interest and can look back st old statements if this helps. Do you think it’s worthwhile taking this further or accept their offer to clear the balance of £532.51? If it’s worthwhile, how do I go about it as it’s their final offer?
Thanks for replying at the weekend, you should be putting your feet up with a glass of wine 😀
Sara (Debt Camel) says
I have a glass of wine :)
So you have repaid more than you borrowed. If the last loan is the only one in a refund, then you should get £233 back – this “write off” is a not a reasonable offer.
There was a large gap between loan 1 & 2, so let’s ignore loan 1.
But loans 3,4,5 were all taken out the next month after the previous one was repaid. Then there was a year gap? (just checking there wasn’t a typo here)
And loans 3,4,5 were all bigger than the previous loan – loan 5 being a lot bigger. That suggests your situation was getting worse, not better. And that the loand from mr L weren’t helping.
I think you should ask for a refund of loans 5 & 6.
If you don’t think that’s enough, also ask for a refund on loan 4. which was double loan 2.
Diddy says
Not the only one with 🍷 😀.
Not a typo, I did have a gap but used other lenders during this time. I’ll go with what you suggest, you know what your talking about and I trust your judgement, what should I do now? Should I email them giving them a counteroffer every though they said their decision was final? Should I use template 2? Would appreciate your advice as this is the first one to get back to me (the rest should be hopefully this week (8 week deadline) so if I know what to you with this one, I can handle the rest without bothering you.
Thanks
Sara (Debt Camel) says
I would use any bits of template 2 you think help your argument and say what you think an acceptable offer will be. Don’t uuse the full step two template which asks for a refund of the lot – you are into negotiation here.
Mr L is the only lender that does this a lot, so yhis probably won’t help with any of the others!. With the others the main reason for drafting a step two letter now is as the basis of sending a complaint to the Ombudsman.
Angela says
I accepted PDUK offer of a refund and 8% simple interest in April. This has still to be paid to me. My question is is the amount of interest paid to me the amount on the offer letter or calculated up to the day payment is processed. Thanks
MM says
I had issues with PDUK payment: took soo long!
But keep calling your fos adju & PDUK & urge to prioritise!
My constant patience & Persistence ‘paid’ off…literally!!
Gd luck!
Iain123 says
How I complained to the Financial Ombudsman Service.
I went to their website, clicked on the complaint section and downloaded the 5 page complaint form, its blue and white. I typed in all the relevant information keeping it brief, and printed it off. I signed and dated the declaration on page 4. (page 5 is just helpful info). Filling the form in took about 10 minutes. I requested any future correspondence via email.
I then posted this to the London, E14 address. Within a few weeks they responded, acknowledging my complaint, assigning the vital 8 digit complaint number which looks like
1234-1234.
That’s how I got the ball rolling.
Paul says
Good morning, I contacted those payday companies I used (in desperation & under difficult circumstances during those dark years) from 2011 to 2015. Payday U.K. & QuickQuid were the biggest culprits; I had to rollover or renew all of my loans every month for years and had payment difficulties at least twice with each, resolved by testy negotiation. The affordability checks made at the time made things look just about manageable, though it did not feel that way. All were eventually settled but those were bad times. Having a good income just couldn’t keep up with life. So I contacted them both in April. They have forwarded me my loan info and I totalled up the interest from those years of loans. The Payday UK one adds up to £10,000+ in interest alone, the QuickQuid one will likely be more. Hard to believe huh. So, as I look at that figure and knowing how, well, merciless (for want of a better word) they were with me before, I’m not going to see that kind of refund or anything close am I? If I see any small proportion it’s going to be in at least a year’s time as well I expect. Their 8 weeks is up soon but surely this is gonna be quite a fight with limited success potential? What do you think? Thanks for reading (and as it’s Sunday I would not expect to hear from anyone for a good few days, enjoy the bank holiday folks!).
Iain123 says
You’ll get all that interest back, and more. Eight percent simple more. Rolling over and renewing loans is classed as unaffordable by the regulators and you’re entitled to it all back. Congratulations. As some of them are 6+ years you’ll need to explain why you’re claiming, just be honest here, the regulator allows you to claim anyway. Read through the archive here for more information.
PDUK paid me in February, my initial claim started in September, so be patient, they were the easiest to deal with.
You’re looking at £14k by Christmas with them (if nothing has changed). They may offer you just interest frim the loans within 6 years. I suggest holding out for the lot, unless you need the money.
QQ are a different story, they reject claims and delay, delay. My complaint is with the FOS. I suggest that you get the ball rolling with a complaint.
Sara (Debt Camel) says
Well you may not get ALL the interest back. But on what you have said, you have two potentially very large complaints so send them in as soon as possible.
Paul says
Is it possible to get a refund for 1 loan which has been sent to a debt specialist company ?
the lender is 118 118 money, loan amount £3000, credit rating below average / poor
loan was sold to azzurro associates / moorcroft debt recovery with the outstanding amount at £3218.01
Sara (Debt Camel) says
You send send your complaint to 118 – They are the ones that gave you the unaffordable loan. If they tell you to talk to the debt collector, ask if that is their final response as you will be sending the complaint to the Financial Ombudsman.
Also inform the debt collector you are disputing the debt with 118. It’s best to make an affordable repayment arrangement with them – if yiu win the case all interest should be removed but you may still owe some money. Don’t be pushed to pay more than yiu can afford.
The best template complaint for these single, large loan cases is over on this page: https://debtcamel.co.uk/refunds-large-high-cost-loans/
Dan says
Hi Sara and all, update on my journey.
My complaint with Piggy bank has been upheld. I only took one loan of £400 out and repaid it early.
Their response was reading like they were not going to uphold, saying my income and expenditure showed I could afford, the fact I paid it early etc. Then one line near the bottom states they seen my history of pay day loans on credit report and this should have prompted further questions.
A full refund of £275 plus interest £24! Result.
I had a rejection from Bamboo too this week re £1500 loan. They maintain I declared £2500 net income and £200 rent only. They estimated my expenses and credit expenses using some sort of database and deemed I had £900 disposable income meaning the loan was affordable.
However I still maintain I didn’t declare my income as stated, which is actually £2500 gross. My details were passed to Bamboo from Zopa who had rejected me the same day. My zopa record shows my annual gross income as £30000 with £200 rent. I have made a data request to zopa asking for details they passed to Bamboo, and will counter Bamboo using this info.
I seriously think they based my application on the info received from Zopa who are shown as the loan broker on SAR, and that they’ve incorrectly taken the income figure provided by them as net instead of gross.
I’m awaiting a further 8 responses from other lenders I’ve made complaints to, all in week 7/8.
D says
Hi Sara
I had 9 loans with Mr L.
However I’m.desputing 6 of them and hope you or other readers can help me. My statement is as follows;
Loan amount –
£200 int paid 24.76 dates 14/10/16 to 5/12/16
£200 int paid £37.00 dates – 8/1/17 to 2/2/17
£300 int paid £23.09 dates – 18/4/17 to 11/5/17
£380 int paid £140. Dates – 13/5/17 to 4/7/17
£200 int paid £19.44 dates – 6/7/17 to 19/7/17
£1200 int paid £1030 dates – 17/11/17 to 4/9/18
Now as anyone who has seen me post before will know I had Safety net credit (they’ve settled with me), loans 2 Go, lending stream, 118 all running at the same time.as these loans with Mr lender.
I believe I have a strong case but can anyone advise of they reject would these loans be worth chasing at the FOS?
Thanks
Sara (Debt Camel) says
The interest on the first ones is small. But the last loan was a huge amount more. I think you should go to FOS if that one is not refunded.
Mark Busuttil says
I have received a response from Payday UK rejecting my complaint as last loan was taken in 2009. It says that basically loans over 6 years old are not considered by them and states that I should have complained within 3 years of knowing I could complain.
I didn’t know I could until a few months ago so can I take this complaint to the FOS and if so how do I go about this?
Sara (Debt Camel) says
yes you can – the article above explains how to sen a complaint to FOS.
MM says
Hi has anyone had any POSITIVE feed bk from QQUID?? I’m awaiting complaint raised JUL 2018… went to FOS who agreed 6yr loans can b refunded; yet QQ have still refused due to time frame (April 2019)
Anyone knw what Likely to hppn? My adju said she is still in discussions …🤷🏽♀️
Thanks!
MM
GM says
Judging by everyone else’s experience, you’ll be waiting until the end of this year for an Ombundsman decision
Sara (Debt Camel) says
I don’t think past timescales are of any relevance here. This isn’t a normal situation where complaints proceed through predictably.
Paul says
Thanks Iain and Sara, genuinely good of you both to have a look at this. It sounds straightforward enough (though QuickQuid were always going to make it difficult) & with the consistent years of rollovers, back to back, it looks like a strong case on paper I think. I’m probably pessimistic from my previous dealings with companies like these, and the 6 year thing might limit some progress. I put my initial complaints in at the start of April ‘19, they both have just under two weeks to send me a final response when I guess it’ll be FOS time, so I better gather up those many, many bank statements, make my case and then count the months. It’s worth it, especially if it’s anywhere approaching Iain’s approximation. Thanks again for the appraisal guys, very helpful.
Iain123 says
I was pessimistic, too, until large sums starting hitting my bank from Instant Cash Loans, the parent company of PDUK.
What proved crucial to me was sourcing old bank statements. High Street staff said these could only go back seven years. A polite written request to Santander Head Office got me another three years worth of statements. These proved I was in financial chaos and should never have been loaned to.
If you hit any brick walls, come here, someone will show you the way through.
Also, PDUK took an additional eight weeks to respond, due to volume of complaints. This has probably got worse so be patient in all this.
Paul says
Hello again Sara and Iain, you have both been such a terrific help and so I hope it is at least somewhat useful for you to know that QuickQuid emailed me on the very last day of the 8 week wait to offer the full refund as requested, as long as I do not take the matter further. It could help in shoring up other people’s hopes on here perhaps. I am just waiting on Payday UK’s response now. All the best guys!
Mr PDL says
Hi All,
I have a long and extensive pay day loan history that runs over a number of years. I took loans out with multiple providers and ‘rotated’ the loans I took out, as opposed to using one or two specific providers.
Many of my affordability complaints are being rejected and suspect it is because of this – they do not seem to be taking into account all of the other loans I had open in the run up to taking out additional loans with them. Does anyone have a view on how the FOS would review the complaint. Would they look at my entire financial situation in the run up and duration of the loans taken, or just focus on the number of loans I had with that provider in isolation?
As ever thanks to all and Sara for the continued support
Sara (Debt Camel) says
It’s not just lender by lender, in this sort of case it is loan by loan. It depends exactly what each lender could see at the point when you applied for *this* loan.
In general, people who have done this only tend to get the later loans refunded, especially if there were no defaults on your credit record. If you were rotating back to a lender for a 5th or 6th time AND the amounts were going up then you may well win the later loans. But if you just borrowed a small amount three times with long gaps between them, then it’s unlikely FOS will think the lender should have had to look in detail.
James says
So I took out 8 loans with Mr. Lender over a period of 21 months, however, every loan (apart from the first one), was taken out within quick succession of the settlement of the loan prior to it – ranging between 2 days and 3 weeks.
The loans started out at £200 and ended up being for £1000, after which, I had to go to a family member to ask for help to get out of the cycle.
I understand that I will not get redress on loan 1 (probably loan 2 also) but the rest of them were clear indications of using a payday loan as a long term solution – clearly not what it is intended for – which Mr. Lender did not see any problem with or question me on. By may calculations, I’m owed something like £2.5k in redress (interest, interest on interest per year and admin fees). They have offered me £750 (no statutory interest or admin fees included – what is the point of the word “statutory” if they do not include this???), which I’m not accepting. I’ve written back to them giving my reasons behind declining the offer, why I believe it should be more, breakdown of loans made and a deadline of 2 weeks to come back with an improved offer. I’ve also sent the complaint to the ombudsman to get the ball rolling on that side should they not improve their initial offer.
Sara (Debt Camel) says
Which of the 8 loans have they offered to refund? Did you have administration fees charged? Were those because of late payments? That is a good reason for them to have refused the next loan.
Do you still owe money on the last one?
It may have been a mistake to send the case to FOS – Mr Lender do listen to a reasoned argument. Now it is with FOS there is little incentive for them to bother – they will be charged the FOS fee even if you withdraw your case.
Lisa says
Hi i have been sent this but note sure what it meas will i have £1313.9 or £0 back
Interest and fees eligible for refund: £1061.6
● plus 8% statutory interest £467.3
● less 20% withholding £93.45
● Total Owed to you £1435.45
—————————————————————–
● Total Waiver Amount: £121.55
● Total Refund Amount £1313.9
—————————————————————–
● Total Outstanding balance after the redress: £0
Sara (Debt Camel) says
The calculated refund is 1435 after statutory interest and less tax.
£121 is being used to clear the balance you owe them.
The rest of it, £1313, should be paid to you.
Is this a good offer do you think? who is the lender?
Lisa says
Thank you. What does the bottom bit mean redress? The company was pounds to pocket
Sara (Debt Camel) says
redress is another word for compensation or refund. So the last line is saying that after this you won’t owe any money.
Do you know how much interest you have paid overall? Have they excluded any loans because they are over 6 years old, or taken out after 2015?