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?
Dan says
So i had a complaint rejected by 247moneybox 2 weeks ago. I told them wasnt happy and said would send to FOS. Now i saw that they went into administration a few days ago but they have just mailed to ask for bank statements so they can have another look at the complaint- why would they do this if theyre in administration? Iss theerree a chance illl gett refund iff they’re asking
Scott says
Hi Dan,
They may just be going through the motions until the Administrators decide how the complaints will be dealt with going forward.
Sorry but there is absolutely no chance that you will receive a refund in full. If any of your loans are considered unaffordable, you will become an unsecured creditor and receive a small proportion of any refund due.
Scott
Jackson Rice says
Could I have your opinions… I successfully claimed with Wonga and Amigo loans and have a claim going through the financial ombudsman for Elevate (Payday loans/express)
Elevate initially refused my claim saying I could afford the loans but on the basis these other two have agreed to wrongful selling do you think I will be successful with them too?
With regards to all these claims has anybody got a view or evidence that the loans will be removed from our credit files?
Tracy says
Hi Elevate/sunny refused mine I went to the FO and they upheld all bar 2, only 3 of which they said were unaffordable? So those 3 were removed from my credit file. I’d always go as far as you can with complaints. Sara’s website has helped so much, I can’t thank her enough
Jackson says
Thank for the reply – so how many loans did you have in total with Elevate? And how long did the FO take to respond and then eventually have the loans removed from your file?
I’m in a much better place financially now and looking to get a mortgage to the cleaner my file the better.
Thanks again
Tracy says
SNAP! I had 9 with Sunny, the FO did take a long time, took Sunny about six weeks to refuse I sent it to FO in July 18, it went to an adjudicator in May this year. She was great though and Sunny came back to her with a lower offer. She phoned me and said don’t accept it, stood her ground and I got 3.2K back from them. Their loans were always over six months to a year so much more interest. Interestingly they didn’t initially remove anything from my credit file, I raised complaints with ClearScore and credit karma (Noddle). took about 6 weeks, ClearScore said sunny didn’t communicate with them so they removed ALL 9 from that credit report. Credit Karma said sunny did communicate and provided evidence of the FO decision and only removed the 3 latest loans. Either way it left me in a better place. Keep going and good luck
H says
Here we go with lending stream. Wish me luck. I have been successful so far and all loans taken out pre lending stream so they really shouldn’t be able to say no!!
E says
Good luck x I haven’t see anyone state they have had Lending Stream uphold their complaint without it having to go to FOS. Keep us updated x
H says
I shall let you all.know how I get on. I’m not holding my breath that it will be easy
Mike_p says
Lending Stream seem to have a standard approach of rejecting the intial complant and then agreeing with the adjudicator- I haven’t seen anyone report anything different to this. They are one of the worst to deal with unfortunately and will delay everything as much as they can.
Paula says
Got an email from Lending Stream saying they have responded to FOS but cannot process payment until I accept through FOS. Assuming this means they agreed with the adjudicator? Might be it was later this evening therefore I would hear tomorrow?
Shaun says
Top tip: when a payday lender asks you to confirm your bank details by filling in a form do so and also send a bank statement confirming the details with it. I’ve had lenders say they couldn’t confirm my bank details from the form even though my handwriting is extremely clear.
Chris says
Can anyone help? Got an email from Satsuma this morning saying they are upholding 1 loan and paying redress of £201 but have not upheld my other 14 loans. They said I will receive a cheque within 7 days and if I disagree with their decision contact the FOS. Do I receive redress for the 1 loan even if I escalate the other 14 to the FOS?
Sara (Debt Camel) says
It sounds like it!
Darren says
Not to go against the advice you already had, but I had this happen with Satsuma, then when I went to the ombudsman with the other loans, they advised that as I cashed the cheque, that is me accepting their decision in full, if I wasn’t happy, then I shouldn’t have cashed the cheque.
It went to an actual ombudsman as well who agreed with that decision, so I wouldn’t cash it.
I completely understand where the ombudsman came from with it, I couldn’t really argue.
Sara (Debt Camel) says
OK, so go back to Satsuma and ask if it’s OK to cash the cheque even though you will be sending the complaint to FOS.
Chris says
I will contact them and see what the say but get it in writing incase they try and trick me
Chris says
Think I will just sit the cheque in a drawer when it arrives as I paid about 5k total in interest on the other 14 loans. I’ve already lost out on thousands with companies going into administration. Don’t want to be losing more!
Paul Wakeman says
You couldn’t make it up! This morning I’ve received an email from a company called Lantern chasing payment of £288 that I owe to Lending Stream!! First I’ve heard of Lantern so have told them to go back to their incompetent client as Lending Stream actually refunded me (following an FOS decision) on 03rd October a lot more than £288!!
Scott says
Hi Paul,
Just check your settlement figure.
Away back in 2016 when I dealt with LS, they paid me out but didn’t offset the balance that had been transferred and I had to contact DCA to settle as they would not take the account back.
Scott
Paul Wakeman says
Thanks Scott. I’ve checked the figures and everything is fine. I just find the incompetence laughable as LS had to get the debt back from Credit Resource Solutions, pay me a redress and amend my Credit File and then to get an email this morning from a different DCA for what was the same debt is beyond belief. Still, Email has been sent to Lantern advising them to go back to LS. Can’t wait for the next instalment!
Paula says
Got my confirmation email from FOS with a refund of £6,888. Have sent an acceptance to both them and reconfirmed to Lending Stream. What a nice Christmas present :)
Scott says
Hi Paula,
Congratulations, nice bonus to receive at this time of year.
Not to put a damper on it but please don’t get your hopes up that you will receive it before Xmas.
Hopefully you will but other comments suggest not.
Scott
Paula says
Thanks! I don’t expect it before Christmas and I am in no way relying on it, but a nice bonus :)
Paula says
I didn’t get an agreement to sign, my email to FOS was taken as the agreement. Is that right?
Scott says
Hi Paula,
That should be sufficient but I would just give your Adjudicator a quick call to confirm.
I would also confirm bank details where you want the money paid, LS will want this confirmed anyway so it may save time.
Scott
Colin Brown says
Getting an acceptance is nowhere near getting your money sadly Paula.
They will probably go bust before you get your money back.
Paula says
Wow. Thanks. Given they are still lending, I would assume they won’t. At least I hope they don’t.
alyss says
it seems that these lenders just want to ignore the situations?
once i put my bad review onto cashasap another excellent review was posted a few hours later.
still awaiting word from cashasap and uncle buck and cash4unow is dragging there heels. awaiting my satsuma to be allocated to someone still after submitting this in April 2019.
knowing my luck these lot will be the next to go into administration as wage day advance owed me £284 and im going to get 4.8 pence to the pound not even £50 back.
Andy says
I would chase the satsuma one up as I sent it too the ombudsman last month and they have already picked it up I’m guessing as they got back to me asking for final response
Laura says
Hello, I’m having trouble with casheuronet supplying my the information on the tax on interest so i can claim
It back. I got my refund in April but everytime I email
It’s a reply from some sort of credit record removal department saying it will be actioned. But given I’m. 8 months down the line I doubt it, should I contact the ombudsman who made final decision?
Sara (Debt Camel) says
Well you could do, but I doubt there is anything the Ombudsman can do. Is it a lot of money?
Laura says
Hi Sara
£418 was the tax. As I’m on maternity leave it’s the only financial year I am under threshold
Adam says
Finally had a response from the adjudicator agreeing in my favour against SNC saying they should have never given me the credit facility in the first place.
What are SNC like to deal with at this stage?
kim hunter says
Once I had this response from the adjudicator Safety Net agreed with the decision I had to sign an agreement from from FOS by email and once received by SNC I rsng them to see when paymen would be made (They said its usually on a Fridau I think) I had just missed that weeks payments so I got it within 7 days.
Adam says
How long did SNC take to reply to the decision? Did they do it within the timeframe?
Thanks for your reply
JN says
How long did SNC take to reply to the adjudicator? Was it in the 14days?
kim hunter says
Hi All together about 7 working days as it was a Thursday and too late to put it on the payment run for Friday but I did ring them and ask so it may have quickened the process up. Make sure you sign the agreement off the FOS straight away and send it straight back, I did it the same day.
JN says
7 working days from when?
kim hunter says
7 days from the letter telling SNC what they think they should refund me and me agreeing to it.
Alyss says
I’ve just put in a compaint to SNC as I paid over 20 loans back. I had at the time a debt plan payments going out plus about 6 other payday loan repayments each month plus 2 credit cards and debt collectors I’m hoping they will accept my complaint.
Calum says
https://www.google.com/amp/s/www.thesun.co.uk/money/10471346/payday-lender-247moneybox-bust-compensation/amp/
Just seen this 247Moneybox going bust? For anybody interested i have copied the link
Andy says
I’ve seen I’m very lucky I got my refund last month but not so lucky for others :( don’t know how they get away with it
John says
Thanks for all the information, it’s site has really helped me.
Today I received a final response for safetynet credit. I borrowed pretty much the maximum amount from them every month for 26 months running, and in that time they increased my limit to £1000. When I initially borrowed from them I had over £40k in unsecured debt from numerous credit cards and short term lenders. They obviously had access to my bank account aswell.
My calculations make the claim amount I should be getting approximately £3150. They have offered to clear my outstanding balance of £1150, pay me £1000 to settle. So I make it that they are £1000 short of the total amount I should receive.
They have said that they are partially upholding my claim, but have not given any details. With all things considered I believe that my claim should be upheld in full.
I’ve responded to say that I’m willing to negotiate as I feel the amount is short of what is fair.
Has anyone had any success negotiating a better offer? And had offers made which are short of what they should be getting? Also, any success stories of refering to the FOS?
I’m pretty confident that my claim will be upheld by the FOS, and guess I’ll have no choice but to go down that route should they not make an improved offer. I just don’t understand under what grounds they can possible only partial agree to uphold my complaint.
Scott says
Hi John,
I would just refer the complaint to the FOS.
£40,000 of debt is a huge amount and you may have a good salary, your original limit may have been small and therefore the monthly payment considered affordable but increases to the limit not affordable.
Everybody’s circumstances are different, so any comments may not be relevant to your situation or be reflective as to how SNC are viewing things or how the FOS will look at it.
If you are 100% confident that you will receive a full reimbursement then the FOS is your best route.
Scott
ME says
Hi John,
They initially only offered me a partial refund but I disputed this and got them to look more closely at the evidence they had and further evidence. They came back to me and offered the full refund of all interest and the 8%. I think for me, and reading others’ cases, they are one of the better lenders to negotiate with.
Good luck!
ME
ME says
Hi,
Has anyone had any recent success with Mr Lender? I complained to them in Nov last year and they rejected the complaint. I escalated this to the FOS where an adjudicator picked it up in June this year and rejected it in August. I requested it be escalated again to an Ombudsman but received an email last month from another adjudicator who stated she was a part of a team reviewing cases that are waiting for an Ombudsman decision to see if they could deal with the case in the interim. She reviewed the complaint and all of my evidence and has now found in my favour however, Mr Lender have until Friday to respond.
I wanted to know whether anyone has been in this position with a Mr Lender complaint, do they usually agree with adjudicators and, if they do agree, how long they usually take to pay out?
Thanks in advance.
ME
SN says
I had a relative success with Mr Lender, they agreed as a gesture without admission of fault to write off all outstanding loans owed and remove all adverse information from my creditfile. Took a bit of too & fro but it was done in a few weeks from initial email. Didnt get anything back as redress but happy enough with the outcome.
Calum says
Hi ME,
I found Mr Lender probably the best lender out of the lot. On par with SafetyNetCredit. They realised the situation very quickly didnt have to provide evidence. They cleared my outstanding balance within a week and removed all adverse credit plus removing all loans present and past from my file. Couldnt fault them. I found to just keep emailing as politely as you can. Hope you have more luck going forward 😊
Bob says
Good morning,
247moneybox confirmed with me that my redress payment would be paid within 7 days on the 28/11/2019. Have I now lost out on that with the company going into administration?.
Sara (Debt Camel) says
It is very likely that you have lost out, that you are now an unsecured creditor of the firm, that you will have a Claim for the amount you should have received and you will eventually be paid a small percentage of it.
Bob says
That’s for you reply, that is very disappointing I had that money spent on Christmas already but what can you do
Livia says
Hi Bob the same happened to me it’s so disappointing, I lost out on 247 moneybox, quickquid and I know for sure will do with Lending stream as FOS just pock up my case.
RonRon says
Hi Sara (debt camel)
i need some help please.
i am sending all my complaint to the Financial Ombudsman and want to know what else i need to send along with my complaint to speed up the process? e.g things they will required after picking up my complaint.
i have my credit report ready.
many thanks
Scott says
Hi RonRon,
You need to send:-
Final response letter from the lender, bank statements from 3 months before you started to borrow from the lender and for the duration of your borrowing, your credit report and any additional info that supports your complaint.
Scott
RonRon says
Thank you Scott
will do just that.
Satsuma only uphold my second loan out of ten and paid £61 plus interest
i paid over £4000 of interest across all of them.
Sunny rejected £2500 of interest paid on all loans
Drafty- no reply and its been 3 months
Scott says
Hi RonRon,
I hope you didn’t accept the Satsuma offer.
Get Satsuma and Sunny to the FOS and if Drafty haven’t responded within 8 weeks send that one to the FOS then.
Scott
RonRon says
Hi Scott
Satsuma kept the money to reduce the amount I owe on a loan. I did not get to sign any paper work for the refund.
Scott says
Hi RonRon,
That’s good then.
Forward your complaints to FOS and let them deal with them.
Scott
john says
Has anyone had any dealings with Cash Float?
Francesca says
Hello lovely people
So, UncleBuck rejected my original claim pretty much instantly (2 loans, approx £500 in interest.) I asked them to reconsider, they have and have now offered £75 as a good will gesture.
Surely they wouldn’t offer anything if they didn’t think they were at fault? I am tempted to take it however as I did feel this was the least likely of all my claims to be redressed.
All thoughts welcome
Thanks so much
Scott says
Hi Francesca,
You don’t usually get the first couple of loans unless they were really large or your credit report was really really bad.
The goodwill gesture is probably just a way to save themselves the £550 FOS fee. Even if they are confident that they didn’t loan irresponsibly, giving someone £75 is still cheaper for them.
What were the value of your loans, gap between them and your finances like at the time?
Unless your case is really strong, I’d take the offer rather than getting nothing at all from the FOS.
Scott
Francesca says
Hi Scott
Thank you for your reply
The loans were back to back, I took the second one out the same day I paid the first one back. £300, then £500.
My credit score was Very Poor. 163/999
I had two other high interest loans that I’d taken out between those two loans (MyJar and Likely Loans) with a balance of around £2000 at the time.
I was earning a good salary, but a large portion was being spent on debt repayment on old defaulted loans.
I made all payments on time so I’m not concerned about it being removed from my file as I don’t believe it’s had a negative impact necessarily.
With this in mind would you take the offer?
Thanks so much
Fran
Francesca says
UPDATE.
I countered Uncle Buck’s goodwill gesture and asked for £225 (half of what they’d be charged by FOS and approx the interest paid on my second loan)
They came back and said they’d give me £150.
I’m happy with that outcome. This was after their ‘Final response’ so don’t be afraid to push them. Especially if it’s a small amount you’re owed and you don’t want to wait for FOS
:)
Scott says
Hi Fran,
You might have got the 2nd loan upheld at the FOS with your history but that is just my thoughts, nothing is guaranteed.
The main thing is that you have been offered something that you are happy with and its near the interest on the 2nd loan.
It just shows that if you don’t ask, you don’t get.
Well done.
Scott
Francesca says
Thank you!!!
To be honest. I know these loans were sold irresponsibly but, I wanted them, and until a couple of weeks ago I didn’t realise I could get anything back.
So far I’ve got £300, but it could be up to £3k the way things are going. Really grateful to have found this site. Thank you all so much x
Crisdy says
I have been waiting months for my complaint against safety net credit to be allocated to an adjudicator ?
My other complaints were upheld but wonga and quick quid went bust !
Hope safety net don’t go bust ?
alyss says
who can really tell, the FOS back log is slowly clearing so the more complaint upheld the more payouts ect ect. im still awaiting for cashasap to get back to the FOS about their decision and its been now over 3 weeks with no word from them so i have a feeling they may be next.
Donna says
I’ve been notified today that an adjudicator has picked up my claim against Safety Net, I submitted it to the FOS on the 18/12/18 if that helps with time scale.
Crissy says
Thanks for your reply I sent mine January this year so hopefully won’t be much longer!
This site has been a godsend !
Colin Brown says
Hi Sarah,
I hope you are well, I have not posted for a while.
I currently have 2 cases waiting to be picked up with the FOS service.
1) Lending Stream, only had 2 loans but hadn’t even paid back the first loan whilst taking out another loan with them. Bank statements show entire outgoings were made up of rent/other payday loans (4) and the rest gambling transactions, not a penny left out my wages.
2) Likely Loans, exactly the same as above but a much higher loan.
How strong do you think these cases are?
Kind regards,
Col.
Sara (Debt Camel) says
One and two loan cases can be won if the loans are large. But there isn’t much point in me guessing about this, if you feel the loans were unaffordable then have the Ombudsman take a look at your complaint. The Ombudsman will be considering whether the loans were unaffordable and if the lender should have made more checks..
Colin Brown says
Hi Sarah,
When I complained I really emphasised that a responsible lender would not lend to a gambling addict and the bank statements clearly show this, I sent the bank statements from the month before the loans were applied for, surely this is clear and obvious wouldn’t you think?
Any money left over from rent/utility/credit card bills was payday loans (4) and gambling debts.
Sara (Debt Camel) says
Unfortunately the FCA rules don’t say that lenders have to check bank statements before giving every loan. But the larger the loan, the more likely it is that FOS will say the lender should have looked more closely at your situation.
Steffy says
Hi!
Just wanted to share my experience with a number of lenders so far, I appreciate although I put myself in this position there is hope! And I wouldn’t have found this was possible until I one night when I was unable to sleep worrying and accidentally stumbled across this website. in total I have received been offered £4498 worth of refunds since my journey started on 16/10/19.
4 accepted:
Piggy bank – sent complaint 21/10/19 response 29/11/19 – no balance, redress payable within next 2 weeks of £992.01
MyJar – sent complaint 27/10/19 response 04/12/19 – no balance remaining, redress payable within 3 weeks of £978
SafetyNet – sent complaint 16/10/19 response 20/11/2019 – balance remaining minus interest £598 paying £60 per month, balance removed and redress paid in 3 days of £1268.48
H&T – sent complaint 21/10/19 response 22/11/19 – balance remaining minus interest £387.14 removed and redress paid on the same day following acceptance form of £1258.94
The 4 as listed above have alone given me an extra £160 per month which is amazing.
1 rejected:
Drafty – gone to FOS
10 more to go!
I have found this experience so far very enlightening and I can’t believe how much interest I’ve paid over the years, definitely an eye opener!
Will keep you posted for the remaining 10 :)
Gemma says
Hi Steffy,
Congratulations on your success so far! 😊
Do you mind me asking how much interest you had paid to SNC in total? I had rolling loans with them for a year and paid them over a £1000 in interest. I had a loan of £800 outstanding and they upheld complaint closing off loan and refunding the difference of £200.
Does that seem right?
Steffy says
Hi Gemma!
Thank you! The final response letter they sent was “ Therefore, we propose that we redress all the interest that you have repaid from 7 February 2018 (£1735.46), plus statutory 8% interest (£164.61). In line with HMRC guidelines we will deduct 20% (£32.92) from your statutory interest.
We will also remove any interest that has accrued on your outstanding balance (£118.72) and then deduct the interest you have paid plus the statutory 8% interest from your principal outstanding balance (£598.97).
This will leave an amount payable directly to you of £1,268.18. Any adverse markers in relation to this SafetyNet Credit account will also be removed from your credit”
I would just make sure they take off the interest from your current balance of £800 as my original balance was at around 750 so minus the interest cut it down meaning more money came to my pocket!
Hope this helps!
Andy says
Hi , I sent complaints to Fos and bank statements , they have asked for my final response , does this mean they are looking at my claim as it was over 3 weeks ago and heard nothing else thanks
Scott says
Hi Andy,
They will just be getting your complaint set up just now, usually they need all the information and documents before it gets assigned to an Adjudicator.
Scott
Andy says
Thanks mate 👍
Ray says
Sorry, wasn’t able to find my original post, so couldn’t add this post to it.
I received a reply from Uncle Buck asking me to supply them a copy of my credit report, showing defaults immediately before my last loan with them, which I sent them.
However, I got this response from them….As you can see the attachment is unreadable for myself, I believe this could be a security element to protect your information. I can only suggest providing loan agreements for any other loan and any confirmation of defaults etc unless you are able to provide this credit information in a different format.
I don’t have the loan agreements, so how can I move this forward or have I just hit a brick wall? Being a finance company, I thought they would have been able to see my credit file, themcelves.
Sara (Debt Camel) says
The report you sent them, was it a PDF? who from?
Ray says
It’s from Credit Karma and will have to convert to pdf to send in that format
Scott says
Hi Ray,
Advise UB that they should have seen the default when they checked your application and ask them to deal with your complaint on the information that they have to hand.
You shouldn’t need to be jumping through hoops to get them to deal with your complaint.
If your complaint has been with UB for 8 weeks, send it to the FOS, if the 8 weeks are not up yet advise UB that you will be going to FOS at 8 week stage.
Scott
S says
Hi Sara,
I’ve currently got a complaint with the FOS regarding irresponsible / unaffordable lending by Cash Plus (Credit Card). Cash Plus did not uphold my complaint so I escalated it to the FOS but despite this I’m being pestered by Lowell Solicitors to make repayments or enter in to mediation.
Any advice please?
Sara (Debt Camel) says
You have told Lowell that you are disputing the debt and there is a complaint at the Ombudsman?
What is this “mediation” they are suggesting?
Also have you been sent a Letter before Action – may have some other title but it will have included some attachments including a one headed “Reply Form”, see https://debtcamel.co.uk/letter-before-claim-ccj/
S says
Thanks for getting back so quickly. Yes Lowell are aware but it’s been to a court hearing and they are asking if I will enter in to mediation to agree a repayment plan?
Sara (Debt Camel) says
Were Lowell aware there was a complaint when they started the court case?
did you receive that letter before Action / Claim before they started the court case, if so, what did you put on the Reply Form?
S says
Hi Sara,
I told them that I disputed the claim as there was currently an ongoing unaffordable / irresponsible lending complaint. The court appears to think that because Cash Plus did not uphold the complaint that it’s back with the court to resolve; however its now escalated to the FOS? They are saying if I don’t agree to mediation then it will go back to the court for them to resolve? As I’m now unemployed I’m just wondering what the best action is? Thanks
Sara (Debt Camel) says
Talk to National Debtline on 0808 808 4000 – it is possible to get a court case “stayed” in some situations.
alyss says
hi s,
please see info below this may help:
any ongoing debt collection action relating to your outstanding loans
you’ve had correspondence about legal action relating to the complaint
If you need to get in touch, you can call us on 0800 023 4567. Or email – shorttermlending@financial-ombudsman.org.uk. We can talk about what it means for your complaint and any other information we might need from you
this is from the fos so if the debt company are chasing you then you need to let them know quoting your case ref number
S says
Thanks Sara and alyss – much appreciated.
Shaun says
Morning all.
Swift Sterling have agreed to repaid the interest for 9 out of 17 loans, which is £789.28. Do you think this is a good offer to accept?
Shaun
Sara (Debt Camel) says
That depends on the loans they are not including. If they are paying out on loans 8-17, have a look at loans 5, 6 and 7. Are amy of them very large? Wrer there any “gaps” beetween repaying one loan and taking the next one?
John says
hi any one have a link to claim back tax on a redress please
Scott says
Hi John,
Info here for claiming tax back
https://debtcamel.co.uk/ppi-payday-refund-get-back-tax/
Scott
Robert Orley says
Morning All,
Anyone know how long Lending Stream Usually take to payout a redress claim as I accepted their offer and they said within 28 days?. I only worry as I’ve just lost out on a 247monbeybox which was supposed to be paid today but lost out due to them going into administration.
Many Thanks, Bob
Mike_p says
Anywhere from 14 days to 32 days judging from what people have said on here. Mine was on day 26. Make sure you send them your bank details straightaway to avoid them trying to delay it by saying they don’t have them.
Robert Orley says
Thanks for the reply Mike I have sent them my bank details and they have confirmed them so it’s just a waiting game now. Let’s hope they.dont go bust in the mean time ha
S says
Hi Sara I lost my job recently after being employed since leaving school many years ago. Thanks to your site I’ve been successful in obtaining redress amount from numerous PDLs. Now I’m unemployed and receiving Job Seekers Allowance am I able to claim the tax back on the amounts PREVIOUSLY received or just on the amounts received since becoming unemployed. I’m sure it’s going to be the latter but worth an ask?
Many thanks
Sara (Debt Camel) says
You can claim tax back for the tax year the payments were received.
Did you get payments in the last tax year – April18 – Mar19? Were you a basic rate tax payer in that year?
Joseph says
Hi S, sorry to hear about your redundancy – I too was made redundant on 31/10/19. There is a form you fill in with the HMRC to claim to tax back, you just need to know how much you’re trying to claim back (which each lender should have told you how much tax they’re withholding). Also, try a website called Turn2us, they’re a charity that you can search for grants and bursary which help people financially, for example, who’ve just been made redundant. I applied a few weeks ago and they helped me with a £500 none repayable grant. Good luck!
S says
Thanks for the info Joseph much appreciated. I will certainly look into that. Sorry to hear about your job loss too! Try and have a good Xmas and best wishes for a better 2020! Thanks again S
S says
Thanks Sara – I will have to check but unfortunately as I only came across Debt Camel in January 2019, I think that any redress will have fallen after March 2019. If that’s the case,, am I right by thinking that I wont be able to reclaim the tax until next year i.e. after 19th March 2020; and only if still unemployed? Appreciate your help. S
Sara (Debt Camel) says
The tax year start is c. 5th April.
If all your refunds are in this tax year, you can make a claim for them now. But this is complicated by the fact you have to put down your income for this tax year and you don’t know what it will be yet as it will change if you get a job.
You can get up to £200 back if you are in work and paying basic rate tax. It’s not only if you are unemployed, it’s most people!
Jo says
I’m asking for a refund from Quick Quid
And they are now asking for
· What is the date of your first loan?
· How long did it take you to realise that QuickQuid might have been responsible for any financial difficulty you faced?
Bank statements (at the point/s you took out your loan/s with us)
· Payslips (at the point/s you took out your loan/s with us)
Do i need to send them
Thanks
JA says
Quickquid have gone bust? Are you sure it’s not a automatic response.
Elle says
The latest from sunny…after accepting their offer on 25/11 and numerous emails that they have ignored since then, I finally got a response from them today saying they have no record of the adjudicator accepting their offer!!! Wonderful! So now they will delay paying out even further as instead of already being nearly two weeks into the 30 day period they will likely now say the 30 days starts from when the adjudicator gets back to them!
On another note, I have emailed my adjudicator (a different one to the sunny one) several times over the last month about my satsuma complaint and I have had no response from them has anyone ever had this?
Alyss says
I have to be fair.
On one of my cases the adjudicator was non responsive to emails and never picked up the phone when it did ring but most the time was on voicemail. I ended up ringing the fos and they chased the adjudicator up for me and they responded within a couple of days
Scott says
Hi Elle,
The payout period starts when the lender has received confirmation of your acceptance from the FOS.
Did you advise your Adjudicator verbally or did you sign an acceptance form?
Scott
Elle says
Adjudicator sent me an email saying she had confirmed with sunny and asked them to contact me directly about the refund. She then closed down the complaint and sent me a feedback form.
Iain123 says
She shouldn’t close down the complaint, may have another issue with the lender that needs handling.
Fortunately all my experiences with Adjudicators have been positive and professional, had about six of them and can’t complain. (email correspondence works better).
Lisa says
Hi
I have a complaint with FOS and have just received an email from the adjudicator sating that she has picked up the case. How long does it usually take to get the initial decision? Its not a complicated case and involves 9 loans, I provided bank statements and everything i had received from Mr Lender at the time of the complaint.
Paula says
Just confirmed with Lending Stream that they received my acceptance from the FOS on 3 December and confirmed my bank details. Now need to wait until 31 December and hope they don’t go bust before then!
Kris says
Is there a complaints email for a company called trusted quid. I cant even find their website anymore. Thanks
Scott says
Hi Kris,
This is another company that you won’t be able to get a refund from.
They have stopped trading and/or may be in administration.
Scott
C says
I put a complaint in to the administrators of Trusted Quid. Was told the FOS will look at it
Scott says
Hi C,
Who are the administrators? Sara can update the list that i got the information from.
Do you know who will pay out if your complaint is upheld as I can’t think who will pay out if the company hasn’t got any funds.
I think there is also tons of complaints regarding data leakage between 2016 and 2018 with this company.
Scott
C says
I was told to email Aron.Williams@cbw.co.uk
I sent my complaint but haven’t heard anything more yet. Don’t hold out much hope but it was worth a try
Kris says
I have a complaint about 6 weeks into the 8 week deadline with 247 money box. How will them going into administration affect my claim.
Scott says
Hi Kris,
The administrators will still review customer complaints.
If any of your loans are deemed unaffordable then you will become an unsecured creditor.
You will then receive a percentage of what you should have received.
Scott
Scott says
I should also mention that the 8 week response time no longer applies and you can’t go to the FOS
Richard white says
Hi sara,u asked me too put on my response from sunny after kicking off with the managment,here it is,after being rejected off complaints i e mailed mallinder and grice,they handed me over to paul baldry who withing a week and half has offered me £325 and scrubbed my debt with lowells(£900) as a gesture of “goodwill” i borrowed 3k and paid 3325(he said he will give me the difference back) what do you make of that?? Do u think thats fair? Im gonna take it because they will prob be out of business by the time it goes to ombudsman
Sara (Debt Camel) says
If the figures are right and you have borrowed 3000 and repaid 3250 then you are bing offered a “full refund” of the interest you paid. A good result!
Richard white says
Yeah,ok i thought,in my case i think it was “get that man out of the shop with his placards causing a scene” offer!! Ha ha,thanks sara
Sara (Debt Camel) says
oh it was… they don’t usually offer a full refund!
Mal says
Any heard what is happening over PiggyBank, not accepting applications at the moment. Looking at the banners they have put on their site during the week and speaking DJs they said that it’s an application IT code issue where they are not getting the credit details back from their agency. Seems the problems started on Wednesday morning and there was an internal release done by TransUnion the night before so it could be true but no one was in their offices in Friday and their phone system said they were closed on Friday morning, still makes sense if they can’t process applications no point in having staff in, except IT staff to resolve the issue. Fingers cross there web application comes back soon and it’s not a sign of another lending escaping their refunds.
Sara (Debt Camel) says
I haven’t heard anything. A problem offering new loans shouldn’t stop staff being in the office to help current customers. They were stopped from lending in the summer by the FCA but then they came back again.
Mal says
At least PiggyBank have used new technology in their applications to at least start to safeguard both the customer and themselves, I think Open Banking should be the standard across all PDL companies. From my experience at least PB kept in regular contact during my complaint and accepted fault so didn’t need to go through FOS.
Joseph says
Seems obvious Mal that open banking would be a good idea but years and years of irresponsible practises will still be felt years to come even if they all decided to start doing this
Sara (Debt Camel) says
True, but starting now is the best they can do!
Mal says
Lost out again.. accepted the redress offer from PiggyBank on the 2nd December and told within 7 working days. Now in administration, totally fed up with these companies taking their profits in previous years and throwing the company into admin. Looking at DJs LTD companies house records for accounts it amazes me the profits they made, I hope they will never trade again. Time for government to help.
Me says
What are avant like at banking your redress?? Do they generally take the 30 days stated??
C says
Mine was paid within the 30 days probably about 2 weeks into it
Jc says
Satsuma the worst of them all had refunds from sunny. LS quick quid they were okay but SATSUMA are a farce 16months I waited for my refund and they sent the cheque to my old address no contact with them at all I had to push the FOS to get my redress got the cheque Friday anyone with a claim with this joke company be prepared to wait
Dan says
Hi
This is a great website and I have sent my complaints to all the loan companies I borrowed from, I have one question if you can answer please, I took 8 loans out from 8 different loan companies within a four week framework, my credit report was bad even before I took them out with a ongoing default on my credit report from QuickQuid, do you think I have any chance of winning these claims even though it’s one loan from each company but 8 in a month framework. I also had a gambling addiction
P.s my credit file also showed many multiple loans from Wonga, QuickQuid and wage day from a year earlier. I have received emails that I was given unaffordable loans from these companies but they in administration so won’t get a lot.
Sara (Debt Camel) says
It’s possible to win a one loan compliant but not likely. Not unless the loans were very large.
Do you still owe money to any of these?
Dan says
Yes I do, I still owe money to 6 of them
150219 – £500 lending stream – £750 left to pay
040319 – £500 savvy – £776 left to pay
080319 – £300 my jar – £140 left
100319 – £300 quidmarket – paid
150319 – £300 loans 2 go – £1000 left
170319 – £200 mr lender – paid (sold to debt company)
210319 – £250 safety net – £300 left
230319 – £100 247 moneybox – paid
I know it’s each loan is not very large
I did have £500 loans from QuickQuid from 260118 that I defaulted on and was still paying for when i took them loans out and am still paying for now
Holly says
Satsuma are the worst I’ll second that I’m still waiting for them to reply it has now gone to the ombudsman for final decision
alyss says
does anyone know how long safety net credit takes to respond to a complaint after they acknowledge it?
H says
I complained 22/11. Complaint closed, redress paid last friday. They are quite quick
alyss says
wow that is quick.
did they respond within a week with a offer or just over?
only i submitted a claim last Wednesday and they emailed me Thursday saying they are now looking into it and froze interest on my current loan till this is resolved just wanted to know how long it took them to email back.
Elliott says
I emailed them on the 19th November, waiting for a reply, I hope it comes this side before Christmas and they don’t take the easy way out like other lenders.
mdunlopgt2 says
I also raised complaint with SNC on 22/11, acknowledged same day, not further communications.
H says
It took 2 weeks for them to look into the claim. Then a week to pay the redress.
Charlie says
Did you have to provide much information or anything with regards to safetynet credit? Or was it quite straight forward?
H says
No submitted the complaint using the template from this site and that was it
alyss says
it may be the easier the case the less time it takes?? i mean if it is clear that they should have never lent to you and they know that they will not win maybe they get back sooner to get this over and done.
Sara (Debt Camel) says
I think probably not. When someone looks at a case it will be dealt with. It would be very inefficient to have someone look at cases to pull out the ones they have to pay out.
alyss says
hi Sara i should have explained it better.
the easier the case the less time it takes because it takes less time investigating the situation at the time, the more complex the case ie only had 4 loans paid all back on time and showed nothing on the bank statements of other debts would take longer to look into and take more time gathering information.
Mike_p says
They were very quick for me too. They replied in just under two weeks saying my complaint was valid and offered to refund all interest I’d paid. I replied straightaway and I had the interest removed and a repayment plan set up for the remaining balance the same day.
Gemma says
Yes they were very good with me also. Complained, redressed and paid out within one month period.
No negotiations.
Wrote off balance and paid me difference back in interest I had paid ..plus 8%. Worked out £200 and £800 outstanding loan closed which was main thing for me.
Can’t complain about that 😊
Mike_p says
Bad news for anyone with Piggybank complaints – their website says they have gone into administration.
alyss says
Jesus they are all going down to fast
Max says
Piggy Bank gone, luckily I had my refund from them. Lending Stream the last one I’m waiting on for a refund. The 28 day deadline is the 19th of December so fingers crossed I get my payout before they go down the drain too.
Eve says
Oh, for crying out loud. I’ve received their final response on 5th. And I did accepted it.
Steffy says
Noooo
I accepted with them on the 3rd December… does that mean no refund will be made 😭😭
Sheen says
Even though the companies have gone bust the complaints are still valid you’ll still get your refund guys
Sara (Debt Camel) says
Normally there isn’t enough money so people only get paid a percentage of it. How large depends on the individual case.
paul lovatt says
hello there ive had a refund accepted with piggybank they sent it over to accounts team they said i should recieve money within 14 days but after 4 days they have gone into adimadtration will i still recieve my refund?
Sara (Debt Camel) says
Anyone who has an agreed refund is *probably* not going to get paid. You can phone 0800 2061560 if you want to find out.
Steffy says
Hi
I spoke to HJS insolvency who have taken over administration on the phone and they asked for my home address to send out a proof of debt form to be completed a returned
I would advise anyone who is awaiting a confirmed payment to call 023 8023 4222 (HJS) so the form can be sent.
They have pointed me to a website for anyone who has accepted a claim and is awaiting payment “ Claims for which a customer has not received payment but has been notified that they are entitled by a Final Response Letter (FRL) and have accepted the offer within it will now be considered as an unsecured creditor for the value of the FRL. Currently, we do not have a date for payment of any unsecured creditor claims. It is highly likely that the payment you receive will be much smaller than your claim amount. Further updates on unaffordable claims will be posted on the PiggyBank website when available.”
Looks as though same kind of thing as Wonga and wage day advance :(
Sara (Debt Camel) says
yes, that is what I expected. Sorry.
alyss says
ive got uncle buck with the fos and been assigned, satsuma still awaiting to be assigned safety net with their complaints team and cash4unow with their complaints team and awaiting cashasap to pay out im slightly worried i wont get any refunds at this rate
Richard white says
Hi Sara,after accepting sunnys offer on fri night the interest has been paid into my account THIS MORNING and my debt scrubbed with lantern!!!! Stunned!
Neve says
Exactly the same for me! I took someone’s advice on here to email Paul Baldry Pbaldry@elevatecredit.co.uk and accepted offer on Friday and it’s just been paid into my account!
Thank you all so much and especially to Sara!
Amy Brawley says
I see some people are getting paid out really quickly from sunny recently, I accepted an offer through adjudicator on 21 November so he’s closed my case but I have heard nothing from sunny since even though I’ve emailed twice chasing up. Any advice?
Elle says
I accepted an offer on 25/11 and I have heard absolutely nothing from them it’s apalling
Carol says
I’m feeling deflated. I’ve emailed all the lenders in November. Safetynet credit gave me a redress of £295 which was fine. However peachy 1 loan , sunny 3 loans, and 2 capital cards have so far and came back saying the information i entered on my outgoings meant i could afford the loan!!!. If that were the case why would I have applied for one in first place 😭. They said I had £750 of spare money left over…. which isn’t true. So I have forwarded all these to financial omud.
Anyone else get final letters stating that they could afford the loan and had success with financial ombuds. ?
Many thanks
Mike_p says
It’s pretty much the standard response to reject the complaint and say you could afford the loan, however it’s hard to win cases when there are only a small number of loans. I’ve taken a few to the FOS and it’s been about loan 4 or 5 when they have started saying they shouldn’t have lent.
Sara (Debt Camel) says
How large were the Peachy and Sunny loans?
Two Capital One cards? What were the credit limits?
How large are your outstanding debts at the moment, not just payday loans, all loans, credit cards, catalogues, arrears on bills?
Carol says
Hello Sara, I have 9 defaults on my account. Currently have £12,000 outstanding debt. The credit limits on capital one were £1,000 each, opened a month apart, the first one maxed out and 2nd one opened straight after, I’m on a payment plan for both for last year.
Steve says
Hi Sara
I spoke to my assessor for my case with Ferratum on Friday he requested the case file on the 03/12/2019 with the 2 week deadline. How secure are they as a company do you as the current going bust is a total disgrace. I think it’s scandalous the government does nothing. All my other complaints are upheld with the exception of Drafty, Mr Lender & Likely Loans have you heard anything about the state of these companies?
Cheers Steve
Sara (Debt Camel) says
I don’t have a secret source of infomration about who is likely to go under next, Sorry.
Pete says
Steve, I’m in the same boat. I complained to Ferratum in April, it was rejected of course. Sent to FOS in May, picked up by adjudicator in September. As of today, I have gone through 2 separate adjudicators and they are still waiting for the case file from the business. Thats 3 months now since they initially requested it from Ferratum. I have spoken to the current adjudicator last week and asked him what can be done to speed this up. Its a joke.
FYI to compare time scales on other complaints. I complained about Wage Me at the same time as the Ferratum one, and that was resolved end of October and I accepted the adjudicators settlement decision. Was paid out right away. And my other complaint about Mr Lender was sent to FOS in September. That one has been investigated and the adjudicator has found in my favour this week, so just waiting for that one to be finalised.
Im starting to get concerned about Ferratum, as that one is a biggie. Definitely think something is going to happen with them soon, they are dragging their heels.
Steve says
Thanks Pete I have emailed my assessor about already had a lot more back than I thought I would off other complaints this is my biggest chain but looks like a domino effect at the moment and can’t see many if any of these companies surviving with the amount of upheld complaints against them. So far I have only missed out on full payment off wage day advance.
SN says
With Piggy Bank, I am in an arrangement to repay the principal of the one loan remaining after they agreed to waive all interest in redress. How does administration affect this? I pay £20 monthly for the £600 principal I owe and have only just entered the agreement (1 payment made so far).
Sara (Debt Camel) says
The administration shouldn’t make any difference to your agreement. Untilately either they will sell your debt to a debt collector and you can make a repayment agreement with them, or they will make you a settlement offer (“pay us £100 and we’ll call it quits”) or at the end of the administration they may wipe the remaining balance if you have carried on paying. I can’t guess which of those is more likely but there is no reason at the moment but to carry on with the agreement.
Paula says
I got an email confirmation from both LS and my adjudicator today having already had a confirmation on 3 December. Hoping this is because I was chasing and not that they have started the 28 days from now instead of 3 December. Be pretty rubbish if they go under before then!
sam says
Sounds like they will restart the date if im honest.
I am waiting on my case to get a decision and then obviously wait a month for LS to look at it as the least.
(how long did it take for your adjudictor to look at your case, then how long for ls to agree?)
i hope they dont go under, suppose they’ll be next…..
Paula says
They confirmed on the phone they received it on the 3rd and the email states “We confirm that the refund has now been initiated and we will process the settlement in 28 days from the date of acceptance of the offer provided.” So hoping they won’t!
From when my adjudicator picked it up, I was about 4 or 5 weeks before my offer.
Litahash says
Hi
I have complained to Lending St, I notice that some people mention a 28 day deadline – what is that?
Thanks
Mike_p says
If they agree with the adjudicator then they make an offer and have 28 days to refund you, although some people have reported them stretching it out to 32 days.
Pee says
Or even longer in some cases.
PH says
Evening all,
Anyone had any dealings with MyJar?
Adjudicator just came back to me and told me that they had offered a refund on loans 4 & 5 previously (they hadn’t to me, but apparently did to the adjudicator) and that was the decision that he came to as well.
Just wondering two things;
1, do they generally agree with adjudicator and
2, how long they typically take to pay redress?
Sara (Debt Camel) says
if they have previously offered that then I would expect them to agree with that decision!
PH says
Fair point! Thanks Sara!
Anyone any idea on payout times?
R says
Hi PH,
I raised a complaint, with MYJAR, and they partially upheld on all of the smallest loans (unsurprisingly). I rejected this, and sent it to FOS, after I tried to counter offer with MYJAR. The adjudicator then upheld, in my favour, and I ended up receiving 3 times the amount MYJAR initially offered. They quoted 10-15 days, as the payout time, but a negative review on Trustpilot appeared to speed things up. They responded, quite sternly, saying it would be paid within the agreed time, but was actually sat in my account 4 hours later. From what I have seen, they appear to agree with the majority of adjudicator decisions.
R
PH says
Thanks R.
The funny thing is the adjudicator said that MyJar had made an offer to me previously, but hadn’t (they appear to have done so to the adjudicator, but not to me directly). He’s upheld that decision, meaning that loans 4&5 get refunded, which is what I expected to be honest. I’m just conscious of them potentially heading the way of administration (although there are no signs of that at the moment) before redress!
PH says
Just to further update on this..
MyJar unexpectedly paid out a week and a day after the agreement was sent across by the FOS – I was fully prepared for them to drag this out over the Xmas period, but glad it’s all sorted and settled now.
Just in regards to timescales :-
Complaint sent – 4th July
1st acknowledgement from FOS – 10th September
1st contact from adjudicator – 20th November
Final response from adjudicator – 9th December
Acceptance sent by FOS to MJ – 11th December
Payout – 19th December
Good luck, and god speed to you all still fighting these cowboys. I am off to pay my local CAB bureau a visit with a pre-Xmas donation. Big thank you again to Sara – the fountain of all knowledge and an absolute gem for creating this forum.
anon says
I just want to say a massive thank you to debt camel. Without this site I wouldn’t have known I could claim a refund on many of my loans. I was in a really bad place and spiralling debt for a number of years, relying on personal loans. A lot of which are now in administration. My latest triumph has been with Mr Lender. So if it helps anyone, I’ll explaining my journey and their resolution.
From 2012 – 2018 I had 17 loans with the company many of which were taken out on a rolling basis. The only gaps I had when I couldn’t afford to pay and a payment plan was set up. But Once I paid that they still lent me money. The interest was over 2K combined. I got all the details of my loans as stated in this group. It has to be said, in my experience they have been fair with me and responded very well (I can’t say the same for others). I wrote to them in October, they offered to me in Middle of November partial settlement. To wipe my current payment plan of £400 and give me £300. I stated this wasn’t good enough and requested a final response letter. I only received it last week (the letter) but I responded today, questioning a few points they made. I said I wanted £1200 (and agreed the outstanding amount could part of that settlement).
They wrote back within the hour and said there offer was fair. I replied and said it wasn’t as even though they’ve admitted partial responsibility. The amount didn’t include 8% interest. I then said I was taking it to the ombudsman and, they replied again very quickly and offered to wipe the debt and refund me £700. I accepted it as I just want rid. They said it would be 3-5 days and they were contacting the credit agencies to update their systems. Again, must said they’ve been efficient in responding, compared to some of the others who are nightmares.
Anyway felt only fair to make a comment as I think this is a massively useful website.
anon says
Not sure if anyones asked previous but I do have a question. I currently have outstanding debt with piggybank who’ve recently gone into administration, if I’ve complained should I still be paying them if likelihood is the debt will be wiped? I only ask that because I’ve also had the administrators of wonga and wageday advance contact me and obviously found in my favour and if I had debt with them it would have been wiped. I just feel hard done by if I continue to pay and they say they were incorrect to lend to me, that I will only get pennies to the pound.
Sara (Debt Camel) says
this last defaulted loan – how much did you borrow? how much have you paid them, if anything?
Can you say what your previous borrowing was with them, before this last defaulted loan?
anon says
Hi Sara,
I borrowed £930 In February. In April I was put on a payment plan, paying £50 a month which is currently set up to finish paying in February 2021.
I’ve had a number of loans with them probably between 5 and 10. Varying amounts usually between £200-£400.
Sara (Debt Camel) says
So this last loan was much larger than the previous ones? And so far you have repaid less than half of what you borrowed? I think you need to look in more detail at how many loans you had from them before. There is a lot of difference between 5, where you may only get the last one refunded and 10 where you would expect quite a few to be refunded.
Sara (Debt Camel) says
The reason for doing this is esatblish how much you are at all likely to have a claim for. It may well be the last huge loan is unaffordable so interest would be removed. But at the moment it;s not clear how much you might have the refund from the earlier loans assessed at. If it’s a lot, it’s probably a good idea to stop paying them anything now and rely on the remaining balance being covered by the refund from the earlier lonas. If you only had 5 loans and only the last one was decided to be unuffordable you would still owe a balance.
Joseph says
Sara, in regards to piggy bank going into adminstration, if you’ve previously complained and it wasn’t upheld (piggy bank and FOS) can I still put in a complaint to the adminstrators?
Sara (Debt Camel) says
Possibly – it depends what the administrators set up. But I wouldn’t expect your claim to be upheld if you lost at FOS.
Joseph says
Would the administrators know this wasn’t upheld at FOS or would they just look at this internally?
Sara (Debt Camel) says
the internal records would show what had happened at FOS!
Chris says
Hi Sara,
Not sure if this is a question that you can answer, I have been successful with a number of payday loan complaints which included 8% simple interest being paid. The standard tax of 20% was taken off these by the loan companies but I still need to pay a further 20% due to just sitting in the higher tax bracket for income. Is this something HMRC will just work out at the start of the next tax year and take over the next 12 months or will they expect payment all in one go and take in one months pay packet?.
Or do I need to inform them of the amount etc?.
Appreciate any feedback.
Chris
Sara (Debt Camel) says
If you complete a tax form, just include the amounts on your normal self assessment form. If you don’t, I suggest you phone up your tax office and ask if you need to complete a tax form.
Reen says
Can’t believe I am on my 3rd adjudicator and still not received a decision. Only found out about them both by chasing up again, 2nd one only been my adjudicator since October, case has been with FOS since April! just hope LS are still going early next year. Has that happened to anybody else?
Eve says
I’m hoping Sunny is not going yet. Website is unavailable “undergoing maintenance”.
Sara (Debt Camel) says
It seems to be working now.
Thom says
Having accepted their offer last month. They paid me yesterday – 8 days before the promised 30 days. So I’m guessing they’ll be sticking around a bit longer.