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?
James says
247moneybox have just asked me to update my bank details for a redress claim. Do we know when this is likely to happen or th p in the £ rate?
Danny says
Did you need to log in to your 247 moneybox account to do that?
AM says
I received the same email today and, yes, I had to log into my 247 Moneybox account to update my bank account/debit card info. I note that 247 Moneybox has charged my debit card 1p for verification.
james hughes says
Yes I did….
Michael Robins says
Why give them debit card information?
Ross says
You don’t need to update debit card info. It says bank account info for redress and debit card info for loan repayments.
Sara (Debt Camel) says
That… doesn’t make a lot of sense.
Ross says
For those who have been waiting, for what seems like an age, for Moneybox247 updates, I’ve just had one. I’ve been invited to update my bank details, as I am due a payment (according to what they determine). However, under the ‘Redress’ section, it says a very dubious ‘TBD’ statement, next to the ‘redress’ area. I would assume this means ‘To be determined’? Although we seem to be edging ever closer, to a resolution, it still isn’t as clear as it seems….
Michael butt says
Expect it to be around 4% of your redress as that’s what the dividend has been on every other one
Chris says
Yes, I’m quite sure you’ll be probably right when we get the payout, 4% is roughly what I am bracing for but it would be nice to at least know what it will be 4% of, exactly? At the moment, for all we know, it might be 4% of £10 or 4% of £10,000, we just don’t know and as Ross said, all they have in place where the figure should be at the moment is this ‘TBD’ thing which, again, as Ross said, I can only presume means ‘To be Determined’ or something like that. Originally, last year, when invited to apply for redress, I got an autogenerated figure from them well exceeding £500 which I expect to be revised but if it stays around the same then I’m looking at around £20 or maybe £23, which will be peanuts of course but let’s just say, every little helps lol.
Kurt says
Just wondering if anyone has had any luck with claiming back from either themoneyplatform or theonestopmoneyshop? They have just ignored my emails
completely.
Sara (Debt Camel) says
Has it been 8 weeks? If it has, have you phoned up and asked why they haven’t replied?
Mike_p says
I made a complaint against The Money Platform. They rejected my complaint but the FOS upheld it saying loan 5 out of 5 should be refunded. I cancelled that loan as soon as I got it though so there was no redress due.
From what I remember they didn’t respond to my complaint email but responded quite quickly when I chased them up using their enquiries form. They tried to make me feel guilty about complaining but saying it wouldn’t be fair on their lenders if they refunded interest.
Chris says
Finally got some sort of a message from the 24/7 Moneybox administrators regarding the loooooong-awaited redress from them. It’s vague but basically, I logged into my account this evening and the ‘Redress’ section is back and there’s a message in there that says in so many words that the amounts are still to be decided and that we will be getting further updates from them soon.
There is also a section in the profile area of my account and I presume other former customers profiles on their account for providing bank details for the payout, which is a sign that there shouldn’t be much longer to wait now, although, they emphasise that we will only get a small portion of the redress, which is of course for the usual reasons that they all say but we know this already.
One other problem I’ve noticed about the 24/7 Moneybox website, sometimes it works on my desktop and sometimes the page cannot be displayed, yet it always shows on my mobile, which is odd, anyway, after all this time this message in there can be called….uh… “progress” I guess lol
Dave L says
Hi Sara been going through my credit file and saw a payout on my bank statement from a firm called banana loans ? Any idea who they are were?thanks in advance
Dave
ceebee says
Hi. Question for anyone who has successfully claimed against Lending Stream: when you follow the link in the settlement letter to confirm bank details for the redress amount to be deposited, how long afterwards did the money reach you? Thanks!
Mike_p says
It took them about 26 days to pay mine.
ceebee says
Thanks for the info.
Margaret says
Hi lending stream refused mine a few months ago and I had forgotten about them til I read everyone’s comments here so I have contacted them again
Sara (Debt Camel) says
how many months ago did they respond to you?
Margaret says
5 months ago
Sara (Debt Camel) says
you have 6 months to send the complaint to the Ombudsman, so do this now. Don’t waste any time trying to get back in contact with Lending Stream.
Margaret says
Thank you Sara, I will do that now
Lee R says
Hi I made a complaint to safety net credit last week, I have been using them since April 2019 and my credit limit has been £810 since around June 2019
I have constantly been paying off balance when paid end of month and most times within a week or two I would end up borrowing the full amount again
Worked out have paid just over £3,000 in interest to them to date
I have consistently also been overdrawn with my bank, credit cards near limit also.
Does it sound like I have a good case ? I have had issues gambling and had some big wins which at times made my account look in good condition but quickly lost the money again
But as they have access to my bank accounts they should be aware of this and seen I possibly had issues
Sara (Debt Camel) says
That sounds like a good claim to me.
Have you been continuously in your overdraft for a long while, even when you are paid? I’m wondering whether you may also have a good claim against your bank.
Lee R says
After getting paid it clears my overdraft but I’m usually back into it again within a week or two at most cases been in and out of overdraft for years month on month not been many times I been out of it for a long period
Sara (Debt Camel) says
ok, during this time has the bank increase your overdraft limit?
Lee R says
No they have not increased it for a long time, around 10 years it’s been the same
Sara (Debt Camel) says
In that case you would probably find it hard to make an affordability claim against your bank. Sorry if I got your hopes up.
ceebee says
Hi again. So, can anyone decipher/translate this doublespeak from Lending Stream? “Further, once you access the weblink, post that you can expect the refund to be credited into your bank account within 5 to 7 working days. However, once our Final Response is accepted post the usual time to carry out the settlement is 28 days.” So, will the money be credited in 5-7 days or 28? Thanks!
M says
Hi all
Firstly, let me say this website and help from Sara has been an absolute God-send. For a while now I have been contacting several companies with affordability complaints and have been fortunate to be very successful in most. These include, Ferratum, Mr Lender, Cash4unow, 118118 money, Avant Credit amongst others.
If anyone has any questions in regards to timeframes etc, let me know I will be ready to answer as soon as I can.
M says
I applied and accepted an offer from SafetyNetCredit, but unsure if I did the right thing. Because I was so surprised by the offer, I took whatever I was given. I am not the best at maths or number crunching as well so couldn’t figure out whether or not the refund was sufficient and good enough. Could you please assist me Sara? Total Amount Borrowed £21631.49
Total Repaid to date: £26105
Balance Outstanding before refund
applied (if applicable)
£866.51
Interest refund due £4764.74
8% Added Interest £1168.99
Refund to outstanding balance £866.51
HMRC Deduction £292.25
Refund due to you (if applicable) £5282.50
New Outstanding Balance £0
Sara (Debt Camel) says
Total Repaid to date: £26105
that’s a lot! Did they give you a total for how much you borrowed?
But this is all a bit academic if you have accepted their offer. You can’t change your mind.
HMRC Deduction £292.25
If you are a basic rate tax payer, you should be able to claim 3200 of this back from HMRC, see https://debtcamel.co.uk/ppi-payday-refund-get-back-tax/
M says
Hi
The amount borrowed was £21631.49. Thank you for informing me about the tax refund.
Lee R says
Hi M
Do you mind me asking how long it took for them to give the final decision from the date you put complaint in
Was it the full 8 weeks ?
M says
Hi Lee
SafetyNet took the full 8 weeks. Kept regular contact, so was very helpful! One of the easier ones to deal with!
EL says
Hi Sara,
I got 2 loans with lending stream in oct & nov 2017.
Loan 1 was £350 on 11/10/17 after first installment was paid £50.40 they then offered me loan 2 for £790 on 9/11/17.
At time they lend me loan 1 I had loans with the following lenders:Satsuma £800 June 17
Everyday lending £2500 July 17 MyJar £1100 August 17 Onstride – £1800 Sept 17
Car finance £7000 May 17 . 4 credit cards, Next credit account, Catalogues. By the time they approved loan 2 of £790 I had already taken out further payday loans from Piggybank, Zippa, trusted Quid & Ferratum.
I had defaults and late payments on my credit file.
I am currently paying both these LS loans with ACI & Lantern. I put in an affordability complaint to LS, they responded 8 days letter rejecting my complaint saying the loans were affordable they attached a table showing what I had apparently said was my income and expenditure which suggested I at £945 left over when I applied for loan 1 and £1495! Left over when I applied for loan 2 ( I do not recognise these figures) they also said they did credit checks. I know my scores across all 3 were either poor or very poor by the point of getting loan 2. My question is, would there be any point in going back to lending stream and see if they would reconsider loan 2 as unaffordable, or should I send to the ombudsman do you think I have a case with it only being 2 loans I had with lending stream?
Sara (Debt Camel) says
I don’t think they will change their mind.
I think the second loan should have been looked at closely – with the first loan still running and being so much larger. I think it is worth taking to FOS – obviously it would be a stronger claim if you had more loans but I think it has a reasonable chance of being accepted.
EL says
Hi Sara,
Many thanks for the quick reply – I’ll send my complaint on to the ombudsman!
Andy says
Hi
Like some of you I have also recently had the email from 247 Moneybox informing me I am entitles to a redress.
I know the amount owed will be next to nothing so this isn’t my concern. Does anybody know if the loans will be removed from credit files as part of this process? Their email doesn’t reference it and there hasn’t been an update on their website since May. I know from experience that emailing them gets you nowhere so thought I’d come here as this is where I get most of my information.
Thanks
Andy
miles says
Can you explain the 6 years +3 ruling as my adjudicator is saying that my loans can’t be looked at as they are 8 years old.
I have mentioned the +3 year rule and he says only in exceptional cisrcumstances does this rule apply. I asked what the exceptional circumstances were and he couldn’t answer. I asked if there was a page on the FOS website that explained the “exceptional circumstances” and he said there was. When I visited the link wasn’t working. I just don’t think they bother with this rule anymore
Sara (Debt Camel) says
Ask for the decision to be reviewed by an Ombudsman. So far as I know there has been no change of policy.
Mike_p says
Their website says 3 years OR exceptional circumstances:
https://www.financial-ombudsman.org.uk/businesses/resolving-complaint/time-limits-businesses
I have a few complaints at the FOS that fall between the 6 and 6 + 3 points so I hope they look at them. Before I came across this site I thought it was all down to me and I had no idea I could complain. I’d I did I would have complained long ago.
Miles says
But when you click on the “exceptional circumstances” link, it doesn’t take you to any exceptional circumstances. It just takes you to this page
https://www.financial-ombudsman.org.uk/#exceptional_2
where there is no mention of what the circumstances are.
Doesn’t sound very transparent or fair to me, if they can’t even be bothered to put up what the circumstances are.
Sara (Debt Camel) says
Just send to Ombudsman.
Sab says
I have just received an offer for £325 from CashASAP as a refund for the interest on 8 of my 14 loans I took out. If I take this too the FOS to attempt to get a refund on all what happens to the offer of £325? If the FOS does not agree will I still be able to take that initial offer? Thanks
Sara (Debt Camel) says
is the refund offered for the last 8 of your loans?
do you owe any money on the last one and if youdo, is that also being cleared?
the 6 that aren’t being refunded, how large were these loans?
Lee says
Sab,
I counter offered with Cashap. Emailing back asking them to increase the offer filling final response my offer was similar to your about £350 in the summer but got them to increase it to a flat £500. I basically said I will go the financial ombudsman if you don’t agree this offer to settle amicably now. If you don’t want to wait months this sometimes can be a better option.
I worked out what I thought I was owed. Then deducted the difference between what they offered and the total interest paid. This amount I said I would basically half and not apply 8% on top of they settled now with me as a compromise.
Bobby says
Hi,
I’ve just made an affordability complaint to lending stream.
I stated in the email they shouldn’t have lent to me as at that stage I ready had a number of credit card defaults and a bank loan.
Lending stream passed the debt onto Lantern a while ago and I recently negotiated a partial settlement with them (3 payments of £165), next month with be the final payment.
My main aim is to get lending stream to remove negative markers on credit file Experian as it defaulted in 2018, I feel it’s too long to wait to drop off.
Does it sound likely this could work?
Many thanks
Sara (Debt Camel) says
Was this your first loan from them? How large was it?
Bobby says
Thanks for the reply
Yes it was. £400 but this ended up at around £773 due to not being able to pay on time
I’d had others previously (casheuro net & instant cash loans) that I paid fully & on time and 3 that I defaulted on (wda, quickquid & this one).
WDA doesn’t show on any credit file so I’m not too fussed (have partially settled with Lantern anyway) & quickquid I made a complaint to but wasn’t successful (also partially settled this month with ARC)
Sara (Debt Camel) says
I am afraid it is pretty unlikely the Ombudsman would uphold that complaint. It’s not impossible but it would be unusual as it was only your first loan and it wasn’t large .
Aaron says
Hi guys, I have had a lot of loans in the past 5 or so years, I just quickly visited 24/7 money box and swift sterling on my mobile but it is saying that my safari is warning me of an expired certificate and someone may be impersonating them and an attacker may compromise my connection, is it safe to still visit the site ? I’ve had about 9 lenders of multiple loans and think if have a good case against each. Thanks
Aaron
AM says
Hi I am just wondering if anyone can point me in the right direction, I am looking to get full statement of my account for Poundstillpayday dating back to 2007-2008
I have emailed the administrators and they keep sending me info from QuickQuid (I definitely did have loans from this company I used to log in using my NI number
I tried MMP email address no longer in use
Poundstillpayday email address no longer in use
I have emailed Northway but no response whatsoever can you help or advise me please?
Sara (Debt Camel) says
I think you are confusing two different lenders.
QuickQuid, parent name Cash Euronet, had a brand name Pounds To Pocket.
Pounds Till Payday was a brand name of the Malta based landers, parent Northway.
But in either case it is now too late to make any claims I am afraid.
A-M says
Thank you for your reply, I have already made a successful claim, few years back I am just looking for a statement of the account.
In terms of confusion Halifax gave me the details of Grant Thornton as administrators for Poundstillpayday when I contacted Grant Thornton they said PTP is being managed differently as it is a different legal entity. But have forwarded my request on as they found Limited info on the PTP loans.
I was just wondering if anyone knew who I would contact for the info.
Thanks again A-M
Sara (Debt Camel) says
is for a tax refund?
Vanessa barker says
Hi sara just currious im going to send letters to some of the creditors listed above i have paid them loans off but i have some current ones that are with step change can i still write to them for affordabilty claims ? Will it affect my dmp ?
Sara (Debt Camel) says
Yes you can make an affordability complaint about debt where you still Owe a balance. It won’t affect your DMP.
If the debt is now with a debt collector, your complaint goes to the original lender.
Bruno says
Weirdly I noticed that the 6 Ferratum payday loans I had on my report in the closed accounts got removed. I don’t have an affordability complaint against them or have not disputed any of the accounts via TransUnion.. I wonder if people have had theirs removed too?
If so, do we know why? (I am not annoyed of course, jusy wondering)
Many thanks
Sara (Debt Camel) says
Do you think the loans were unaffordable?
Bruno says
I absolutely think these loans were unaffordable when I complained to them 2 years ago. At the time of the complaint, I had an outstanding balance of £500 which they wrote off. I had taken 8 loans from them in a short space of time. I didn’t escalate this case to the FOS as my main goal was to get the one with the balance removed and I achieved that from my complaint.
I now wonder if with this recent change, of them removing these loans from our files, would be grounds to make contact with them again to get an official explanation and potential redress if applicable?
Sara (Debt Camel) says
No, you should have taken the case to FOS then.
Have you looked at an Experian and Equifax report? Sometimes a lender just switches which Credit Reference Agency it reports to.
Bruno says
Nothing anywhere else. I just checked today.
I will just leave it as it is. If stays out of the report = happy days.
Thanks again Sara
Mike_p says
I just checked mine and 6 Ferratum loans from 2017 and 2018 that were on my credit report in June are no longer there. I did make a complaint about them but that was a number of years ago and they just gave me a refund on one loan. I’m quite glad I saved a copy of my report in June actually as I’m making some complaints about credit card limit increases that occured when I had the Ferratum loans, and the FOS have just started asking for my credit report.
I did wonder if they might be winding up soon as they still aren’t taking any new loan applications so they can’t have any income.
Mike_p says
The Ferratum website says they are now Ounapuu, who seem to just be dealing with complaints.
Sara (Debt Camel) says
The company has legally changed its name. Catchy isn’t it? Not.
Sara (Debt Camel) says
they went into liquidation at the end of 2021.
Sharon says
For anyone who has had loans with 24/7 Moneybox, I have just read their latest update asking the court to extend the administration for another year November 2022, that will be 3 years and will now probably end up with little or no redress, are they allowed to do this Sarah?
Sara (Debt Camel) says
Yes they can do this.
This doesn’t mean any payout will be delayed until November next year – there is a lot of work for the administrators to complete after distribution to unsecured creditors.
It has always been likely people with affordability complaints will end up with very little redress.
– in January 2020 in their original proposals the administrators said it was likely to be “minimal”
– in July this year the most recent progress report said “Please note that any potential dividend remains uncertain at this time, but it is likely to be very modest.”
Andy says
Hi
Does this mean credit files wont be updated for another 12 months? As soon as these loans are removed from my file I will be in a position to apply for a mortgage, so waiting another 12 months will be really inconvenient.
Thanks
Andy
Sara (Debt Camel) says
have your loans been upheld as unaffordable?
Andy says
Hi Sara
I have 6 loans in total with 247 and have been notified via email from them that I have been successful in an unaffordability claim as part of their redress process, however they haven’t made it clear if this is for all or some of the loans. Their website has a question mark next to each of the loans so this is unclear too.
Thanks.
Sara (Debt Camel) says
you need to find out so you can appeal the decision if you don’t think it is right. Are there defaults or missed payments showing on your credit record?
Faye says
Hi I checked my credit karma report last week and Active Security came up as a closed and paid account I owed them money took me a while to figure out it was 247 moneybox, I check back and they had never shown on any previous report so just this months
Faye says
247 Moneybox (Harrison website)
NOTICE OF
APPLICATION TO COURT
I refer to the appointment of Paul Boyle, Anthony Murphy and David Clements as Joint Administrators of the Company on 29 November 2019.
Under Insolvency legislation, administrations come to an automatic end after the period of one year from the date they commence. However, administrations may be extended for specified periods. Administrations are extended for a variety of reasons, such as to collect amounts due and to finalise the work required to be done in the case. Administrations may initially be extended by consent of creditors for a specified period not exceeding one year, and thereafter by order of the Court. The administration was extended by creditors for one year in November 2020.
The Joint Administrators have applied to Court for a further extension of the administration for a period of one year (to 28 November 2022). It is believed that no further extension will be required. The Court will hear this application on 23 November 2021.
The reasons the extension is required include:
• To continue the recovery and realisation of the Company’s remaining debts.
• To complete and finalise the redress calculations procedure.
• To prepare for a potential dividend to unsecured creditors of the company.
Emily43 says
Hello I hope you can help, I have taken out 12 loans with lending stream along side other companies. I was in overdraft for all of them and they was rolling over so I could keep on top.
The list of loans with lending steam
1 27jan 2020-24july 2020 – £200 borrowed -£400 paid
2 22april2020-25sept2020 -£100 borrowed -£181.56 paid
3 27april2020-2october2020 -£100 borrowed -£156.36 paid
4 6july2020-11december 2020 -£150 borrowed -£240.86 paid
5 6august2020-8jan 2021 -£250 borrowed -£301.92paid
6 12septemebr2020-5march 21 -£330borrowed -£401.28 paid
7 29decemeber 2020-4june2021 -£100 loan -£151.07 paid
8 3janurary 2021-11june2021 -£150 borrowed -£221.04 paid
9 16jan21-25june21 -£310 borrowed -£448.04paid
10 12april21-24sept21 -£300 borrowed -£598.60 paid
11 10may21-22oct21 -£200 borrowed -£383.02paid
12 12july21-7jan 22 -£110 borrowed -173.55 paid
Thank you
Sara (Debt Camel) says
So you now only owe the last one?
Have you had other high cost lending during this period – loans, Safetynet Credit etc?
When you say you have been in your overdraft, do you mean that you have been continuously in your overdraft, nver getting back into the black? If so, when did that start?
Emily43 says
I have paid all of them. They have replied with a refund of £900 shall I accept this?
I have had loads with cash ASAP, fernovo, mr lender, dot dot loans, savvy, safety net, my finance club and loans to go.
I was in constant over draft for all loans and used to pay each one off and my expenses
Thank you
Sara (Debt Camel) says
did they say which loans they were refunding?
You should be looking at making complaints to all those lenders unless you only had a couple of small loans from one of them. Which do you still owe balances to?
Safetynet credit in particular is typically a very easy complaint to win as they could see your bank accounts.
And you should complain to your bank about your overdraft – I am just writing a new article about this so look out for it!
Emily43 says
They are refund loans 6-12 and I have complained but no response yet, should I accept the 900?
I have emailed the same email to all of them and waiting to hear back, I still owe loans to go and Oakham.
And is this something I can do with the overdraft?.
Sara (Debt Camel) says
A refund on 6-12 sounds ok – perhaps an extra loan could have been included if you go to the ombudsman but that would take a long while and wouldn’t be much more so as this has been offered quickly it seems fair to me.
If Loans 2 go don’t make you a good offer, come back here as they can often be pushed to improve it. Ditto the other lenders, but L2G does this a LOT.
Overdraft – here is a new article on overdraft refunds https://debtcamel.co.uk/get-refund-overdraft/
Emily43 says
Thank you very much
Faye says
Hi Sara
Sorry to be a pest… I have just had another email from moneyshop saying they have my details from 1st redress payment so don’t need them again🤷🏼♀️
Sara (Debt Camel) says
oh! thanks for that info.
Bobby says
Good evening Sara,
I’d like some advice as I’m not sure if I’m getting a good deal.
To cut a long story short I took out a lending stream loan in 2017 that I couldn’t pay back and defaulted on, which was eventually passed to Lantern.
I negotiated a partial settlement of £500 with Lantern to close the account in 3 payments (last to be made this Friday).
The thing is I made an affordability complaint a few weeks back and heard today my complaint has been upheld.
Original loan amount £400 increased to £773.40 due to interest being added.
Lending stream said they will refund £25.24 and remove negative markers on CRA.
The issue is I’ve already paid two lots of £166.66 to Lantern with a final payment this friday.
Sara (Debt Camel) says
I negotiated a partial settlement of £500 with Lantern to close the account in 3 payments (last to be made this Friday).
are these the only payments you have made? None before to LS or Lantern?
Bobby says
I paid £1 installments via a DMP totalling around £40 before I came to the arrangement in September for the partial settlement.
I’m pretty sure LS don’t know about any of this as they sold the debt on in March 2018 to Lantern
Sara (Debt Camel) says
Go back to Lending stream and say you want your payments to Lantern taken into account and for the default on the Lantern credit record to also be removed.
Bobby says
Thanks Sara I’ll do that.
I will say Lantern are one of the most disorganised companies I’ve had to deal with. On my credit report it’s still showing under LS even though it says this debt was passed on to another company. I emailed Lantern as to why they haven’t been updating my credit report since Dec 2019 and had absolutely no reply.
I’ll email LS today, thanks
Sabrina says
Hi,
Is it right that when you put an affordability complaint in with moneyboat that they reply with this “ Should it transpire that information provided by you at the time of application was false or misleading, we may register this attempt to gain redress falsely as a first party fraud with fraud prevention agencies. To learn more about fraud and understand your rights please visit cifas.org.uk. Any fraud marker may affect your ability to obtain credit with banks and other lenders in the future” as part of their response ??
To me it sounds like a threatening reply.
Sara (Debt Camel) says
They send that to everyone. So far no one who has sent a complaint to FOS if MB turn it down or make a poor offer has had any problems with this.
PIE1400 says
Hi Sara,
Received an email with my adjudicator and it says
In relation to your complaint:-
Can you please explain when you first became aware that the business may have done something wrong – and what prompted you to realise this?
my question is how my answer to this will affect the outcome of my complaint as i can’t really remember the exact month and year .i started my complaint to the business in Oct 2020 and my last payment to my loanto them was Oct 2019 . i’ve been taking a payday loan to the said company since 2013 and i had a total of 10 payday loans to them.
Thank you,
Sara (Debt Camel) says
As I said above, FOS wants to know how and when you because aware. It doesn’t have to be a precise date “summer 2020” will do fine. If you complained in October, do you think you had recently found out about these complaints? If you can remember how you found out, that can sometimes help you to remember when.
If you don’t explain to FOS when you found out, they may decide not to look at your complaint at all.
louise says
Hi Sara, I have a complaint about loans at home doorstop company and they rejected so i passed to financial ombusman and awaiting the outcome but they have sold my debt to moorcroft? Is this allowed? when have a open complaint? Kind Regards
Sara (Debt Camel) says
yes, if the Ombudsman upholds your case, LaH will have to sort it all out with Moorcroft.
Louise says
Thank you so much for advising you are the best! Have a lovely weekend
Sara (Debt Camel) says
Sorry, bad news – Loans at Home has just gone into administration.
FOS will return your complaint to the administrators to deal with.
Nats says
I haven’t heard anything from Piggy bank since January 2020 when they agreed a sum with me but advised that they had gone into administration so it would be a lot less.
Has anyone heard from the administrators at all? How many years do these things take normally?
Thanks in advance
Debbie says
Has anyone heard from Quick Quid or 24/7 money box on when payout will be
Ross says
I’m unsure about QQ but, Moneybox247 administrators have (apparently) requested another year to wind down the company so it will be well in to 2022 before we receive anything (if anything, that is).
Harley says
Hi Sara, I had a loan with moneyboat and had to enter a DMP, all payments were made in time but moneyboat put my loan as default. when i wrote to them to remove the default on my credit report, as i hadnt, they did, but only on my equifax not experian. now when i raise a dispute on my experian it gets rejected straight away?
Sara (Debt Camel) says
1) was this your first loan from Moneyboat? If it wasn’t, or if it was your first loan but it was very large, you may be able to win a claim for unaffordable lending. See https://debtcamel.co.uk/payday-loan-refunds/ for a simple template to use and that page explains more about these complaints.
MB send an automatic replay saying they may accuse you of fraud – they send this to everyone, no-one has had a problem if they continue with the complaint. Also MB reject a lot of good complaints so send it straight to the Ombudsman if they do.
If you win an affordability complaint all negative marks are removed from your credit record AND the interest is removed so your DMP will end sooner.
2) if you have borrowed from other high-cost lenders, look at making affordability complaints about them too. Whether the debts are repaid or are in your DMP.
3) How long will your DMP last? unless it is very short, it is usually BETTER to have the debts defaulted as they will drop off your credit record sooner. Undefaulted debts with their payment arrangement/arrears markers will remain for 6 years after they are settled.
Debbie says
Has anybody just received an email from quick quid as I have and there’s nothing to click on to see up date
Maria says
Yes I did the same no update shown
c says
I got the email and used a previous link to log in. All payments have to be made by March 2022. It also says anticipated dividend to unsecured creditors in the region of 30 to 50p in the pound but I’m not 100% sure that also means redress creditors. I for one will just wait and see.
Sara (Debt Camel) says
See my comment on this on the QuickQuid page: https://debtcamel.co.uk/quickquid-casheuronet-administration/
Kelly says
Hello Sara,
Do you know when Piggy Bank are likely to be paying the redress? I keep being told by them that they don’t know. It has been about eight months now. Shall I just wait a few more months? I have a similar situation with My Jar too.
Thanks
Sara (Debt Camel) says
Nothing you can do except wait.
Michael Butt says
We’ve heard nothing for ages on Piggy Bank (I’ve forgotten what my amount was it’s been so long!) but your best shot is to set up email notification on here and you’ll know soon enough when anything gets announced
Kelly says
Thanks both!
Faye says
Hi, Sara
Harrison(247moneybox)
They have a new update, I think I’ve read it right but are now saying around 5 or 10 percent of claim may be paid after new year? Maybe some good news
Christina Wynne says
Hi has anyone had any update from myjar? I sent in my complaint in July and it was accepted but haven’t heard anything since?
Julie says
Hi, I have put in a complaint to SNC, My questions is would it go against then that it was a joint bank account but only had my signature/ authorisation, as my husband (at the time) also had his wage going into this account and they could still see it was unaffordable. I had numerous loans and was using snc’s line of credit to get by every month. Also they increased this limit on a few occasions
Sara (Debt Camel) says
This might be complicated if the loan was affordable because of your husband’s wages, but if it wasn’t then I think you should still get a refund. Send the complaint to the Ombudsman if they reject this.
Julie says
Even with my husbands wages I was still needing the SNC credit line month as well as taking out other loans so is this classed as irresponsible lending?
Sara (Debt Camel) says
It sounds like a good claim to me! Send it to the Ombudsman if SNC reject it
Julie says
I have p;ut a claim in against everyday loans, I had a loan back in 2015 for £4500 (I’m not claiming on this one) i got into a lot of financial difficulty back in 2017 numerous payday loans and using safety net credit to basically live off every month. in 2018 EDL got InTouch to say my loan was nearly paid and i could have a top up loan. i went to see them in branch. they looked ay my credit report and could see all the payday loans. they even asked me to log into all the accounts so they could see the balances ( they could see the defaults) they also asked me to log into my bank to print off bank statements so they could see i was using safety n et credit. yet they still gave me another £4500 loan.
This was over 5 years at £212 a month so that’s a whopping £12,720 to pay back. I still owe £1300.
Do you think this is a strong case and will they still have all the documents they downloaded when i took out the loan?
Sara (Debt Camel) says
Probably. the exception being if you said the loan was for consolidation and that much could have repaid all your debts, include SNC and your overdraft (did you have one) and then you would be able to afford the £212 a month payments.
Julie says
Thank you Sara, No I never said the loan was for consolidation, could they say that that was what the loan was for?
Sara (Debt Camel) says
no, not if you didn’t say that, they should assume you would have to pay the loan IN ADDITION to all your other debt payments.
Julie says
Thank you sara.
Suzjsed says
I have received a payment in my bank today from GC LLC DISBURSEMENT for 5 pound and my mum has also received the same payment has anyone else received it or know where it is from. We have put claims in regarding affordability etc.
Mike_p says
It sounds like Gain Credit LLC, aka Lending Stream or Drafty.
David says
Hi, thank you Sara for your previous replies. I have another question. Assuming the claim is successful, would the lender normally ask about where to send/refund the money? Or should you include your current bank details upfront in the claim email?
In case they don’t have your up to date bank/card details or physical address (if someone’s moved).
Sara (Debt Camel) says
I would wait until your claim is upheld. This is for myjar? If so the administrators are saying you may get 2% or less of the assessed claim value.
Emily says
I have made a complaint to fernovo for a loan of £200 I repayed ££316, they have replied and said that it was affordable and if I withdraw my complaint out of good will that they will refund £10 and remove from my credit file. Should I accept this or take it further?
Sara (Debt Camel) says
was this your only loan from them?
Emily says
I was wondering if you could tell me the names of these company’s as they are on my credit file and do not recognise them.
– EUI limited t/a admiral
– creation consumer finance ltd
-GB group-capital com Sv investment
– TRACESMART-GLOBALDATACONSOR
– LENDINGWORKS QUOTATION
-CREDIT SPRING
– OAKBROOK FINANCE
-CRESIDSTAR UK LIMITED
-ONFIDO LIMITED
-HASTINGS INSURANCE SERVICES LTD
-the money platform
Do you also have any advise on removing this from the credit file? Thank you
Scott says
Hi Emily,
I am assuming that these are all showing under soft searches?
They would have looked at quoting for offers if you looked on Clearscore, Creditkarma for loans.
If they are under soft searches then they do not have any impact whatsoever on your credit score and lenders will not see those searches.
Scott
Michael Butt says
Common if you’ve used compare the market or similar to look up insurance quotes
Ross says
Are we supposed to be getting a further (small) redress payment, from ICL, in December? I’m sure I read this somewhere. If so, when should we expect it? Just curious.
Sara (Debt Camel) says
yes, not sure when.
Sabrina says
I’m confused. What further payment ???
Sara (Debt Camel) says
see https://debtcamel.co.uk/money-shop-scheme-second-small-refund/
Further questions are best asked on the main Money Shop page: https://debtcamel.co.uk/money-shop-to-close-two-million-customers-will-be-informed/
Ashleigh says
Hi, I had taken out a loan with Everyday loans when i went into the office to complete the application they had looked at my bank statement and presumed I needed the loan to consolidate other credit cards, to get the loan i did not correct this as i needed the money to actually keep up to date with the everyday bills.
Can i make a complaint to everyday loans on this basis?
Sara (Debt Camel) says
Did your bank statement show that you couldnt pay your current bills?
Ashleigh says
Hi Sara, I think so, they would have definitely seen that I was in my overdraft and available balance was zero. I feel they more focused on the fact of who I had outstanding debt with (credit cards) and they paid cheque’s directly to each company, these cheque’s were sent to me to send to each company.
Do you think I would have a valid case with everyday loans?
Sara (Debt Camel) says
So the credit cards were cleared but you still struggled with the EL repayments? That suggests it was unaffordable. I suggest you send EL a complaint and send it to FOS if EL reject it (they reject a lot of good complaints)
Dani says
Hey everyone
Just wondering if anyone has had any luck yet in getting 247 Moneybox accounts supressed from their files by disputing with the CRAs? I’m fed up of waiting for them to sort it now and annoyed that the deadline has been extended by a further 12 months. I just want them off my record but they are ignoring all of my emails so not sure if it’s a good idea to dispute the records or not just yet?
Thanks
Dani
Dave R says
I raised as disputes a while ago and the credit reference agencies contacted them and they authorised the removal…
Chris says
I feel for you, Dani. CRA’s to one side though, I’m also wondering when the 24/7 Moneybox administrators are going to pay up the redress many of us are owed. They’ve taken our bank details in our accounts which they offered us to provide a few months ago and this seemed promising, especially as we have all been waiting for so long but now more time has gone and there has been nothing else since.
Apparently they are still in the process of selling off all of the assets, I mean, gee whiz, how big was this company anyway? They weren’t exactly a giant like Wonga were, then I could understand. I wouldn’t mind but the amount they will pay us will probably be only a very small percentage of the total redress and yet they are still making us wait and wait and wait and wait and wait and wait and wait……
Mel says
I am in same boat, just looked at their website again and from the update on 9/11/21 it says that the administration has been extended for 1 year but the redress should be paid early in the new year ? I am confused, theirs no indication of potential of p to the £. Nothing!
Danny says
Speaking of Wonga, has anybody got anything back from them? I’ve tried emails and phone calls but cannot get a response, I think I had about 4 or 5 loans which could be worth a look.
Sara (Debt Camel) says
Wonga is long gone – no chance of a refund.
Julie says
I have had a reply from Lending stream from my complaint.
I have had 5 loans and they are only upholding loan 5. but the response is a bit contradictive.
For loan 5:
Although this loan was affordable, we have thought about the number of loans and the time between each loan being taken out. We can see that it might not have been a good idea for us to make these loans.
So, we are partially agreeing to your complaint
To put things right, we’d like to take the following steps. We will:
• refund the interest and fees you have paid us for loan 5
• pay an extra 8% simple interest on this amount. 20% of this will have to be withheld for tax, as Her Majesty’s Revenue and Customs (HMRC) tell us
we must do this.
• apply this total refund amount against any outstanding balances you have with us
• give you a certificate of the tax we have withheld (in case you need it in any future discussions with HMRC)
• contact the credit reference agencies to remove any negative marks on your file for 5.
so they have said loan 5 was affordable ( the one they are upholding) but admit they shouldn’t have loaned the others but are not upholding those.
they lent me loan 5 even though I had numerous missed payments and one loan sold on. So i think bloans 2-5 should be upheld, I would appreciate your view Sara please.
I have already sent to FOS.
Sara (Debt Camel) says
how large were each of the loans in order eg 400, 500, 350, 600, 500
were there any gaps – time between one loan being paid and the next one being taken out?
was one of these loans sold on, which?
julie says
Hi Sara
Loan 1 £400.00 13/01/2017
loan 2 £680.00 1/11/2017
loan 3 £690.00 18/06/2018
loan 4 £780.00 03/12/2018
loan 5 £300.00 18/08/2021
loans 1/4 were all very close and were taken out as soon as I finished paying another. It looks as though 3+4 were an overlap.
I’m not sure which one was sold on, I think it may be loan 2
Sara (Debt Camel) says
so had it defaulted before the next loan? You should be able to tell this from your credit records… its worth looking up as it changes how you argue this complaint.
julie says
yes it had defaulted before the next loan, this was then sold
I also have defaults on loan 4 and an oustanding balance with them but they still approved loan 5.
Sara (Debt Camel) says
Then your argument to FOS should be that they should not have given you any of the loans after the second one had defaulted.
Julie says
Ok thank you very much Sara
John says
Wanted to share positive experience with this process, since most are a nightmare. Lending Stream – completed the forms last year some time – had my compensation acceptance email late last year- earlier this week received notification of letter of award – after a bit of fiddling around, got it sent to new email – have been awarded £916 from two loans (highest award by far from the ones I have pursused). filled in bank account details and money was in account within 5 minutes. stunned. moral of this story is persistance, stay the course.
hope everyone has a great xmas and a rosy 2022.
bob says
just received a nice letter through the post telling me that satsuma is being wound up and my existing debt has been written off, it didnt however say anything about the entry on my credit file, im assuming this will be removed?
Sara (Debt Camel) says
I think it is being changed to say “partially satisfied”.
Have you made a claim to the Provident/Satsuma scheme? See https://debtcamel.co.uk/provident-scheme-claim-refund/ for how to do this.
bob says
thanks, I think I have done that but will double check now
Martin says
Hi, just to check. I assume partially satisfied means the default will stay there if you have one. Thanks
Sara (Debt Camel) says
yes it does. And any missed payments.
If you make a claim to the Provident Scheme – see the article above for how to do this – any negative marks will be removed if you win your claim. even if you don’t get much money back cleaning your credit record can be a very big plus!
Aaron says
Hi, I’ve had a lot of loans over the passed 5 years, some of which are 247 money box and swift sterling I have logged into and can’t find any area of how to claim to the administrators ? Uncle buck web page has closed and just red it’s too late to claim back from them, and my jar re not getting back to me regarding my log in details, can I still send them an affordability letter ? Thanks, Aaron
Sara (Debt Camel) says
It is too late to claim to 247, swift sterling, uncle buck.
Have you emailed myjar? at what address?
Aaron says
No I was just going to start with those as the article said I could still contact them if in administration, I will email my jar and the rest of the lenders I used this evening. I made a claim with provident this morning regarding satsuma loans, and this afternoon satsuma sent me a letter in the post regarding the closure of my account even though there is money still owed, can I still get a refund if they are doing that ?
Sara (Debt Camel) says
I have just updated the article, I do this every few months.
re Satsuma and your Provident claim – yes you may still be able to get a refund if the one calculated is bigger than the amount they have written off. The Provident page https://debtcamel.co.uk/provident-scheme-claim-refund/ mis the best one to chck for what is happeinging in the Scheme.
Aaron says
Thanks Sara, when sending the template to the lenders, should I include details like my address phone number etc for them to be able to send me my loan information ?
Sara (Debt Camel) says
Has this changed from when you took the loans?
Aaron says
Yes my email address has changed, should I include my new details and address etc, and give my old email also for them to check their records ?
Sara (Debt Camel) says
Yes, they may have 2 accounts for you but you want all the loans considered together
Aaron says
The only email address I can find for my jar is infor@myjar.com is that the correct one to send the template too?
Sara (Debt Camel) says
No use Myjar@harrisons.uk.com, which is the email I suggest on my page of payday lender email addresses
Yasmin says
Hi Sarah,
I had 3 loans with fernovo £200 24/06/2021- 30/09/2021 (repaid early)
£300 06/09//2021 – 24/09/2021 (repaid early)
£350 29/09/2021 – 17/12/2021-
They said they will remove their loans from my credit file and reduce my final payment on loan 3 by £30. I accepted because the offer of 3 loans being removed was enough. Do you think this was the right move or would i have got more from fos?
I have also filed a complaint with myfinanceclub, for £400 loan 11/04/2021 paid 6 days late but agreed with them on 25/05/2021. and £170 loan taken in november, paid 1 day early. At the time of my first loan, i had about 3 other loans and 3 credit cards close to their limit. At the time of the last loan I had 6 loans (6th loan was paid off just days after) and 4 credit cards close to limit. i have complained as they should really have checked my credit file to see how much debt i had. They have replied saying they will not offer refund of interest or remove the entries from my credit file and have asked me to notify them if i will take this to FOS. Would you say its worth pursuing this or a waste of time?
Sara (Debt Camel) says
Fernovo – 3 not large loans, hard to tell at FOS – if you had pushed them you may have been able to get more than £30 off the last payment.
Make sure you have saved a copy of your credit record showing these Fernovo loans – you may need it later for other claims.
my finance club – when was this loan repaid?
Yasmin says
Thanks for the fast reply! Oh no, I thought final decision means they cant change it- it’s either accept or take it to Fos. Silly me!
The my finance club second loan was taken 11th November and paid back 26th November. My finance club only offers loans for up to 40 days so was a rather short term one and paid back 1 day early
Sara (Debt Camel) says
I think you will struggle with this one. There was such a large gap between the first loan and the second and the second was so much smaller.
When you have borrowed smallish amounts from different lenders you aren’t going to get a great deal back from these payday loan complaints. I think you need to take action that will actually get your finances onto a safe footing – and from what you have said that could well be a debt management plan where interest is frozen eg on credit cards and overdrafts. I suggest you phone StepChange 0800 138 1111.
You could also look at making complaints against any credit cards that increased your limit too high if you were already onlt making minimum payments. See https://debtcamel.co.uk/refunds-catalogue-credit-card/ but almost all these complaints have to go to the Ombudsman so they will not help you quickly. get yourself into a safe place with a DMP and yoyu can then pursue these complaints.
Yasmin says
Thanks for that! I was thinking of speaking to a debt help organisation. Does freezing interest on my credit cards etc affect my credit score?
Sara (Debt Camel) says
yes it does. But so does taking out payday loans and having maxed out credit cards! You need to clear your debts and then your score will rebuild. And that means interest has to be stopped.
Mike_p says
I’m on a debt managment plan at the moemnt and it’s the best thing I’ve ever done. I put it off for ages thinking things would improve but of course they just kept getting worse, I’m now 4 months into it and have already paid off 10% of my total balance. I have defaults because of the debt management plan but these will drop offmy credit report eventually, and I’ve won one complaint already which will backdate one of the defaults to 2018 so that one will drop off in just over two years.
Peggy says
Has anyone heard from my jar it’s so quiet about it
Sara (Debt Camel) says
Nothing to say…
Is this for your son? Does he owe them money at the moment?
They are expecting to pay out 2p or less in the pound. unless he currently is paying them, I suggest he just forgets about this for a while. next administrators report is in February.
vicki says
Another one for MyJar,
I made an affordability claim in June, on 21st I received a response with the following:
Once we have completed the review and you are to be awarded redress, we will write to you. Your interest in redress has been registered.
You have a current loan with the Company, any redress that you may be entitled to could be treated in the following manner:
it may be that you will receive a refund of all or part of the interest and charges that you have paid after the appointment of Administrators.
It may be that any redress due will reduce the amount you have to pay in order to settle the amount owed to Myjar Limited.
It may be that you will be an unsecured creditor of the Administration.
Also that Experian confirm they will remove Myjar records
I followed up in November and got a response on the 24th stating that there is no further update at the moment.
On 15 December i received an email about the outstanding amount with MyJar (£113) from Lantern
Today I receive an email to say:
Please be aware that Lantern has purchased this account from Cash On Go Payday Loans, and have passed the account to BPO to collect the full outstanding balance and request that all payments be made directly to BPO.
Where does this leave me? Should I pay the amount? Should I explain I have an affordability claim in?
Sara (Debt Camel) says
Cash on Go isn’t Myjar, it traded as Peachy.
Vicki says
Hi Sarah
My mistake – it is a Peachy loan, BUT, I had my claim accepted in January.
They said:
Based on the review of your claim, we have accepted your claim.
Ordinarily, the interest paid on the unaffordable loans would be returned to the claimant as compensation.
However, as you have not paid any interest on the loan(s) you have had, you are not eligible for a redress payment.
Based on the above, you are not considered an unsecured creditor but in resolution of your claim, any adverse information about these loans will be removed from your credit file in due course.
So would I still need to pay BPO??
The amount doesn’t add up either, BPO say I owe £113. In the claim letter Peachy said I borrowed £160 and paid £138.56 back.
Any thoughts as to what I should do?
Sara (Debt Camel) says
I suggest you go back to the administrators and ask why they did not remove the interest from the loan before they sold it.
Hannah says
Hey Sara, I have a current complaint being looked into by FOS for Credit Star – They have now sent me a default , can i stop this until the complaint has been dealt with?
Sara (Debt Camel) says
I assume you haven’t been making payments?
Hannah says
No – The amount is £164 but i am waiting for FOS to confirm if this was unaffordable.
Sara (Debt Camel) says
then it’s correct that missed payments then a default are recorded, but these will be removed if you win your FOS claim.
Hannah says
Okay, but what if i don’t win then i have a default. What do you adivse?
Sara (Debt Camel) says
Were the repayments affordable? What is the rest of your financial situation like?
Hannah says
When i took out the loan i was in a sever financial state, i had taken out soo many payday loans in the short period and no i could not afford to pay it back.
Sara (Debt Camel) says
In that case you didn’t really have an option except to not pay, did you?
Have you made complaints against a lot of lenders? It is much harder to win 5 cases against lenders where you borrowed twice, comapred to two lenders where you borrowed 5 times.
What about non payday loans debt – do you have other loans? credit cards/ overdrafts?
Bob says
filed affordability complaints with the ombudsman about 2 loans way back in March and pleased to say I finally received the verdict. They have ruled in my favour for both loans from 118 118 money and likely loans. The ombudsman say I should be refunded all the interest and charges I paid on these loans, been a long 9 months but finally have got there and im delighted they’re upholding my complaint.
Bob says
im still due a balance of about £600ish to myjar, filed affordability complaint way back in Feb and heard nothing since august, I emailed harrisons a few times and they kept replying with the same template below, anyone heard anything else?
“Following my previous email, there is no further update. The company is in Administration.
At present the quantum and timing of any potential redress is unclear. The Administrators are presently reviewing claims made in the loan portfolio in accordance with recognised industry guidance to establish the potential sums due to claimants. There is unlikely to be any further update to what we have previously emailed for some time.
Further updates will be posted on websites of the Company and the Joint Administrators. “
Emily says
Hello i have had a final response from cash ASAP, they have offered a £75 refund for a good will gesture, should I accept this?
Sara (Debt Camel) says
How many loans and how large did you have from them? Do you sull owe a balance?
Solent says
Hi Sara
I have a history of taking out loans over an 8 year period. Multiple maybe 50 or more small amounts between 100-500. After checking my credit file for the first time in years, I have a couple defaults for small amounts I’m going to challenge from pdl. I’m not fussed about refunds I just want them removed from file.
The ones I’m worried about are the most recent ones early this and last year when I took out 5-10 pdl, Some back to back loans.
Do you think defaults and back to back loans are enough to argue affordability complaint?
I also have some incorrect information on my file which is my brothers, this includes defaults on two accounts but I haven’t corrected it as only just seen it.
Could I use this in my favour to say that shouldn’t of lent to someone with errors on there file? How do they know it wasn’t an error unless they did more checks?
Thank you
Sara (Debt Camel) says
You need to look at each lender separately. How much did you borrow from them? How ofer? were there back to back or with small gaps? Did any lender give you loans after you had defaulted on loan to them?
I don’t think you can argue that errors on your credit record were a reason a lender should not have lent – no lender could be expected to know that.
Solent says
Thank you for the reply Sara,
I’m not sure in what detail they look at your credit file as it stands on my file there’s 4 defaults on the account 3 not mine. Would they have looked on my file and each incident and seen the names. Either way with 4 defaults surely that would ring alarm bells?
Reading through the posts and articles you mention that tackling a single loan from a company is hard but what if your lending shows back to back loans and small gaps from a range of lenders. The reason for the loans was due a gambling issue, fortunately i no longer gamble!
‘If paying a loan left you so broke you had to borrow again – from the same lender or a different one – it was unaffordable!’
for me my lending history fits this statement.
I had 23 in 19/20 loans in one year, ranging from 700-200. 6 from one individual company.
back to back and short gaps. plus a history of similar behaviour in previous years.
I had a defaulted loan from QQ in 2018 time, would this be beneficial when raising a complaint?
Sara (Debt Camel) says
Would they have looked on my file and each incident and seen the names.
lenders only get a summary of your record, I don’t know what they can see.
Either way with 4 defaults surely that would ring alarm bells?
the point is that a lender is not obliged to check your credit record in any detail. if the loan is small and not part of a long sequence.
but what if your lending shows back to back loans and small gaps from a range of lenders.
Unless the lender has to check your credit record, they may not even see this.
6 from one individual company.
Then a clear complaint to that company.
Which other lenders did you use 3 or more times?
I had a defaulted loan from QQ in 2018 time, would this be beneficial when raising a complaint?
That depends on the date of your payday loan. In 2018 – yes it’s very relevant – if the lender had to check your record.
In 2020 then the default is getting older…
Solent says
Thanks for the response Sara,
on the website is saying that they carry out a credit check, either hard or soft I would imagine. Hard would show previous loans, soft would show loads of searches. In a logical lenders mind would say check the file, what’s going on here.
I didn’t have more than 3 from another company in that period, I would try each company completing applications until one accepted me.
I did have 3 more loans pre this period with QQ and sunny so will look at trying to suppress them.
I will post my findings later in the year when I have gone through the complaint process
Sara (Debt Camel) says
It is too early to suppress the QQ loans. Perhaps 6 months.
Solent says
I will wait 6 months as you mentioned in a comment on another article.
Can you contact CRAs for sunny, or are the admins still taking complaints?
Also for anyone with a safety net credit line account, my mark on file was suppressed by themselves without a complaint.
Whether this was due to them lending to me whilst I had gambling transactions prior and whilst using their service, I’m unsure but guess it would be the case.
Sara (Debt Camel) says
You can now get sunny loans suppressed.
SNC – send them a complaint and ask for a refund! they should not have lent to you if there was significant gambling showing on your statements.
Solent says
for anyone with a fernovo loan on their credit file or who was borrowing from them repeatedly or had gambling transactions.
I used them 4-5 times back to back and short period loans. They didn’t add any loans to my credit file. So I would say that they knew that they were lending to people who had vulnerability, affordability issues.
Jonty says
Hello Sara,
Thank you for the incredibly useful write-up on this. It’s something that has plagued me for a long time and found this very useful.
I’ve started to compile this over the Christmas break and as have that seen you’re still actively engaging on this I’ve a couple of questions relating to my own case..
I had 15x loans with LS between early 2017 and late 2018. Some months with multiple loans – Are these realistically too far back to proceed?
As noted on your article, I have managed to login and obtain the Loan ID’s, as well as TU and Experian reports where they are all present – Is there any other supporting evidence I should look to obtain before filing this and risk online details disappearing as suggested?
I only realised when logging on to the LS website / checking reports that one of these still has an outstanding balance of < £50 – Will this have a detrimental effect on the complaint and is it best to settle this before, or should I leave this as it is and wait for them to address it?
Hope you are enjoying the festive period!
Sara (Debt Camel) says
2017-18 is no problem at all. 15 loans sounds like a good case.
I think you have everything you need, just send a complaint. LS often make ok offers, but if you aren’t sure, come back and check here – you can’t change your mind after accepting an offer.
Make sure you have downloaded Experian and TransUnion reports. And if it has to go to the Ombudsman, at that point get a copy of your bank statements from 3 months before the first loan to 3 months after the last loan – you don’t need these now but will at FOS so get them organised as soon as a FOS complaint goes in.
Jonty says
Hello again Sara,
Thank you for your reply to my initial question – I have since received a response from the LS team in relation to the above complaint stating it is their “Final Response Letter” despite being only their first response to my initial complaint. As you said above, I’m not too sure what to make of the reply and feel that given the quick succession of loans 3/4/5 (£780 borrowed between 16/07/17 – 12/08/17) that these should also be considered. If you could please advise me on the following to see if it sounds right to you, as well as the best steps to next take it would be very much appreciated!
Many thanks in advance.
Jonty says
“We have completed our investigation and have attached the Final Response Letter with this email.
This email contains the settlement offer made to you. If you agree with this offer, then please click on the weblink provided in the
attached letter so we can complete the settlement steps at the earliest.”
During our relationship, you have taken 15 loans from us:
Loan Number / Amount borrowed / Date the loan was made
1 – £100.00 – 2017-01-28
2 – £150.00 – 2017-03-25
3 – £200.00 – 2017-07-16
4 – £450.00 – 2017-08-02
5 – £130.00 – 2017-08-12
6 – £150.00 – 2017-10-08
7 – £150.00 – 2017-12-16
8 – £200.00 – 2018-01-16
9 – £200.00 – 2018-02-14
10 – £250.00 – 2018-04-13
11 – £200.00 – 2018-04-16
12 – £100.00 – 2018-04-21
13 – £140.00 – 2018-05-18
14 – £130.00 – 2018-07-05
15 – £120.00 – 2018-08-20
Jonty says
Our decision
For loans 1 to 5:
After subtracting your expenses, you had more money than the amount you needed to repay us each month. You would still have money left over to spend on other things. This means that these loans were affordable.
For loans 6 to 15:
Although these loans were 6 to 15 affordable, we have thought about the number of loans and the time between each loan being taken out. We can see that it might not have been a good idea for us to make these loans.
So, we are partially agreeing to your complaint
To put things right, we’d like to take the following steps. We will:
• refund the interest and fees you have paid us for loans 6 to 15
[….]
Here’s how we’ve worked out your refund:
Overpaid amount = £ 0.00
Fees paid = £ 38.33
Interest paid = £ 1118.63
8% interest = £321.76
20% mandatory tax withholding = – £64.35
Refund amount: £ 1414.37
Sara (Debt Camel) says
It looks a pretty reasonable offer to me. It is possible FOS might include loans 4 &5, but they may well not. Loan 3 is very unlikely.
It’s up to you if you want to send it to FOS and hope to get one or two more loans included.
Ross says
Has anybody received the second (smaller) second redress payment, from ICL? I believe it was due to be paid at some point, in December, but I haven’t received anything. Bearing in mind today is the 29th, I wonder what is going on? They have my bank details, as that’s how the first payment was made (I believe they’re not paying people, second time around, who they paid by cheque without bank details, this time around?).
sarahperring says
Whose ICL please
Sara (Debt Camel) says
Brand names: The Money Shop, Payday UK and Payday Express.
Sarah Perring says
Thank you I didn’t know we were expecting a second payment
Would be good to have one though!!
Sara (Debt Camel) says
see https://debtcamel.co.uk/money-shop-scheme-second-small-refund/ – it will be much smaller.
Ryan says
Hi Sara,
I’d like to start by echoing everyone else’s thanks at such a well written and helpful write up on this. It’s great to see the comment section still active and helpful also.
I’ve just sent a complaint to lending stream on their online form but wanted to see if anyone had advice on wether they think I’ll be successful or not.
Over 18 months I took out around 11 loans from lending stream ranging from the smallest of £50 up to the largest of £400. I’ll be honest it got to a point I was taking out loans to pay off others and have a little leftover. Hence the majority of them overlap.
I’m still struggling with other loans but I’m not sure if I can complain about those, I’m hoping that this complaint may help me pay some towards my others.
Ryan
Sara (Debt Camel) says
So what are your other loans? You can win a 1 loan complaint if it is large…
And other types of debt, Credit cards? Overdrafts?