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:
- 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, Everyday lonas, Likely Loans/Finio, Reevo, 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.
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;
- some loans are over 6 years old – the Ombudsman will look at these even if the lender says they won’t!
A good enough case to go to the Ombudsman?
If you don’t know what to do, ask in the comments below this article. Accepting an offer settles your whole complaint – you can’t change your mind later.
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 instalment loan and the borrower had a good income. And another single loan case for a loan of £1,000. You can win cases for smaller amounts if the repayment would have been a large amount of your income; or
- you still owe money.
Don’t delay 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 free and 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 2018, 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 2024 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
- if you dont have the credit agreements, 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 FOS 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?
Nats says
Has anyone had an update from the administrators of Piggy Bank?
E says
Would be interested to know this also!!! As I have not either.
VG says
Hi Sara,
MyJar and 247Moneybox are both in administration MyJar since December 2020 and 247 since November 2019. They have not responded to my emails about an update on my claim in months.
I just want them removed from my file as it is about 10 of them. Do you know if they are still responding to CRAs – Is it too early to contact the CRAs to remove them, or should I wait longer?
Andy says
I have the same issue with 247. I just need the 7 loans supressed from my file so I can go and apply for a mortgage as everything else is in order. I was going to wait another month or so and then bite the bullet and dispute them with the CRA’s, but if anyone has already had any joy doing this it would be great to know.
VG says
Hi Andy,
They have just sent me an update from the administrator’s update in May and it currently says this:
Unfortunately, the Joint Administrators are unable to request the removal of loan information from Redress customers’ credit records until the Redress exercise has been completed (this has been extended to end of November 2021 now).
They say “It may be prudent to contact your credit reference agency (“CRA”), as it is our understanding that some CRAs are deleting loan data once a company has entered into Administration. I would note that this is at the absolute discretion of the CRA and not within the control of the Joint Administrators”.
I suggest regardless of the outcome of the claim we wait until December to go to the CRAs if hopefully the redress process is completed by then.
Andy says
Hi VG
That’s great – thanks a lot for the update, I will definitely keep this in mind anf will approach the CRA’s at the end of the year.
Thank you
Liz says
I had myjar defaults on both my Equifax & Transunion credit files. I raised disputes through both CRA’s and within a week both came back to me and said MyJar agreed to remove the records from my file. They then disappeared from my credit file. I’d advise you try the same.
CO says
Hi Sara
A huge thank you for your help in me being able to claim back. 3k from Ferratum, 1k Lending Stream and a huge 18k from SafetyNet.
Hope everybody gets back what’s theirs.
Best regards
Chris
DC says
Good result from Lending Stream today on unaffordable loans taken out in 2019. They have agreed to refund £623, which was at the top end of my expectations. From complaint to settlement figure it took 2 weeks. Money was in my bank account immediately. Thanks as ever to Sara.
Bonnie says
Hi DC, I had similar and they said they would delete ‘adverse marks from my credit report’, did they say the same for you? Did they delete the loans entirely or what did the loan then look like on your credit report?
Rose says
Hi, Bonnie,
I had the same – they took them completely off my credit record (so there’s zero sign of them) and also removed the defaults associated with them, and the address information (so where it shows up that a lender has supplied your address details to a CRA) It took about eight weeks until it was updated at all CRAs.
Amy says
Sara,
My partner had numerous payday loans between 2018-2020, including from Sunny and Uncle Buck.
We know that he will not be able to claim money from those that have gone into administration, but is there a way to have them cleared from his credit report without having first making a claim? This is our priority as they have affected our ability to remortage.
Thank you
Sara (Debt Camel) says
Sunny, yes probably, see https://debtcamel.co.uk/correct-credit-records-lender-administration/.
I don’t think UB is that far along in the process yet.
What about the other lenders? Have you made claims against them?
Amy says
Thank you for responding so quickly.
I’m going to help him make a claim to Lending Steam and to Provident, he had a couple of loans (at the same time as numerous successive loans from Sunny and Uncle Buck) but the latter was c.£2500 and he was clearly in a cycle of bad lending/arrears/financial difficulty. We haven’t actioned anything yet as only started to research – thank you for the invaluable advice on this site!
CHRISTOS says
Hi Sara, I want to make a complaint to Money Boat. I have a second loan out with them of £1,500. I paid the first one of £600 in full missing one payment and then covering it a week later.
I have not been able to pay any of the second one at all. I phoned them and said my circumstances have changed and if i could pay back the £1,500 in instalments without the interest and charges which amount to over £1,200.
They said they cant write off any interest, they weren’t very helpful,
If they had checked properly they would have seen i had other payday loans and normal personal loans as well as gambling transactions. Also would have seen my overdraft was to the full each month aprox £2k a couple of days after getting paid,
Do you think i should put an affordability complaint to them.
Thanks Chris
Thanks in advance
Sara (Debt Camel) says
I think they should have checked carefully if you could afford a loan of £1500 if you had other payday loans on your credit record. And the facts that you had missed a payment on the earlier loan AND were now looking to borrow much more should have been a warning signal.
So yes, I think an affordability complaint is justified. MB always give a very aggressive reply, threatening to report everyone for fraud, but no-one has had a problem in practice when they send a case to te Ombudsman.
BUT what is the rest of your financial situation like? A large overdraft? What do your other debts add up to? Have you had help to stop gambling?
CHRISTOS says
Hi Sara, thanks for your reply.
Yes so overdraft is £2.2k each month mainly maxed after a few days.
Yes had 3 or 4 other payday loans each one between £300 and £600 at the same time as the MB loan.
A £3k loan from Bamboo which is in arrears plus a credit card and personal loan amounting to £10k.
I have set deposit limits on the gambling companies but no outside help.
I have had money back from Safety Net and Lending stream in the last few months.
So you think i should complain to MB.
Sara (Debt Camel) says
Yes I think you should – that is a lot of bad credit borrowing which MB should have seen. Send the complaint to the Ombudsman if MB reject it.
Christos says
Thank you fot your advice Sara
Steve says
Hi
I had a lot of payday loans when I lost my job and although most have gone bust if I complain would the bad marks be removed from my credit file and how do I go about complaining if they have gone under
Thanks
Sara (Debt Camel) says
Can you say who the lenders are? And also were these debts sold to a debt collector or not?
Steve says
Yes they were sold then my dad bailed me out , the debt collectors it was sold to were moorcroft debt recovery and arrow/cap quest and some others .They were sunny, lending stream, savy, mr lender and some others I can’t remember?
Thanks
Sara (Debt Camel) says
Lending Stream, Savvy and Mr Lender are still going. You can make complaints to them if you borrowed several times from them or the loans were very large. Read the article above – the complaint goes to the original lender but if it is upheld, the lender will have to take into account the payments made to the debt collector. And as a bonus any defaults would have to be deleted from your credit records.
Sunny is in administration and it is now too late to make a complaint.
Lucy says
Hi Sara,
I have recieved a response from SafetyNet Credit for my irresponsible lending cmplaint, they state that as I opened the account with them in 2013, it is now time barred and they will not investigate and said that the FOS woudn’t either. I have borrowed money from them regulary up until recently so this has baffled me, what should I do please?
Sara (Debt Camel) says
ok so you have two options.
You could send this to the Ombudsman straight away. FOS will usually look at these “older” complaints if you explain that you have only recently found out the lender should have checked for affordablity and until now you did not realise you had a cause for complaint.
Or you could go back to SNC and give them another push. Here you have to offer them a bit of a compromise – if you want the maximum amount you should go straight to FOS now. You could say “I understand that FOS will look at complaints where the customer has only found out they could complain in the last 3 years. So I expect if I go to FOS I may get a refund going back to 2013. Espcially as you increased my credit limit several times within the last 6 years. But in the interest of a speedy settlement, I am prepared to accept a refund of all the interest I paid from August 2015.”
I put August 2015 as that is about 6 years from when you complained. You can change this to any other date you feel would be fair.
If you try to compromise, do say your case goes to FOS within a week if they do not accept this offer. Don’t let this drag on.
Lucy says
Thanks Sara, I have sent a response to SNC asking for the compromise and said I will send to FOS if I dont hear within a weeks time.
I’m just wondering though as I don’t understand this one.. how if they were lending me money regulary whilst seeing my bank details which clearly stated I was in a DMP and using other PDL’s, how can they say this was timebound as its on-going irresponsible lending?
Thanks
Sara (Debt Camel) says
There is a FOS rule which says FOS only looks at what has happened int he last 6 years. But it also says OR if you have complained within 3 years of finding you had a cause to complain. And in any case FOS would probably treat all credit limit increases as “a new lending decision” by SNC.
So basically SNC are just trying it on but telling you that this is too old. And a LOT of these cases are won at FOS because, as you say, they could see your bank statements!
Lucy says
I see, thank you for that explanation.
Hopefully they will respond, if not I will go to FOS and am thankfully armed with evey piece of evidence to put forward.
Sara (Debt Camel) says
if you don’t have the details of how much you borrowed and when they increased your credit limit, you can also send them a Subject Access request asking for that information. But I would do that at the same time as sending to FOS, don’t delay the FOS complaint waiting for it.
Lucy says
Hi Sara,
So I’ve had a further reply from SNC as follows:
‘Unfortunately, time barring rule refers to the date of the incident being complained about ? in this case, the initial lend, as you have alleged irresponsible lending.
That date was over six years ago and as such, is indeed time barred’.
They’ve completely overlooked what I wrote in my letter and the fact that they increased my credit limit several times.
Sara (Debt Camel) says
Send it straight to the Ombudsman.
Tell the Ombudsman you do not believe it is time-barred as you have only found out in the last year [or whenever] that SNC should have made checks to see that you could repay the loan without having to borow agin. That until this you thought it was your fault for being bad with money, you didn’t realise the lender had done anything wrong so you were unaware you had cause to complain, so you have made a complaint with the three years period of becoming away you had reason to complain.
Add that in any case SNC have increased your credit limit within the last 6 years and you don’t understand why they said the only date that mattered was when the account was opened.
Lucy says
Thanks Sara I will do, I don’t know who there oversees complaints such as this, they should read the complaint properly before replying.
Sara (Debt Camel) says
You are assuming they were trying to be fair and just didn’t read it properly… but they may just be hoping that you will give up if they say your complaint is time barred…
CHRISTOS MARTAKIS says
Hi Sara,
Money boat have come back and requested bank statements for he loan period. They also add they will report fraud if they find that the info was misleading.
Should I send them the bank statements, or should I say that I will only send these to the ombudsman if the case goes to them?
Thanks for your advice.
Chris
Sara (Debt Camel) says
They are more likely to uphold your complaint if you send statements. But the choice is yours.
They tell everyone they will report fraud – so far no-one has has a problem if they send the case to the ombudsman.
Mike_p says
The FOS seems to be quite forbearing when it comes to borrowers understating their credit commitments. In this case for example the ombudsman says that moneyboat was at fault for not checking what the borrower had stated. There is no mention of fraud here at all
https://www.financial-ombudsman.org.uk/files/313976/DRN-2768338.pdf
ceebee says
Just wanted to share some good news and maybe provide some hope for those still dealing with Lending Stream. I made a complaint last week over 32 loans I had with them over 4 years. I’ve today – only 8 days later – received an offer! They’ve partially upheld my complaint and are refunding interest, fees, and the 8%, on loans 5-32, to the tune of £9,000. A much better result than I had been expecting! Keep at them everybody!
Sara (Debt Camel) says
great result and especially as it was so quick.
Phil says
Hi, I would love some advice on an offer of compensation from Lending Stream.
I have taken out 7 loans this year. I paid back the final one at the end of September.
Date taken out/ Loan Amount/ Interest paid.
“14/01/2021 £400.00 80.24
24/04/21 £650.00 348.1
16/05/2021 £150.00 14.4
18/05/2021 £230.00 57.73
09/06/21 £480.00 252.86
22/06/2021 £150.00 1.2
11/07/21 £430.00 238.41
In total I paid £992 in interest. They have come back and said only the final 2 loans were unaffordable, convinient as 1 of these was the smallest interest rate by a mile. so their offer was £241 I believe they should inlucde the bottom 3 in there which would bump it up to around £492.
The email has this line in it “This is our final response to your complaint. Please consider the settlement offer provided here as full & final.”
Does this mean they will not negotiate, so my only other option is to go to the ombudsman? Do you think the offer is fair or should I fight it?
Sara (Debt Camel) says
what were the “gaps” between the loans – the time taken from repaying loan 1 to borrowing loan 2, repaying loan 2 to taking loan 3 etc
Phil says
Wow thanks for the super fast reply.
For around 3 months I had 3 loans going at a time, when 1 finished within say 20 days I would be taking out another one. I took two loans out in May and June alone. But for some reason (becuase it would cost them more money) They have chosen not to include the first one in the complaint. My concern is if I go to the obudsman is it possible that I could end up with nothing? or Because SL have offered the £241 this cant be taken back now?
Sara (Debt Camel) says
It would be VERY unusual for FOS to decide a lender should pay you less than they have offered. Normally they don’t even look at the loans where a refund ahs been offered, just thos where you and the lender are in disput.
But here I suggest you ignore their line about being a final settlement and go back and say loan 5 should never have been offered as it was quite clear at that point you were reliant on their loans, so you will accept a refund of 5,6 and 7, or you will be sending the case to FOS. Say the case goes to FOS in a week if they do not accept this compromise.
Phil says
This is fantastic advice. Thank you so so much. I’ll update the thread when I have a response either way.
Costa says
Hi Sara,
Money boat did not uphold my complaint on the basis the second and bigger loan was only taken only a couple of months ago and that there is still an amount outstanding.
I said I would be willing to pay the capital element in 3 or 4 instalments but they do not entertain this and want the full balance of over £1,300 interest alone.
Should I just send the case to the ombudsman?
Also how do i do this? is it via email and do i also send the response I’ve had along with my original complaint?
Thanks for your advice
Sara (Debt Camel) says
It sounds as though the second loan was large so definitely send this to FOS. Rejecting a complaint because the loan is recent is not reasonable.
The article above explains how to send the case to FOS, using their online form is easier than email.
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.
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.
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
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.
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? if it did youmay have an affordability claim against your bank
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.
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.
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.
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.
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/
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🤷🏼♀️
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.
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
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.
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
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.
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.
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.
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.