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?
Ryan says
Hi Sara thanks for the fast reply. Do you think I have a chance with my complaint to LS then?
I also have loans with companies such as Loans 2 Go & Likely Loans both loans over £1000.
I have credit card debt and do use my overdraft a lot. I have an overdraft of £600, unfortunately I tend to use this every month to live off. I use pretty much all of it as the month goes on and then my wages pay it off at the end of the month and then the cycle continues.
At the moment I’m focusing on complaining to LS as my loans are all paid off with them (tbh I used other loans to pay them off, but I’m not currently dealing with LS so think it may be easier to complain to them).
Sara (Debt Camel) says
11 overlapping loans in 18 months – yes! It does depend on the size of the loans and what your credit record showed, but unless they were very small, then LS should have stopped and asked why you had to keep borrowing and looked much more closely at whether the loans are affordable.
Loans2Go – the worst loans in Britain I call them – more expensive than payday loans. See https://debtcamel.co.uk/worst-loan-in-britain/ for how to complain about this.
Likely Loans – use the template over here: https://debtcamel.co.uk/refunds-large-high-cost-loans/
It isn’t easier to wait until a loan is cleared – often you will find a lender iis happier to write off a balance than give you a cash refund… so complain now about these.
Can you afford the current minimum payments? If not then I strongly suggest you get a debt management plan (phone StepChange on 0800 138 1111 on Tuesday when they reopen). This will get you into a safe place where you can send your complaints to the ombudsman if you are made a poor offer. If you don’t, then you may feel you have to accept a bad offer from LS (say) just to get you through the next month… The DMP can end early if you win a lot of complaints.
Credit cards – have any of the cards increased your credit limit while you were only making minimum payments and your credit record showed payday loans?
Ryan says
Hi Sara,
Thanks again for the reply.
I’ve just had a look into my LS account and the loans were as follows. During this time I already had a bank loan, credit card debt and was using my overdraft every month, pretty much to the limit before i was paid.
Loan 1: 06/10/19 £150 Completed: 01/03/2020.
Loan 2: 24/11/19 £50 Completed: 20/12/2019.
Loan 3: 19/01/20 £70 Completed: 07/03/2020.
Loan 4: 01/03/20 £150 Completed: 07/03/2020.
Loan 5: 07/03/20 £300 Completed 04/08/2020.
Loan 6: 14/03/20 £50 Completed 04/08/20
Loan 7: 04/08/20 £300 Completed 04/12/20
Loan 8: 23/08/20 £100 Completed 04/12/20
Loan 9: 11/09/20 £380 Completed 12/12/20
Loan 10: 04/12/20 £370 Completed 12/12/20
Loan 11: 14/05/21 £250 Completed 01/07/21
Those were all the loans i took out with them, only ended as I took out the Loans 2 go and Likely loans to pay off lending stream and have a little money leftover.
Do these loans look like id be able to have a strong complaint? Like I said, i was already in debt when I took out these loans.
In regards to my Likely Loans complaint, I only took out the loan in August 2021 as a top up loan to a previous loan from them, so the current loan is for £2455.03 over 18 months. I’ve paid 4 months and still owe, £2942.66. Can i still complain even though i only took the loan out 4 months ago? Am I likely to get anything at all from this? As this loan alone is £210 a month.
Thanks
Ryan
Sara (Debt Camel) says
Yes, they started small but the last three weren’t. I would say you should get a refund from those.
You are overthinking this. Send the LS , L2G and Likely loans complaints in now!
Ryan says
I do really think i am overthinking and stressing about this for no reason!
Just thought it might seem strange sending a complaint only 4 months after taking my loan. i don’t want it affect my credit score etc by complaining. I’ve never missed any payments, just struggle in other areas so I don’t miss loan payments.
I’ve sent off my LS complaint. I’m going to send the others now. I hope you don’t mind me coming back here for more advice as things develop.
Thanks
Sara (Debt Camel) says
complaining never affects your credit score unless you have to pay less… of course come back here :_
Aaron says
Hi Sara, just had an offer from lending stream, I had 4 loans off them equalling £1000 within 3/4 months, they have offered me a settlement of £166.47, does that sound reasonable ? Also will they remove the record from my credit file or should I ask them to also do that?
Thankyou
Sara (Debt Camel) says
can you say how large the loans were in order… and how much interest you paid on each.
I assume the last loan has been cleared?
Are there any missed payments or defaults on the credit records for these loans?
Aaron says
First one was £480 and interest was £287.31
Second was £150 and interest £126.96
Third was £120 and interest £110.17
And third was £250 and interest £240.80
But they are saying only loan 4 they will refund as the other 3 where affordable for me even though loans 2 and 3 where taken out 3 weeks apart ? Yes there where some missed payments and defaults on some
Sara (Debt Camel) says
So two questions.
You missed some payments to LS for these loans – was this towards the end, or was there any occasion when they gave you another loan after you had missed a payment to them?
And third was £250 and interest £240.80
I asume that is your fourth loan. Did you settle this early? I am wondering why they are offering to refund £166 on this loan if you actually paid more interest on it.
Aaron says
Yes missed payments where after the 4th loan taken out, which I then had to get a DMP with step change, which is still ongoing which they have offered to clear £103 which is still owed and the rest they have said they will pay me. The other loans where all taken out close together over a 3 month period but they are saying the first three where affordable and aren’t taking those any further run regards to paying any of it back, should I take it further to the financial ombudsman?
Aaron says
Hi Sara, any indication on why I should do, accept that small offer on just loan 4 or go to the financial ombudsman regarding all 4 loans
Thanks
Paul says
I have put in a complaint against MoneyBoat and had quite a threatening reply about fraud. Would I actually be in a bit of trouble here?
“I am writing in response to the complaint you raised. Please accept this email as an acknowledgement of your complaint.
In the event of an affordability/irresponsible lending complaint, could you please provide us with copies of your bank statements applicable at the time of your applications, so that we may carry out a full and comprehensive review of your complaint.
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.
We will write to you in due course, once we have completed our investigation; please find our complaints procedure outlined below, which advises you of the manner your complaint will be handled:”
Sara (Debt Camel) says
they say that to everyone! And no-one has reported any trouble at all if they ignore this and send their case to the Ombudsman, even they didn’t think their application may have been accurate.
Sabrina says
Yeah they said that to me as well but nothing transpired from it. They replied with a final response for both me and my mum within about 2 weeks.
Rose says
Hi, Sara,
Please could you advise? I sent a final offer from Mr Lender (PDL Finance to the FOS back in September) – there was lots of toing and froing as they refused to let them consider the complaint (the loans went from 2014-2020) and it was referred, I think, to an actual Ombudsman for a decision on whether they could consider it. They eventually agreed that the FPS could look at all the loans, and yesterday, Mr L have come back with their original offer. The Ombudsman says I must accept, or tell them why I don’t agree.
I had ten loans in total, and the final one was issued with no ‘phone call to confirm, when I had four defaults showing on my credit record (three from Lending Stream, one Safety Net Credit) from the six month period prior. They’ve offered to refund the three smallest loans – 4-6.
Am I OK to go back and say that I don’t agree, and explain (again) why this is? Or does this mean I risk ending up with nothing? (The offer, with interest, but not including HMRC’s slice of that interest, is about equal to the sum I paid in interest in 2019-2020, on the final loan)
Thanks for any advice or suggestions (I am also aware that the longer it drags on, the more likelihood that Mr Lender will also go west…)
Sara (Debt Camel) says
can you list the size of the loans in date order, so 150, 200, 120,250 etc
were there any large gaps between the loans? the last loan, what was the gap from the time the 9th one was paid?
I have no particular reason think Mr Lender are going to go west, go under or in any other direction… of course it’s possible, but the firms that have got through to this point may be going to survive.
HAve you made complaints to LS and SNC?
Rose says
Sorry – I just realised I didn’t include the interest (I don’t know if that matters)
1. 500 borrowed, £612.50 interest + £31 admin fees
2. 700 borrowed, £630 interest, + £60 late fees + £31 admin fees
3. 750 borrowed, £632 interest
4. 600 borrowed, £440.80 interest
5. 150 borrowed, £44.40 interest
6. 200 borrowed, £71.76 interest
7. 450 borrowed, £253.05 interest
8. 100 borrowed, £169.95 interest
9. 250 borrowed, £75.23 interest plus ?1 additional payment of interest, but amount uncertain (£101.82 capital outstanding at point of statement)
10. 1050 borrowed, £992.08 plus late payment interest £90.93
Rose says
Hi, Sara,
Thank you so much: yes, I have been successful with complaints to LS (from loan 3) and SNC (everything) via the FOS, thanks to your brilliant advice and support. There’s gaps, yes, between 6 and 7, though not 7 and 8, 8 and 9, and also 9 and 10 – but, in those interims, more late payments and defaults had been added with the CRAs by other payday lenders: though I realise this might not mean anything. I’ve added the info showing on my credit record also about concurrent payday loans (but not catalogues or credit card balances and defaults etc) just in case it’s relevant. They originally offered 4 and 5, and added 6 following the FOS intervention. (Sorry – it wasn’t the smallest loans: I misremembered)
I’ll add the loan details in a subsequent post.
Rose says
1. 14/4/14-26/7/14 £500 (3 other active payday loans and 1 default from July 2011, 3 from July 2013, and 2 from August 2013)
2. 27/7/14-10/11/14 £700 (3 other active payday loans and existing defaults)
3. 6/3/15-31/7/15 £750 (3 other active payday loans and existing defaults)
4. 28/9/15-29/1/16 £600 (4 other active payday loans and existing defaults)
5. 16//2/16- 24/3/16 £150 (4 other active payday loans and existing defaults)
6. 12/4/16-28/6/16 £200 (3 other active payday loans, and existing defaults)
7. 8/9/17-28/12/17 £450 (5 other active payday loans, + existing defaults + 1 new late payment from Dec 2016 and default Aug 2017)
8.10/1/18-28/2/18 £500 (5 active payday loans with other lenders + existing late payments and defaults)
9. 11/12/18 – ? £250 (1 other payday loan + existing late payments and defaults, plus 7 late payments from previous three months)
10. 14/3/19-2/4/20 £1050 (existing late payments and defaults plus 1 from Ferratum Nov 2018 and 6 others in Dec 18)
I did have some late payments – 2 on loan 2, one on loan 9, and one on loan 10 (which wasn’t really late as such, but I needed to change the payment date) As I say, I appreciate none of this might matter, and this might be a very good offer – but MrL have been spectacularly obstructive to deal with throughout this, so I wanted to double check with you before responding. Thanks so much again.
Sara (Debt Camel) says
Well the last one was huge. I suggest you tell FOS you think that should have been included in the refund because of the number of payday loans you had recently taken out the your growing amount of debt.
Rose says
Thank you SO much – that advice is really appreciated. I’ll update every one on what happens. Thank you again for all the help and support from your brilliant site.
DC says
Hi Sara, I have a response back from Dot Dot loans (Shelby Finance) stating that they think their checks were correct and I could afford to make the payments (have provided evidence of other payday loans and gambling transactions before and after the loan was taken out). I had counter offered to settle the last remaining payment in full if they would agree to waive any negative marks on my credit file which would also save them the £500 case fee with the FOS. They have declined the offer so my question is, am I entitled to stop the final payment and request equitable set off whilst waiting for the FOS to pick up the case?
Sara (Debt Camel) says
can you say how many loans you have had and how large?
DC says
Just the one, but had a couple of others around the same time.
Sara (Debt Camel) says
How large was it?
Kal says
Hello Sara,
– I am waiting for the redress from Piggy Bank. I don’t suppose you know how long until they have an update? It’s been months.
– Also I raised a claim with My Jar months ago, keep being told that no update from the administrators.
Is it just a waiting game with these?
Thanks,
Kal
Sara (Debt Camel) says
there is nothing you can do to speed this up. You are likely to only get small amounts back from both anyway.
C says
Hi Sara,
last year after following your advice and using the template, I had a loan refunded and negative credit history removed from my file. It was with amigo, they initially rejected my request but the ombudsman review the decision and ruled in my favour. The ombudsman ruled that the initial loan was unaffordable to me, and the following 2 top ups were definitely unaffordable.
I got a loan out from 118118Money in between loans 2 & 3, which I have appealed as being unaffordable. They rejected my claim, so I sent it to a FOS adjudicator who agrees with their findings. I am really confused as to why they would, as if the previous ombudsman agreed I couldn’t afford amigo loans 1, 2 or 3, why would the new adjudicator not find a loan in between loans 2 & 3 unaffordable?
I have appealed his decision, and made them aware of the impact this is having on my mental health, and they have told me I will have a few months to wait.
Any input or advice would, as always, be greatly appreciated.
Regards,
C.
Sara (Debt Camel) says
How large was the 118 loan? Why did the adjudicator say it was affordable?
C says
Hi Sara,
It was for £3000.
The adjudicator said:
“I’ve thought about all of these issues in the individual circumstances of your case, and I don’t think 118 118 Money irresponsibly provided your loan to you” and then went on to say what I’d stated my monthly income was, and what my monthly outgoings to other debts were.
In my previous appeal with Amigo, the FOS said that Amigo hadn’t checked my claimed income was accurate, as it was less than stated. This latest adjudicator also says that my outgoings were only £490 a month, when they were actually closers to £850 per month.
Thanks.
Sara (Debt Camel) says
So you have asked for this to go to an Ombudsman?
“This latest adjudicator also says that my outgoings were only £490 a month, when they were actually closers to £850 per month.”
Is the adjudicator saying you only put down £490 a month expenses on the application? Or that the adjudicator has looked at your bank ststements and they reckon your outgoings were £490?
C says
Yes I’ve asked for this to be passed to an ombudsman.
The adjudicator is saying they looked at my bank statements and say I was only paying £490 towards my debts.
It honestly feels like they haven’t looked thoroughly.
Thanks.
Sara (Debt Camel) says
Then go through those bank statements and highlight the debt repayments then send them a list with the total. It’s important to explain what is wrong with an adjudicator decison. don’t wait to be asked, send this in now.
C says
Hi Sara,
Thanks. I did that on Saturday so I’m just waiting to hear back. Have you ever heard them do anything similar to this before?
Thanks
Sara (Debt Camel) says
Adjudicators are only human – they do make mistakes!
Tim says
Did the piggy bank redress ever happen?
Thanks
Mike says
Not yet. I’ve just skim read a report from December 2021 and it tells us absolutely nothing at all. Wouldn’t be surprised if there’s another 12 months wait yet.
Faye says
Has anyone heard from 247 moneybox, when I logon it says TBD no actual figures has anyone had figures
Ross says
Nothing at all and, funnily enough, I decided to take a look yesterday and still all showing as TBD. I reckon it could be a while yet.
Faye says
I had a look on Harrison’s website and it says they hope to pay redress in the new year… don’t think it specified which new year🤪
Julie says
Just had the below back from Safetynet
Total amount borrowed: £60,516.64
Interest added: £4,601.75
Total repaid: (£63,795.06)
Amount written off: £0.00
Outstanding balance: £1,319.35
Interest (to be written off): £319.70
Outstanding balance minus interest: £999.65
Total amount repaid: £63,795.06
Amount applied to funds borrowed: £59,516.99
Interest repaid: £4,278.07
Statutory 8% interest: £1,249.57
HMRC 20% deduction: (£249.91)
Redress due: £5,277.73
New outstanding balance after redress applied: £0.00
Amount written off from your balance: £999.65
Redress to be sent to you: £4,278.0
Im shocked at how much i had actually relied on them back in the day. Thank you Sara.
Sara (Debt Camel) says
Wow. Over how long a period was that?
if you are a basic rate tax payer, you can claim up to £200 of the tex deducted in a year from this sort of refund back from HMRC – see https://debtcamel.co.uk/ppi-payday-refund-get-back-tax/
julie says
Thank you, I’ll look at the tax refund.
This was over 4 years. so quite a lot, I was shocked at how much it was.
Nic says
Hi there, how long did you wait for Safetynet to reply to your complaint? Were they relatively quick easy to deal with?
Kelly says
Hi Sara,
I have looked at my credit report and noticed a fair few soft and hard credit searches. Can I look into getting these taking off? If so who do I contact?
Thanks
Kelly
Sara (Debt Camel) says
Are you saying the searches are incorrect?
Heidi says
Hi I’m so glad I found this thread. I have been looking at my credit file and have on Experian only an open account with my jar showing last paid feb 2019 outstanding balance £249 nothing recorded after feb 2019. I really need this off my file. I know they are in administration am I still in time to do an affordability complaint?
Sara (Debt Camel) says
yes you can still make a complaint so far as I know. The email address for the administrators is on the page of email addresses https://debtcamel.co.uk/payday-lender-email-addresses/.
But if you just want the loan removed from your credit record, see this comment here: https://debtcamel.co.uk/correct-credit-records-lender-administration/comment-page-1/#comment-462318. That suggests that you can ask Experian to “suppress” the loan as that article explains.
Emily56 says
I had taken out a £300 loan over 18 months to pay back £1110 with loans to go. I had made an irresponsible lending complaint due to being in £600 overdraft and arearrs on my file. They have offered a £300 reduction so I have £500 left to pay. Should I accept this?
Sara (Debt Camel) says
That would mean you pay £500 in interest. You could suggest that is unreasonable as you would only have had to pay £300 in interest if you had taken a payday loan – so say you would be prepared to compromise and they will offer you a £500 reduction reducing your balance to £200? point out the ombudsman may well uphold your case, in which you would have nothing to pay.
Lee sharratt says
Hello. Was in a payday cycle recently. One company two loans over 3 months and another company 3 over 7 months. Do U think I have a claim? I had these plus more
Sara (Debt Camel) says
how large were the loans?
Lee sharratt says
250. 480 and 300 600 700
Sara (Debt Camel) says
what is the rest of your current financial situation like?
Lee sharratt says
There paid off now. But had about 4 or 5 over a six month period
Sara (Debt Camel) says
No other debts at all?
Unless there is a lot of other debt around, then the two loan case looks very unlikely and the three loan one , well the last loan may be decided to be unaffordable or not.
Why do you need to keep taking payday loans? you have been making claims for several years now…
Lee sharratt says
Because I’m stupid and incredibly silly with gambling. Fingers crossed I have turned a corner. Agsin 🙁
Sara (Debt Camel) says
Do you want to stop taking out payday loans?
If you do, you can sign up to Cifas protection, see https://www.cifas.org.uk/pr. This is for people who have had identity theft problem – so you have to say that you have. It adds an extra step in applying for credit – when an application is made, the lender will see the cifas flag and will contact you by post to check that it was you applying for the credit – if you say yes, the loan goes ahead.
This adds a couple of days to the process so hopefully long enough for you to decide this payday loan is a bad idea and say you have changed your mind.
it cost £25 for 2 years which is annoying but cheap for the harm it can hopefully prevent.
Ross says
Hi Lee,
Can I kindly suggest that you consider joining Gamstop? I had a serious online gambling problem, which got me in to trouble with all kinds of credit, such as payday loans, night cost loans etc… I signed up, 3 years ago, for a 5 year period and have never looked back. All companies will close your accounts and you won’t be able to join any for the time period chosen: I chose 5 years, and can’t opt to join any sites until 2024, at the earliest (should I want to). It really changed my life so just suggesting it might be a good move for you?
Ross says
Just to advise that those waiting on the 2nd payment, from Instant Cash Loans, I have just received an email confirming this payment will be made on Friday 14th January. Check your spam boxes peeps!
Sara (Debt Camel) says
and see the main Money Shop page for other people’s comments: https://debtcamel.co.uk/money-shop-to-close-two-million-customers-will-be-informed/
Lee sharratt says
31 pound. Woop woop
sam says
Hello
Had an email from instant cash loans saying about closing and my redress
It says 0.652 for every £1
Is this correct – Potential Redress Amount – £2161.15
Additional cash payment – £14.09 (which i will be paid)
They did pay me £93 prior i beleive.
T says
I had something the same today. Nice surprise!
JB says
surely thats wrong, surely they mean 0.00650 in the £?
Sara (Debt Camel) says
that is the same as 0.65p in the £
Faye says
I have just had a email from Icl saying payment will be made in 18th jan😁
Faye says
*on* not in🤪
Mel says
I don’t get the calculations – We can confirm that we will pay you a further 0.652p for every £1 of cash redress.
I was due £2686 and only getting £17 back?
Sara (Debt Camel) says
that calculation is correct. You are being paid 0.650 in the £, a hundred times smaller than 65p in the £
Anita says
I am still waiting for email and info about the second payment. I have send an email to ‘dcheme’ then, still no response.
Anita says
Is anyone else waiting for email about 2nd payment?
Sara (Debt Camel) says
see https://debtcamel.co.uk/money-shop-to-close-two-million-customers-will-be-informed/
Anita says
Thank you Sara. I sent an emal attaching their response from November in which they state that all my detail have been recorded accordingly. Not sure what happens if they still not responde. I sent 3 emails so far
Anita says
Here is their response. I do not get it…
Good afternoon
The terms of the Scheme of Arrangement mean that we try to replicate what would have happened if Instant Cash Loans had gone into a liquidation or administration. In such a scenario, your outstanding debt to Instant Cash Loans would automatically be set off against the redress awarded. The terms of the Scheme of Arrangement are not flexible in this regard and so we are unable to make any exceptions.
We appreciate you are disappointed by this, as your irresponsible lending complaint has been dealt with under a Scheme of Arrangement, we are not aware of any further options available that would allow you to pursue this matter.
Sara (Debt Camel) says
I don’t know what you said but it doesn’t sound as though they understood it.
Anita says
Sara, was I still entitled to the second payment if I received a full refund before they went into liquidation?
Sara (Debt Camel) says
A full refund before the Scheme started? No, you would not get any extra payments then.
Jeff says
Hi the FOS keep on asking when specifically i realised the lending was irresponsible- i dont really remember, is this a common question, if so what are they getting at? Thanks
Sara (Debt Camel) says
Your loans must have been more than 6 years ago.
FOS can look at cases where the problem happened less than 6 years ago.
Or where someone has only become aware of the problem in the last three years.
So suppose you were borrowing from 2013-2016. You may have realised quite early on in the borrowing that it was causing you problems and you had to keep getting more loans. But at that point you probably thought that was your fault for not being good with money and that you should never have taken the first loan (or something like that). You didn’t know then that the lender should have checked the loans were affordable for you and you had no idea that you could make a complaint about irresponsible lending. You may have talked to a debt adviser in 2016 which helped you, but the debt adviser never mentioned irresponsible lending.
But recently you have found out about these complaints. That is what FOS wants to know about. It doesn’t need the exact date and time – just say what happened. perhaps a friend told you they had got a refund in June last year. Perhaps you saw a Facebook ad for a claims company and did some googling to investigate. perhaps you saw an article about Amigo refunds and wondered if it also applied to other types of loans etc etc.
There are no wrong answers here – just tell FOS that while you were bowworing you didn’t know the lender should have made affordability checks and so although the loans were causing you trouble, you didn’t realise you had a reason then to complain about irresponsible lending. Then say when you found out about these complaints and point out that this was in the last three years.
gillian says
i just told the FOS that i only became aware i could claim for irresponsible lending when i came across debt camel while looking for a way out of my debt problems i had a lot of payday loans some going back over the 6 year mark i never missed a payment but had to pay then borrow again the same month and every single one was upheld by the FOS thanks to Sara i manged to get over 20thousand pound back(i started claiming in 2018 and since have not used a payday or loan company since good luck with your claims Sara once again thank you you are a godsend
to many people
Mr w says
Morning Sara i have a payday loan with uncle buck ive complained to them but because there in administration the fos wont touch thrm and the administraters rejected my complaint this is the last payday loan left on my file i won the other 4 what can I do
Sara (Debt Camel) says
Do you still owe money or are you mainly concerned with getting the loan off your credit record?
Mr w says
Hi sara yes still owe nearly £700
Sara (Debt Camel) says
have you asked if there is an appeal process? Offered to supply bank statements?
if this was the only loan from them then it’s pretty unlikely you would have won the case at FOS.
Can you afford the repayments – what are the rest of your finances like?
Hugh says
Hey all, I just wanted to share that I recently got all of my interest refunded for my PDL’s with Mr Lender. They’ve dragged their heals for months, but I finally received the money last week. Advice to anyone on here is to take up your issues with any payday lender with the FOS. Make a complaint, it doesn’t take too long and you won’t regret it, although the process can take a while if the lender refers to an ombudsman.
Rose says
Hi, Hugh,
The FOS are considering my case against them right now. They did come back and added one more loan to their original offer, but I declined and explained why – they’ve now emailed me again, asking for the reasons, outside of the Ombudsman process: did they do that to you, by any chance? (It didn’t happen to me with LS or SNC, so I’m just wondering)
Rose says
Hi, Sara,
You helped me earlier in the week with responding to a revised offer received through the FOS from PDL/Mr Lender: I would be really grateful for your insights on an email I’ve received from them, saying that the FOS have told them I rejected the offer (they added one further loan, to refund interest on loans 4-6, out of 10 in total) and asking if I could explain why. FOS has given them until the 19th to supply all the information they have (they forwarded the original email to me, which is how I know)
Should I respond to them? I’m not sure if they are checking whether there’s a compromise to be had, or trying to get advance notice so they can argue against what I’ve said – I am trying not to be suspicious, but they’ve particularly put me through the wringer, initially being very obstructive about providing details of loans (in fact, I still don’t have one date because of this – it took well over a year to resolve) , and then arguing that FOS shouldn’t consider any loans at all (the last was paid off in 2020), then sending it to an Ombudsman to contest the decision that they could, and I am not sure what the implications are of their request.
Thanks for any advice on this – it’s really appreciated: I’ve had success with LS and SNC, but neither contacted me directly in this way during the process, so I am not sure how standard it is.
Sara (Debt Camel) says
Would you be happy if they just included the last large loan?
If you would, you could reply saying that as a compromise you would be happy to accept 4-6 and 10, but otherwise you will let FOS look at your case. I don’t see any reason why you should go into any detail.
If you don’t want a compromise, just say you would prefer FOS to consider your case.
Rose says
Hi, Sara,
Mr Lender never responded, but the adjudicator said he would ignore 4-6, since they’d already offered these, and included 10: he did include some comments in his letter about how they should have seen there were issues with 1 and 2, but did not include these. Mr L left it until the last minute, then demanded to know where the credit reports I had included were from, and to see them (I had sent them to Mr L when I made my complaint) and it then took over a month to find out that they did not accept the adjudicator’s response, and that it should go to the Ombudsman: I realise it’s pointless trying to second guess things here, but this does seem a bit unreasonable, especially since my credit report shows that, at the time of the second last loan (9) I was already in arrears on seven short-term loans, and they lent the final loan, (10) which the adjudicator has ruled should be included, the day after I had paid off 9, and when these had turned to defaults. Is it likely the Ombudsman will side with them, or with the adjudicator, or who can really say?
Sara (Debt Camel) says
in 90% of cases the ombudsman agrees with the adjudicator.
Cazza says
Hi
I am after some advise re my old Onstride Loan, I was successful in my affordability claim and my balance was re-adjusted and I had confirmation that this would be actioned and any negative markers on my credit file would be removed; however, the loan was sold to Lantern and the Default has now been moved to them. I raised a query with trans union and they have come back saying they won’t remove it, Lantern don’t seem to understand what I’m asking for and when I ring Onstride they inform me it will eventually be resolved?
Sara (Debt Camel) says
I had confirmation that this would be actioned and any negative markers on my credit file would be removed
Do you have this in writing?
Cazza says
I have yes
Sara (Debt Camel) says
Then I suggest you put in a complaint in writing to Lantern – email is fine, attaching what the administrators told you. tell Lantern to remove the default. Send it to the Financial Ombudsman if they refuse.
Cazza says
Fab, they have been looking into it for months but I will take to the Ombudsman if necessary. Thank you
Marie says
Hi I have had over 15 loans from fund ourselves one after another in the space of 8 months I’m struggling financially as I have 8 more payday loans to deal with and I end up in a viscious circle can I make an affordability complaint to fund ourselves or are they not a payday lender?
Sara (Debt Camel) says
yes you can make a complaint to them.
BUT these complaints take time to go through and at the moment you have to get out of this cycle of high cost borrowing. See https://debtcamel.co.uk/help-payday-loan/. This is not an alternative to making affordability complaints, it is in addition to them.
Kelly says
Hi Sara,
I have came across a loan that I had with Vivus. I think it was sold to CRS.
Could you tell me if it is to late to raise an affordability complaint?
Cheers,
Kelly
Sara (Debt Camel) says
Yes it’s too late
B says
Hi All
Quick question as these things are taking so long i’ve completely lost track of what administration’s are complete and what isn’t. Has pounds2pocket and quickquid been paid out yet? – Thanks
Sara (Debt Camel) says
no, see https://debtcamel.co.uk/quickquid-casheuronet-administration/
James sadler says
Hello, I’m currently in a debt management plan with step change I had numerous payday loans and high interest loans, some I’m still paying off, my question is, can I put a complaint and ask for a refund if I’m in a debt management plan? Will this effect the plan at all?
Thanks in advance
James
Sara (Debt Camel) says
yes you can. This is a great thing to do as refunds may reduce or clear the debts in your DMP. And if you get a cash refund, then you can use this to make full and final settlement offers to other debts in your DMP.
Jade says
Hi,
I recently took out a payday loan for £600 for six months with moneyboat, having managed to meet four of the six payments I fell into even worse financial difficulty as I’m on maternity leave and my husband has been ill therefore his pay has been dramatically affected. However when I took out the loan I was in a huge financial mess as all of my loans and credit cards were either in arrears or defaulted on my credit file and started to miss the payments from May last year which they would’ve seen when I applied for the loan. I have a horrendous gambling addiction which I am seeking help for which is still affecting me today due to the losses that I have faced and the financial position I’ve left myself in now. I’ve been trying to get a copy of my loan agreement which they are not sending me in the correct file as I believe after reading a lot of the reviews that they will default your account if you miss one payment I have tried to contact them last month when I had to pay a reduced payment and they have put down on my credit report that I’m in arrears however they said it was an arrangement to pay and the final payment this month there is no way I’m going to be able to afford it. Do I have grounds for an affordability complaint against the company for initially allowing me to have this loan when they could see that I was in £28,000 worth of debt already and as I’ve said above have lots of missed payments and defaults on my report?
Sara (Debt Camel) says
yes you can make an affordabilty complaint – one loan of £600 is a bit marginal, the Ombudsman may or may not uphold it if MB reject it, but it’s worth a try…
BUT you have much bigger problems than this. Are you buying or renting? How many of your debts are you making the normal payments to?
With prices (including energy bills, food and petrol) all going up, if you are hardly managing now, this is set to get worse in the next few months…
PS MB always respond to any affordabilty complaint with an aggressive message about fraud… no-one who has ignored this has had any problems with it if they take their case to the ombudsman.
Jade says
Hi Sara, i’m in the process of setting up a debt management plan with step change that helping me control my finances better as currently renting and none of my priority bills are in any sort of arrears it’s just how I’ve been living off credit so they have help me get sorted.
I have heard about money boat been quite aggressive and that’s what frightens me. So if they were to threatened me claiming I committed fraud do I just ignore that and for Forward to the ombudsman if they decline?
Sara (Debt Camel) says
I am very glad you are getting help with this. Do you mind saying what the monthly payment to the DMP may be?
So far as I know, no-one who has ignored MB’s threats has later had any problems with this. Horrible lender.
Jade says
Thanks Sara, I will put one in
Faye says
I am sorry to hear of your gambling addiction it is the devil himself, there is a charity especially for women called Gordon Moody they do gambling retreats and very successfully, can I just ask is your husband await of your addiction or is it hid along with the debt, I would suggest if it is hid and he doesn’t know let him know that is half the battle, contact your doctor for some help too, gambling will never cease until you face up to it and admit to your family there is a problem, I wish you the best
Yas says
Hi Sara,
I am looking to send a few of my cases to fos and noticed in anothet post you said that fos will ask for bank statments. I had a bad gambling habit (i have now stopped) and this will show on the bank statments. Will that be an issue?
Sara (Debt Camel) says
Having gambling showing on your bank statements supports your complaint that the credit was not affordable. See https://debtcamel.co.uk/gambling-refunds-loans-cards-overdrafts/ which looks at this in more detail.
Aaron h says
Hello, I sent my complaints off on 22/12/21 I just received an email from ferratum saying they went into liquidation on 31/12/21and it’s unlikely I’ll get any thing back, am I entitled to then as I submitted mine before they went into liquidation?
Sara (Debt Camel) says
do you still owe them a balance?
Aaron says
Yes, it was taking over by ‘credit resource’ and still says I owe a balance which I am still paying the company who took over that loan
Sara (Debt Camel) says
ok so you owe money to a debt purchaser, not Ferratum?
Aaron says
Yes I believe so, it shows on my DMP as credit resource and the ferratum account number
Sara (Debt Camel) says
in that case you may get very little back – the fact you made your complaint before they went under doesn’t make a difference.
Yas says
Hi all,
Just wanted to say it is sometimes worth pushing the lenders for a better resolution even after their final response. I only had 2 loans with Quidmarket £300 paid early after only 16 days and £600 paid 2 months early. They didnt uphold my complaint but said they will remove the loans from my file as a goodwill gesture. I called them today and discussed the decision and the lady went through eveything and ultimately said she agrees with her colleagues decision and theres nothing else they will offer. She said I can take some time to think about the decision. I rang back 2 hours later as I wanted to know if their offer becomes invalid if I go to fos (I dont think fos would uphold so didnt want to go to them and get nothing) she then told me even if I go to fos their goodwill gesture will remain. She said they really wouldnt want it to go to fos. I told her how my other complaints offered me money off my final payments even when they didnt uphold my complaint (cash4unow and fernovo) so she then agreed to pay me 100 gbp. So always worth discussing and pushing them more
Ryan says
Hi Sara, you gave me some advice a few weeks.
I made a complaint to Likely loans in relation to a top up loan I had with them. This is the reply I’ve had.
They have upheld my complaint in relation to the original loan. In resolution of the complaint, They are proposing to remove all applicable interest from the loan and any negative markers from my Credit Report.
They are removing interest of £973.59, leaving a remaining outstanding balance to pay on my Top Up Loan of £1,758.88.
So they have agreed that the original loan wasn’t appropriate.However they haven’t upheld my complaint about the top up loan and I believe in the time of my two loans my financial situation had stayed the same if not got worse since the original loan.
I have why they didn’t uphold this complaint but my comment is too long haha.
Is it worth me pursuing this further with Likely Loans and calling them to talk to them? Or should I just accept the
£973.58 off the current loan I’m paying back?
My other question is, if I accept the nearly £1000 decrease the amount I have to pay back, how likely is it this could change my monthly payment? At the moment I’m paying over £200 a month which I’m struggling with so wondered if my monthly payment could be changed now I owe less.
Thanks again for all your help! You’re an amazing person helping all these people the way you are!
Sara (Debt Camel) says
can you summarise why they rejected the second loan?
Sara (Debt Camel) says
so most of their reply didn’t look very interesting, but they said “Your new payment size was only 10.7% more than your previous loan payment.” which may not sound like a lot, but they have agreed the previous repayments was unaffordable! So unless your income had gone up a lot, that suggests the second loan is too.
They said “you had remaining disposable income of £429.21.” – I assume your bank statements would have shown that wasn’t the case.
Also I think they should have wondered why you needed a top-up loan less than a year after taking the first loan.
So it doesn’t sound a good offer to me, but it’s up to you if you want to accept it. You can contact them and say unless the second loan is also upheld you will be going to the Ombudsman.
If you accept this offer, there is no reason why they should allow you to reduce your payments on the 2nd loan. They may, but would probably record this as a payment arrangement on your credit record.
Ryan says
Hi Sara,
So I emailed back saying I wasn’t happy with their outcome and stated the reasons you provided. However they’ve emailed me back saying…
As your irresponsible lending complaint has already been investigated and a final response has been issued, we will not be under taking a new investigation. As outlined in my previous communication, if you are unhappy with the complaint decision you have the right to refer your complaint to the Financial Ombudsman.
Is it worth me calling likely loans and pushing further or just straight to the Ombudsman?
Sara (Debt Camel) says
I don’t see any point in phoning them.
Ryan says
Hi Sara, do you think I should go to the ombudsman then?
Is there much chance of them upholding my second complaint? Any idea on how long this may take? I’m thinking of entering a DMP and was wondering how this would affect the length of the plan etc.
Ryan
Sara (Debt Camel) says
Well the choice is yours.
But if the first loan is unaffordable, why isn’t the second loan?
if you know the second loan caused you more problems, then why not send it to the Ombudsman?
This may take some time to go though at FOS. But if you are in a DMP, you just sit back and wait. If you win your case, then your DMP is going to finish a lot earlier!
Heidi says
Hi About 6 years ago I took a payday loan with text loans which i couldn’t afford but was too scared not to pay so that then escalated in me taking another loan every month for the next 5 years or so until I went into DMP and stopped the madness. Through this time text loan changed to MyJar who are now in administration. Today I have raised an Affordability complaint from your template and sent it to Myjar Harrisons email. I just wanted to check I’m no too late on this? I didn’t even know it was an option until I recently decided it was time to really sort out my credit file and not just put up with what was on it.
Sara (Debt Camel) says
so far as I know you can still make a claim.
But don’t expect to get much back, it is expected to be a very low payout.
Heidi says
Thanks Sarah to be honest I’d be happy with writing off what I owe and remove it from my credit file, that would help.
Thank you.
Neil says
Has anyone heard any rumblings from MyJar this year? Feels like a long time since any announcements or commitments have been made. Thanks
Sara (Debt Camel) says
The latest administrators report has recently been filed at Companies House. https://find-and-update.company-information.service.gov.uk/company/08518406/filing-history
2.6 Redress customers entitled to cash refunds will be contacted shortly by the Joint Administrators to update their bank details.
2.7 Due to the potential volume of customers eligible to receive redress and the value of these claims , any distribution to customers is likely to be exceptionally small, and not available for a number of months and certainly not until such time as all realisations have been completed.
Neil Sillery says
Thank you, I’ve mis-timed every claim I’ve made! 🙄
Sara (Debt Camel) says
any still to make?….
Claire says
Have we got any updates from 24 7 Money Box? Thank you
Sara (Debt Camel) says
There was a new update this month : https://find-and-update.company-information.service.gov.uk/company/05671281/filing-history
They are trying to sell the remaining loan book and no indication of payout amount or timing until that happens.
Neil Sillery says
No more now, Ferratum we’re the last, my case was with the FOS, but they messaged to say due to them going into administration my case won’t be taken further. Very bad timing with all of them 🙄 That being said, thank you for the help and advice you’ve freely given me and many others.
B says
Hi Sara
Was just reading up on the administrators report on the quick quid / Pounds2pocket progress. It states in their latest report that payments must be made to us by March.
Based on the use of the word ‘by’ does that mean they have to communicate to us and pay our redress before March or do you think it will include the month of March? I know it’s hard to say but i thought the use of that word is quite significant.
Sara (Debt Camel) says
I think it includes March. And from previous Wonga experiebnce, they may also mean that they have started to pay, not that they will have paid everyone or that everyone will have been paid…
Marta says
Hi. Did anyone heard anything from 247 moneybox yet? In last update they said they will pay redress at the beginning of this year at the latest if I understood it right. I might be wrong so if anyone know anything could you share please? Thank you 🙂
Siobhan says
Hi Sara,
Is there any update on 247moneybox yet?
Chris says
That’s what I’m waiting for too. It’s got to be soon, we’re in February now.
D P says
Hello, not sure if you have any advice here. In June 2021 I submitted an affordability/inappropriate lending complaint to SafetyNet Credit, with who I had a balance of £1,336. They upheld the complaint on July 30, and the redress left me with a balance of £37, which they said they were writing off so I owed nothing, my account was closed, and they would remove all mention of themselves from my credit file within 6-8 weeks. Last month I started to get emails from them demanding that I pay the balance and set up a payment plan. The balance is still showing as outstanding on my credit file. I have made a complaint to them today, saying they have failed to remove the debt from my credit file and are now chasing me for payment again, and I have sent them the letter they sent to me. What can I expect them to do from this?
Sara (Debt Camel) says
It sounds a lot like someone at SNC failed to carry through with what was agreed. I would expect them to resolve this pretty quickly. If they don’t tell them you will be sending this to the ombudsman and asking for compensation for the hassle.
D P says
Thank you, I hope so
D P says
I have put in a formal complaint with SNC as they have actually defaulted the account and for the past four months it has been marked with a D on my credit file. They say it will take up to eight weeks to investigate my complaint but in the meantime the erroneous default is still sitting there.
Graham says
Hi, I had an un affordability complaint upheld regarding over ten payday loans with PiggyBank upheld by them in Feb 2021.
Understand any refund/redress will be minimal but wondered if anyone knew of any updates about this?
Thanks
Mr c says
Im in the same boat as you. No news for Nearly 2 years
Matt says
The most recent report from the administrators (available if you login) suggests that the administration has been extended to December 2022, so probably not going to be any time soon.
graham says
Oof! Haha, think you might be right. Thanks for the info
Solent33 says
Received a redress from safteycredit net, for a 500 pound loan over a few months, due to gambling transactions and had a single loan from QM they agreed to remove loan from file as a gesture of good will, after sending affordability complaint in, was a very nice for them to do that! I still feel that these companies not including information about how these loans affect your future borrowing ability is seriously misleading! Still some replies to come back, will update as I get them through!
Max says
Hello,
Could I claim against On Stride and My Jar or is it too late?
Also I have 2 defaults from Aqua and Marbles credit cards which continued to increase my credit limit during already a very tricky time financially ( at the time i had around 10 lenders and a massive overdraft ). Can I go with affordability claim to them, getting rid of those 2 defaults would get my life back on track massively. Thank you for all of your advise on here
Sara (Debt Camel) says
Onstride – too late. If you have a default, you will be able to ask for the record to be suppressed from your credit record in 6 months or so, see https://debtcamel.co.uk/correct-credit-records-lender-administration/ but it is too soon to do this at the moment.
Myar – in administration, I think you can still send a claim to the administrators, email is in the linked page in the article above.
Aqua and Marbles, yes you can make a complaint for increasing your credit limit: see https://debtcamel.co.uk/refunds-catalogue-credit-card/.
You want to ask for a FULL refund from the point they increased it (to just for the amount they increased it) as at that point they should have seen you were in difficulty and offered forbearance. They are both New Day card so make a single complaint for both cards.
Max says
Thank you so much Sara!! i am struggling to find an email address for New Day complaints dept. Has anyone emailed them before? I can only find customer service phone number, which I’ll try my luck with in the morning. Thanks again :)
Jordan says
Do payday loan companies get charged when we take a complaint to the Financial Ombudsman whether you win or lose the case?
I read somewhere the loan company were charged £500 by the FO but I do t know if that is true or not.
Thanks
Jordan
Sara (Debt Camel) says
Yes, it’s £750.
yas says
Hi Sarah, just had a final response back from savvy regarding 2 loans (£500 and £700). They have not upheld the first loan but have partially up held the 700 one. They have removed all interest so i just need to pay a small amount to cover the capital i actually borrowed- this i am extremely pleased with. However they have said they will remove negative info from credit file with regards to loan 2. However every other lender ive been in contact with (Fernovo, cash4unow, quidmarket, mr lender) have all agreed to remove whole loans from my file. Is it worth ringing savvy and asking them to remove the last loan if not both? I dont understand why they would not remove the loan in full!
Sara (Debt Camel) says
the Ombudsman says to remove negative marks, except in case where there has been a very large number of loans from the same lender.
Some lenders just take a shortcut and remove the whole record, but they don’t have to.
julie says
Good morning Sara,
Do you know what’s happening with the MYjar complaints?
I have had an email this morning saying my loan has been passed to ACI-UK by Perch Capital to take over my debt.
Notice of Assignment
With effect from 4th February 2022, MYJAR has assigned all its respective rights, title and interest in respect of your MYJAR loan(s) to Perch Capital (company registration number 11207867). Perch Capital has appointed ACI-UK Limited (“ACI”) to manage collection of the outstanding loan balance on their behalf.
Do you know if this means my complaint wasn’t upheld?
Sara (Debt Camel) says
I don’t know, you need to ask the administrators.
bob says
ive just received an email also from ACI about myjar selling my debt to perch captital. Bit of a joke, I put in an affordability complaint a year ago and they never gave a response, now all of a sudden the debts been sold. Should I now put in complaint with the ombudsman?
Sara (Debt Camel) says
you cannot take a complaint about an administration to the Ombudsman.
you need to ask Myjar what has happened to your claim.
bob says
thanks for the info, will email harrisons
faye says
Hi Sara
Lantern have bought the book so customers with outstanding debt will be contacted by lantern…I think I’ve got that right
They are now putting 247 into liquidation so they say a payment will be March.
Sara (Debt Camel) says
do you have a link for this?
Faye says
https://harrisons.uk.com/247-moneybox/
Hopefully this works
Sara (Debt Camel) says
thanks. I had no idea that liquidation would be a much faster process.
sam says
i just want know know how much mine will be 😗
SK says
Interesting… I know every case is different but could this move have been made by the Administrators in other cases like Wonga, QuickQuid etc. to speed up process? Or even going for liquidation in the first place instead of administration…?
Sara (Debt Camel) says
I don’t know enough to guess.
Lindsey says
Hi Sara I have wrote a letter of complaint following your help and advice through this site to loans at home regarding unaffordability complaint they have sent me the following information does it mean I can no longer claim back the interest on these loans with them being time barred kind regards
29/08/2007 £750.00 Time Barred
19/09/2007 £625.00 Time Barred
19/12/2007 £500.00 Time Barred
08/12/2010 £250.00 Time Barred
08/06/2011 £300.00 Time Barred
08/06/2011 £250.00 Time Barred
29/02/2012 £250.00 Time Barred
29/02/2012 £375.00 Time Barred
29/08/2012 £375.00 Time Barred
29/08/2012 £375.00 Time Barred
10/07/2013 £375.00 Time Barred
10/07/2013 £375.00 Time Barred
07/05/2014 £200.00 Time Barred
07/05/2014 £375.00 Time Barred
F1391823 £375.00 Time Barred
18/02/2015 £200.00 Time Barred
18/02/2015 £375.00 Time Barred
18/02/2015 375.00 Time Barred
02/12/2015 £200.00 Time Barred
02/12/2015 £375.00 Time Barred
02/12/2015 £375.00 Time Barred
Sara (Debt Camel) says
no, send the complaint to the Finacial Ombudsman as the article above says. Include a bit saying when & how you found out about these complaints – if this is within the last 3 years FOS can choose to accept the complaint and it often does,
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.
Dave L says
Ok today I’m annoyed with Harrison’s acting on behalf of MyJar despite an affordable lending complaint being outstanding and knowing my mental health issues. They have sold it to Perch but have provided me no update on my affordable lending complaint which has gone from My Jar to FOS to Harrison’s in relation to my older My Jar loans but found in favour for my latest two loans one of which has been sold . Any ideas or suggestions
Sara (Debt Camel) says
you had 4 loans. Who upheld the complaint on the most recent ones?
Dave L says
My Jar upheld the complaint on the keystone two loans but there were an earlier 7 they disagreed on
Sara (Debt Camel) says
ok and the previous 5 were all settled so it is the last 1 or two that have been sold?
Have you asked myjar why the loans have been sold before your complaint about the first 5 has been considered?
Dave L says
Yes I’ve sent them and Harrison’s an email so awaiting a reply
Dave L says
To Whom it may concern
Further to my previous emails this loan was the subject of an earlier affordability complaint which was upheld in my favour. Along with the previous loan. I made complaints about seven earlier loans which I had with my jar but were rejected and sent to FOS before you went into administration before these were passed back to the administrators.
These affordability complaints are still outstanding and I would have the right of set off if found in my favour against the loan which has been assigned to Perch. You are also well aware of my mental health issues with depression and PTSD .
In light of this please consider this a formal complaint which I am fully prepared to escalate to your regulator. If Perch update my credit file with negative information then bearing in mind the previous finding in my favour. I will make a complaint to the FOS.
Please in addition advise what happening with my affordability complaint which I have been chasing since December 2020
Yours sincerely
Dave L says
I’m starting to think the administrators are idiots. They’ve sold the debt on and as a result of my complaint stated “ Hi,
Unfortunately, there is no further update at the moment. The redress is ongoing but is moving towards the final stages and should be concluded in the near future.”
Are they really that incompetent , they’ve just undermined any redress of set off by selling off the debt
Dave L says
So the update is they have admitted the loan shouldn’t have been sold and it has been bought back by them due to the right of set off . I asked for compensation of £30 due to the stress caused as a goodwill gesture but they have refused this. So do I have any recourse regarding complaining about the administration in this case ?
Sara (Debt Camel) says
No practical recourse, no.
Dominic says
Like others, my outstanding Myjar loan (£943) has been sold to Perch Capital. Myjar registered a default on this in 2018 but in late 2021 they removed the loan from all 3 CRA’s.
However the email says ‘ Perch Capital may start to report account conduct information to the credit reference agencies in the near future. This will include providing them with information on any payments made or missed, defaults, payment arrangements, and settlements.’
Does this mean Perch have the right to start giving me a ‘missed payment’ in respect to this loan every month from now on? I *could* make the payment or at least offer a settlement but obviously I don’t want to throw money at something that may not have any consequence anyway – and thats also without considering my affordability claim on this loan is still unresolved.
I’m nervous because my record is clean since 2018 and am hoping at applying for a mortgage in the 2023/24 year…. So missed payments being reported in 2022 would be a disaster.
Sara (Debt Camel) says
how was this loan recorded before the administrators stopped reporting to the CRAs – up to date? defaulted? missed payments?
have you made a complaint to the Myjar?
Dominic says
On MSE credit club it was reported as ‘in default’ each month since around mid 2018. In early 2018 it went through -1, -2, -3 before the default was applied.
It seems like I stupidly made a complaint on this back in late 2018 via a claims company and this was rejected. I did do another one myself to the administrators in April 2021 but can find no response subsequent to the copy/paste response I got at the time that just explained the administration process (that complaints were being looked at).
I feel like a settlement offer of an amount that brings my total payments on the loan as equal to the original advance amount would morally be the right outcome…. but this is only about 30% of what they say I owe so I doubt it’d be accepted.
Sara (Debt Camel) says
It is a shame you did not take the Myjar complaint to the Ombudsman back in 2018.
You need to ask the administrators what they have decided about your complaint. Sometimes administrators will let you put in a second complaint. Sometimes they won’t.
If the administrators will not consider your complaint, then I am afraid you need to settle the loan with the debt collector who now owns it.
brendan says
Hi sara i had outstanding loans with myjar £3000 i complaint about to loan to Ombudsman in 2020 which i won both parties agreed my loans as now be sent Perch Capital, I’ve sent them all information about what Ombudsman and myjar agreed now Perch Capital, told me they will not except this agreement . What can i do about this?
Sara (Debt Camel) says
Perch won’t agree to the monthly payment? or to the reduction in the balance?
brendan says
Yes that right balance should be about £1000 they will not reduction balance what Ombudsman agree to with myjar.
Sara (Debt Camel) says
So you are saying the balance was £2,300 say and after the FOS decision this was reduced to £1000 but your debt has now been sold to perch as though it is £2,300?
This was an adjudicator decision that Myjar agreed to before they went into administration?
brendan says
Yes it was agreed in 2020 signed by me FOS and myjar. Do i need to go back to Ombudsman to get the sort this out?
Sara (Debt Camel) says
No go back to Myjar. FOS can’t get involved in an administration.
They should only have sold the reduced balance to Perch. If they don’t immediately agree this is wrong and that they will correct this, complain to the administrators directly.
Lynne says
Well my compensation claim with provident has not been upheld.
Sara (Debt Camel) says
how many debts did you have, how large?
Lynne says
Honestly can’t remember as it’s so long but the reasons they gave are below and I’m not inclined to argue to be honest.
Your claim was deemed not eligible to receive compensation due to one or more reasons stated below:
o You took out fewer loans over a longer period;
o There were longer periods of time between each loan you took out;
o The amount of your loans did not increase by enough in a year;
o You did not have loans with other loan providers at the same time; or
o Your loan was not used to pay off a previous loan.
Sara (Debt Camel) says
did they not send you a list of your loans?
Lynne says
No. Should I request that from them?
Sara (Debt Camel) says
yes – otherwise you have no information to decide whether to accept their rejection or appeal it. perhaps they have missed off a lot of your loans – who knows?
Lynne says
They’re not in any rush to send me them it’s been 6 days now
Lou7 says
Do you think I could make a complaint to likely loans as they gave me a loan which I can’t afford to pay and have had to put it in my step change debts?
Sara (Debt Camel) says
did you have the DMP when they gave you the loan? How large was it? This other page has the best template for a single large loan, rather than a lot of small payday loans: https://debtcamel.co.uk/refunds-large-high-cost-loans/
Lou7 says
Hi Sara
Yes I had the dmp when they gave me the loan
Sara (Debt Camel) says
then definitely complain! They would have seen the DMP payment arrangements or defaults on your credit record.
Ross says
Nor sure if this is any cause for hope, or concern, but I have just logged in to my 247 Moneybox account to find that the redress section, and bank details provided, have both disappeared from the account section. For what seems like ages now, there’s been a redress section, showing my claim value as being ‘TBD’. It’s a bit ominous it’s now all disappeared? Might be worth logging in to yours to see if the same has happened? If so, they might (finally) be dealing with the redress, which I know isn’t going to be much but, just to put a lid on this would be good, after what feels soooo long.
Faye says
Hi Ross, I checked mine 247 account and it was there this morning, just checked now and yes mine has gone too even my bank details for redress has gone😳 wonder if that means payments are coming, or there is no redress who knows 🤷🏼♀️they are very bad at keeping people up to date
Ross says
Thanks Faye,
It would appear something is happening but, who knows what. Glad it’s not just me then. I did see somebody say something about a potential March payment so we shall have to wait and see? 🤔
Faye says
Hi Ross, yes if you go onto Harrison’s website it has an update from middle of January stating that redress payment will hopefully be March, but we will wait and probably wait more 😀there do doesn’t seem to be many of the 247 club members on here not like moneyshop😂😂
Lou7 says
Hi Faye
My info has disappeared too. The tab that was at the top of the website page saying redress has vanished along with my info
Chris says
Yes, it’s disappeared on mine too. Hopefully that means they are getting ready to pay up finally but as Faye said, communication from the 247 administrators has been very bad, I’d say it’s been even worse than ICL. Let’s hope they can a least beat ICL’s redress percentage which was ridiculous!
Faye says
I hope your right Chris, but at least to be fair to Icl we knew what they were going to pay out on. I have absolutely no idea how much redress they have awarded just always said TBD so it could be 3000 or 30 🤷🏼♀️🤷🏼♀️
Ben says
I would not get your hopes, in one of the update documents they said 3-5p in the £ is the expectation
E says
I have also just emailed them and had a automatic reply saying they are no longer taking emails! Let’s hope it’s soon 🤞🏼
Laura says
Mine has also disappeared. They are so poor at keeping people up to date!
Laura says
Active securities (247 moneybox) went officially into liquidation on 21/02 according to companies house so I think this is why the redress section has disappeared. Wouldn’t hope for much though-62,000 claims and only 3.4 million to pay them
Debbie says
Yes mine has disappeared so hopefully not long now
Bob says
Wondering if anyone has heard anything from MyJar or Harrisons regarding the selling of existing MyJar loans to Perch Capital? I emailed both MyJar and Harrisons on the 10th Feb (same day as received email from ACI stating perch have bought the debt) asking them to clarify the situation as I still have an affordability claim from over a year ago still open as far as I know. Neither have told informed me they weren’t upholding my complaint and neither have bothered to reply to me yet, 12 days is a joke.
Mer says
Hi Bob,
I too have a complaint with Myjar since February 2021 and heard nothing. Yesterday I received an email from ACI saying the debt had been sold to them. So I immediately emailed Myjar/Harrison’s asking for an update on my claim. Then I emailed ACI in reply to their email advising that I have an outstanding complaint with Myjar and I copied in Myjar/Harrison’s. I have not heard back from Myjar/Harrison’s, but ACI replied to me to say they have forwarded on to Myjar and will put my account on hold until I get a response from Myjar.
Bob says
thanks for the reply. Its a complete joke they haven’t told us the result of these affordability claims from a year ago. I did the same thing and emailed ACI straight away explaining the situation and they put my account on hold also. If and when I get a reply from Harrisons or MyJar I will let you know, if you could do the same for me aswell that would be great,
cheers
Mer says
Hi Bob,
Thank you and yes I’ll let you know also, if/when Myjar respond. I’d have thought the Administration would have dealt with the complaints before selling the debt, but guess that’s not how they work…
Chris says
Hi all,
I received an email from ACI regarding an outstanding Myjar loan from over 10 years ago. Can they still chase this?
Sara (Debt Camel) says
Talk to National Debtline on 0808 808 4000. They may suggest sending ACI their standard “statute barred” template letter/email.
Mer says
Hi Bob, I had a reply from MyJar yesterday that just said they confirm my affordability complaint is with the relevant team.
bob says
thanks for the heads up. Somehow they still haven’t responded to my email which I sent around 12 days before you did, incredible!
bob says
can you tell me what email address you used, thanks, I used info@myjar.com
Mer says
Hi Bob, I used the same email address. But when I then also emailed ACI and copied in MyJar as well, to tell them I had the outstanding complaint , ACI replied to say they’d put my account on hold and had passed to original creditor to investigate. It might be worth resending your email to MyJar and copying in ACI?
bob says
I finally got a reply, guessing it was probs word for word the same as yours, cant believe how long its taking for a simple affordability compaint, 13 months and counting now
“Thank you for your email and please accept our sincere apologies for the delay in our response.
As you are aware, the Joint Administrators, Harrisons, are dealing with the redress scheme aspect for the Company and any updates will come directly through them.
We are unable to advise any further on the redress scheme and apologise for any inconvenience that causes. Once Harrisons are in a position to provide customers with an update on the redress scheme, they will be in contact – however, as of yet, there has been no update to provide which is why no contact has been made.
Please be advised that the sale of your debt is separate to the redress scheme and does not reflect your redress claim outcome, which is yet to be decided. “
Sim says
Hi Sarah
I just want to ask I had a payday loan from Kabayan Finance since 2012 until 2020 and I had complaint to FOS kabayan did not include my loans from 2012 to 2015 as it is more than six year and FOS had decided my case and the investigator said that if I will included the case will be re investigated and will take a while again. My question is can I make a different complaint of my loans from 2012 to 2015? As kabayan was given until March 8 to settle the amount for my current complaint.
Sara (Debt Camel) says
you should ask your adjudicator this.
Dave K says
Hi. Not sure if this is in the right section but I wanted to post a thank you to both Sarah and someone who posted a comment on here a couple of weeks ago who’s name I cannot remember.
The user had mentioned that they had put an affordability complaint to lending stream which was successful. I decided to do the same and used the template on this website. It was sent off last week anticipating that I would have to progress onto the ombudsmen.
It is a good job I was sitting down at my work as I have just received an email a week later confirming they have agreed to refund £12500 and this will be sent to me within 3-5 working days!!!! I had to get my partner to check the amount as I thought I was seeing an extra digit by mistake.
Thank you for all your hard work Sarah (and the person who posted about lending stream a couple of weeks ago)
Sara (Debt Camel) says
wow!
I don’t normally ask people this, but I hope you have some good plans for the money!
Dave K says
Well, as you mention it, my home is quite old and in need of updating. This is going to go a long long way in making that happen! (Also we are off to New York next year…..). Thank you again. Would never have attempted redress without your posts.
Sara (Debt Camel) says
how nice to do that and not have to put it on the cards!
Lynne says
Bit confused. Got an email last week to say my provident claim wasnt successful. On Sara’s advice I contacted them asking for a list of loans I’d had. They asked me to confirm name dob and address which I did, and now the reply I’ve got is this!
Thank you for contacting us regarding the Provident Scheme of Arrangement.
We can confirm your Scheme ID is
You have until 28 February 2022 to submit a claim for compensation or make changes to an existing claim. Claims submitted before the deadline date will be assessed as part of the Scheme. We expect to be back in touch with the outcome of your claim around March/April 2022. If your claim is upheld, we expect to confirm the amount of compensation you will receive around June/July 2022.
—————————————————-
I’ve gone into the portal and it won’t let me log in with the reference number so I pressed forgot password and I’m just getting an error message as though it doesn’t recognise my details?
If the closing date to register for compensation isn’t until 28th February, how have they already told me my claim was unsuccessful? Are there 2 different schemes running?
I’ve gone back to them and said I can’t log in but if the cut off date is Monday there’s not much hope really, given how long it’s taken them to get back to me in the first place.
Lynne says
Update – I’ve managed to log in and it just confirms the email I got last week saying I was t eligible for compensation. So they’re not even going to tell me what loans I had!
I’ve put in an appeal with provident based on the fact that I think I had quite a few loans and re-borrowed and they’ve failed to provide me with the evidence of the loans I had so therefore how can I accept their decision.
Sara (Debt Camel) says
can you ask these questions on the Provident page please? https://debtcamel.co.uk/provident-scheme-claim-refund/
Dave X. says
Hi there
I made a complaint to Indigo Michael Ltd (Tappily) due to irresponsible lending. They initially refused to offer any refund and said I still owed the full balance. So, I have taken my case to the Ombudsman, and pending their final decision, Indigo Michael Ltd have ‘changed their position’ and offered £476.49 redress taken off my current balance. This will still leave me £433.79 left to repay.
Do you think I should accept their offer to write off roughly half of the balance or refuse? It was my thinking that they may have changed their position as they think the Ombudsman will award me more, but similarly I don’t want to lose out on this offer if it’s the best I’m going to get!
Regards
Dave X.
Sara (Debt Camel) says
do you know how much interest you have paid in total with them? They may have given you this information in rejecting your complaint?
Unless you do, it’s hard to say whether this is an OK offer or a dreadful one…
Dave X. says
Hi Sara
I had paid £955.26 in interest as of 12/01/22, but I expect the figure will now be higher due to my outstanding balance which I pay off as part of a DMP.
Regards
Dave X.
Sara (Debt Camel) says
So they are writing off about half the interest.
how do you feel about this? if they had offered you that at the start would you have been happy?
it sounds as though don’t think your complaint will be rejected by FOS. But I can’t guess what FOS would decide.
Dave X. says
Well, it’s an okay result, but I really thought they would write off the total interest balance as I don’t believe their lending was responsible from the start. The interest they are writing off is roughly how much I accrued since a credit limit increase which caused me to get into further debt – which I assume Tappily now views as irresponsible lending. To be honest, I do want to see what the FOS come back with – my main concern is whether refusing this offer now will mean if the FOS side with Tappily I will not get any of my current balance written off.
I’m guessing that it’s just a gamble, right? If I refuse the offer, and the FOS reject my complaint, I’m still going to have to cover the full balance. I would rather have the guarantee of ~50% of my balance being written off than the possibility of 0% being written off.
Regards
Dave X.
Sara (Debt Camel) says
my main concern is whether refusing this offer now will mean if the FOS side with Tappily
That seems unlikely – if what they have offered is a refund from the point they increased your credit limit, FOS may think that is fair, so you would get the same as you are now being offered, not less.
Them making this offer means they do not expect to win the complaint and you get nothing.
Dave X. says
Sorry Sara – just on that last line – do you mean they do not expect to win themselves, or they don’t expect me to win?
Sara (Debt Camel) says
They expect they will lose and you will win. Otherwise why would they offer anything?
This sort of product – which FOS calls “running account credit” – had the highest uphold rate of any product in FOS’s statistics for the last quarter of 2021 published last week. FOS agreed with the customer in 80% of cases.
Of course that doesn’t mean the customer got a “full refund”, but it shows how few cases are actually being rejected by FOS.