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?
Lynne says
Just heard from the ombudsman that they’ve upheld my complaint about Loans2go and so now just see what happens. They’ve got until 15th to respond in case they want to provide further info. I’m pretty pleased as this is the first time I’ve gone to FOS about anyone and given how L2G have treated me it’s no more than they deserve. FOS has asked for refund on fees and intetest and for it to be removed from my credit file. Has anyone else had success with this lot?
Sara (Debt Camel) says
yes lots of people! See the comments below https://en.wikipedia.org/wiki/Limitation_Act_1980
Lynne says
That’s a wiki page?
Sara (Debt Camel) says
oops wrong link – try https://debtcamel.co.uk/worst-loan-in-britain/
Lynne says
Ah right yes they really are the worst of a bad bunch. I suspect they’ll still try and wriggle out of it although the ombudsman say twice in their letter ‘this loan should never have been issued’ so hopefully they’ll see sense. Tbe text messages have stopped as well finally.
Khan khan says
I’ve just revived a reply from
Safety net credit for a redress and they’ve come through after 48 days saying I’m owed 2700 but was hoping someone could tell me how long it normally takes to receive the funds. As they’ve stated upto 14days after banking details have been confirmed
Geraint says
Mine took 13 days to come through to my bank! Although i know some have had it within 48hrs!
Khan khattak says
Did you by any chance have to update your bank details with them as I emailed and them called and verified they had received my email
Jayne says
How long did it take?
Liz says
Hello,
Does anyone know how long Piggy Bank will be taking?
They have been in Administration since Dec 2019. That’s like two and a half years.
I keep getting a duplicate response whenever I ask for an update.
Surely they can’t be that long now?
John says
Hi sara is there a easier way to fill in a r40 tax form .?
Sara (Debt Camel) says
it isn’t that hard if you have the information! I’m not sure what an easier way could be.
John says
Hi Sara again. Lol I claimed some ppi back from Lloyds tsb bank about 6 or 7;years ago. Would I be aloud to claim the tax back on the two claims I had with them ? .
Sara (Debt Camel) says
see https://debtcamel.co.uk/ppi-payday-refund-get-back-tax/ – you cant go back before the tax year 2016/17
Mike says
Hi John, it’s really easy to do.
The sections you need to complete for the tax back on your refund are the section about employment income (if you can’t find the information don’t worry)
The interest goes in boxes 3.1-3.3 on the paper form – it’s easiest to work backwards. The full amount of the interest added to your refund goes in 3.3. The tax deducted of that amount goes in 3.2 (should be 20% of the figure in 3.3) and the net amount of interest that was paid to you by your lender as part of the redress goes in 3.1.
As a cross check, 3.1 plus 3.2 should equal 3.3, and 3.2 should be 20% of 3.3
John says
Thanks for your help Mike. It sounds easy mate when you know what your doing. Lol
Mike says
I’ve had to do one 4 years running from the refunds I’ve had! Practice makes perfect
Kate says
Hi
I have received £350 from loans 2 go as a goodwill payment. I’m happy with that so have accepted the offer. I am still waiting on an outcome from Safety Net Credit, they have until tomorrow which is the full 8 weeks. Not holding much hope tbh that they make any offer so could be going to the FOB.
Scott Topey says
Hi there,
I recently made a claim to Moneyboat for unlawful lending. I have had 14 loans from them since 2017 to the tune of £4800. Although all loans were paid off with no problems – I was a repeat lender, sometimes taking a loan out on the same month as I had finished paying the previous. All in all, I think I SHOULD have a strong case that they were lending unlawfully.
Regardless, I have just received a reply from Moneyboat with a threatening undertone asking for bank statements and implying that I may have committed fraud by giving them incorrect details in my application. This isn’t feasible to get bank statements going all the way back to 2017 so wondered what my course of action should be? They say they will be investigating my complaint within the 8 weeks – if I don’t provide them with bank statements, will they automatically throw the complaint out?
Thanks in advance.
Sara (Debt Camel) says
Everyone gets that threatening email from Moneyboat. People who ignore it haven’t reported any problems at all – they are just being unpleasant and hoping you will give up.
You can get bank statements back to 2017, even from closed accounts. I suggest you set about doing this now as they will help with a claim at the Ombudsman.
I don’t know if MB will care about them.
Deb says
I have a DMP is it ok to try and claim as you said in the comments above not to if you have DRO. Do the same implications appy to DMP?
Sara (Debt Camel) says
No it is great to apply if you are in a DMP. The problems only occur with forms of insolvency, not DMPs.
James says
Hi Sara,
I recently had a complaint rejected by Morses Club which I have sent on to the FOS, what sort of timescales will I be looking at in getting a response from the FOS ? Thanks
Megsk says
Hi
So I used your template and sent to Fernovo …thank you
I had following loans –
Taken out -15/07/20 Repaid 09/11/20 – – £200 – Total Repaid £328.06
Taken out -18/12/20 Repaid – 08/03/21- £200 – Total Repaid £400
Taken out -12/06/22 – £150 – Balance Outstanding £177.60
They have sent a long email regards checks etc …final response below do you think i should accept, I don’t understand why if they are in right they are offering to refund £30?
This complaint has not been upheld.
However, because you always repaid in time all your loans before the last one, and you have decided to file for an affordability complaint, we are ready to reduce the interest on the last loan, if you withdraw your complaint, as a gesture of goodwill we are happy to reduce your last payment by £30.00.
To provide you with an incentive to close the account as soon as possible, we are willing to completely delete all your accounts from your credit file, once the last one is repaid.
Thank you for your help :)
Sara (Debt Camel) says
These were small loans and there was a big gap between loans 2 and 3. I would be surprised if the Ombudsman upholds any of the loans.
What is your current financial situation like? Are you making other complaints?
Megsk says
Yes made other complaints for payday loans I kept getting…financial situation at present is I’m just getting by
Thank you so much for your help
Lauren says
Hi Sara,
I had a similar response to the lady above. However I had ten loans in total, ranging from £300 to £600. They are only offering £176. The email is similar wording: This complaint has not been upheld.
However, because you repaid all your loans, and you have decided to file for an affordability complaint, if you withdraw your complaint, as a gesture of goodwill we are happy to refund the interest paid on the last loan. This would be a total refund of £176. We will also erase all your loans from your credit file.
What do you think? Worth going to ombudsman or offer is reasonable?
Lauren
Sara (Debt Camel) says
10 loans is a much stronger complaints. Over how long a period? Did they tend to increase in size? Were there any big gaps of several months between replaying one and taking the next?
Lauren says
I always paid on time. As soon as it was paid off I would borrow another loan. I also sometimes amended it so I didn’t have to pay that month and extended the terms. Did that twice. The loans varied and did increase in time from £300 to £600. They said I had a good credit rating however I have a default on my record and several other pay day loans. Is it worth responding and sending my Transunion to prove credit rating bad or is it best to send straight to ombudsman? My credit karma score is 438! (Bad I know!)
Just going through process of getting refunds and managing to clear it all off. I also have a SafetyNet I need to complain about because I’ve had that for £1000 in consistent debt for two years (approx £270 per month on interest and never clearing balance).
Sara (Debt Camel) says
I think you should send the Fernovo complaint stright to the Ombudsmans.
For Safetynet Credit you can use the template in the article above. That too sounds like a strong complaint. SNC have got slow recently – send that straight to the Ombudsman at 8 weeks if they haven’t responded. Also think about removing the authority for them to access your bank account if you cant afford to repay them without borrowing again.
Beck Mash says
I emailed Fernovo when they rejected my complaint. Told them a lot of other payday loans upheld my complaints and if they came back with an offer I would stop the FOS complaint. They came back with an offer, i went back with a counter offer and they agreed!
Nesta says
I’ve finally completed getting refunds from these horrible lenders and tidying up my credit file.
I do however find it worrying that there are firms like:
Moneyboat
Lending Stream
Cash ASAP
Amongst others are still operating.
We now have a real crisis with the cost of living and these sharks prey on the vulnerable in society. I can’t wait for the day they are all in administration and this kind of lending should be made illegal
Elsie says
It is definitely worrying that these interest rates are legal… but where would we go when we need money in an emergency? It’s not like there is another option sometimes :(
Sara (Debt Camel) says
The problem is that in most cases a very high interest loan makes yiur situation worse, not better.
Elsie says
Sara, can you recommend some alternatives? Do you maybe have an article somewhere I can read about this? Thank you!!
Sara (Debt Camel) says
Well it depends a lot on your situation, but:
https://debtcamel.co.uk/bills-debts-help/
https://debtcamel.co.uk/snapshot/not-enough-to-live-on/emergency-budgeting/
https://debtcamel.co.uk/refused-payday-loan-alternatives/
Ah says
Has anyone received anything from Safetynet after the 8 week period is over? I’m 11 weeks now and still nothing. I’ll have to forward to the ombudsman I think
Sara (Debt Camel) says
Send it now!
Eric says
OH MY GOD LENDING STREAM UPHELD MY COMPLAINT AND JUST EMAILED ME AN OFFER OF £3,654.76 AND TO TAKE OFF THE £500.00 LOAN I FAILED TO REPAY FROM MY CREDIT FILE!!! 😱😁
Thank you so much Sara for all your advise and help because you are a angel. 💋
Eric says
Lending Stream just deposited the money into my account today. Sara’s advice really works and I would like to thank her once again. So keep the faith guys because justice can happen. 😎
T says
Hi Sara
You may remember I have asked previously about loans 2 go and I followed your advise and referred to fos for affordability complaint. I also have a cancer diagnosis and am on active treatment all of which I made l2go aware of at the beginning and this is also within my complaint. I did ask fos if they could look at it sooner due to this but have only received the generic response, I don’t want to jump the que and am happy to wait but yesterday received a final demand from l2go for the outstanding amount. I replied back immediately advising I would forward to fos, I felt they were really threatening, one paragraph said they could look at contacting my employer to get an attachment of earnings order. Do you think that they are just trying to get me to pay by using threatening tactics or could they actually go to my employer. I have been completely transparent with them about my diagnosis, treatment and the impact this had financially but they really don’t care!! It’s currently costing me £70 A week to fill my car to get to and from daily radiotherapy sessions so I just don’t have the money to pay them.
Sara (Debt Camel) says
I am sorry but this sort of case is EXACTLY why FOS gives some cases priority. Please phone FOS up. You are not “jumping the queue”.
They can’t get an attachment of earnings order without going to court for a CCJ first. That will take many months. They should not be making these baseless threats to a vulnerable client. Tell FOS about this too.
T says
Thank you, I will ring them but do find it really difficult sometimes actually speaking to anyone really. But thank you again.
Lynne says
God this sickens me. All the best to you 🤞🏻
T says
Thank you, they really have been so unpleasant and unhelpful.. It’s just not the sort of stress that anyone needs.
Jayne says
Has anyone had any recent success with safety net credit? I sent them an affordability complaint and they said they would reply within 8 x weeks. Then after 8 x weeks they messaged to say they still hadn’t made a decision it’s now been about 16/18 weeks since initial complaint I contacted them again and they still said they haven’t made a decision and have now idea how long before they do?
Sara (Debt Camel) says
no idea – send it to the Ombudsman straight away.
Leigh says
I got same response from SafetyNet a day before 8 weeks were up (mid June). I contacted ombudsman immediately and they replied with acknowledgement advising they would be in touch which they did and requested information on 27th June which I provided so am now just awaiting a decision if complaint will be upheld.
Ah says
What letter did you send to ombudsman please?
Jayne says
Thank you will do that now
Mr HJB says
Hi Sarah, hope all is well. Just looking for some clarification on an adjudicator decision which states the lender should do the following:
A) Remove all the unpaid interest, fees and charges from the credit facility from 11 July 2019 onwards.
B) Treat all payments Mr B has made towards her facility since 11 July 2019 as though they had been repayments of outstanding principal.
C) If at any point Mr B would have been in credit on the credit facility after considering the above, you will need to refund any overpayments with 8% simple interest* calculated on these payments, from the date they would have arisen, to the date the refund is made.
D) If there is an outstanding principal balance, then you can use any refunds calculated as part of “C” to repay this. If a balance remains after this then you should try to agree an affordable repayment plan with Mr B
E) You should remove any adverse payment information recorded on Mr B’s credit file from 11 July 2019 onward.
The credit limit as of 11 July 2019 was £600.00. The balance is currently £0.00. Am I right in thinking that every single payment I have made to them since 11 July 2019 will be added together (£2200) and then £600 subtracted from that leaving £1600 + 8% Tax = £1,728 is the amount ill be refunded?
Do the redraws of the credit facility have any effect? (Drafty Credit)
Sara (Debt Camel) says
Am I right in thinking that every single payment I have made to them since 11 July 2019 will be added together (£2200)
yes
and then £600 subtracted from that
No – every withdrawal from the facility will be added together. That £600 was the limit isn’t relevant.
+ 8%
No – the 8% is an annual charge – it will depend on the date that you would have moved into credit in the facility. If that was 2 years ago, 16% interest would be added. If that was 6 months ago, then 4% interest will be added.
Do the redraws of the credit facility have any effect?
If by that you mean the amount you wthdraw, yes, these are added up to find how much interest you were charged.
HB says
Hi Sarah,
So since 11th July 2019 I have redrawn £700 and made a total of £2200 in repayments so total refund figure will be £1628 as opposed to £1728 (based on 8% int figure)
Sara (Debt Camel) says
What was the balance on 11 July 2019? Since then you have only borrowed 700?
HB says
Balance would have been c£600 as I would repay interest/minimum repayment and redraw straight away hence only having reborrowed £700 since July 2019 as that was all that was available to me
Sara (Debt Camel) says
so I am persisting as this seems unusual. After July 2019, if you repaid the minimum, you did not then reborrow that amount?
HB says
– So my typical repayment was £50 which was minimum payment, this cleared the interest for that month and then left c£20 available for redraw which I did every month
Sara (Debt Camel) says
Have you added up all those redraws – they total £700?
HB says
Yes added all redraws since july 11 2019 and they total £700.00
Sara (Debt Camel) says
ok, then your total refund figure will be £1628 as you say. Plus 8%.
Simon Tippett says
Hi Sara,
Firstly thank you for this site. I used your template to make an affordability complaint against Lending Stream, they have agreed and refunded me £600. I defaulted on the payments for the last two loans and ended up with a CCJ in 2018. The email says they will correct my credit file, does this mean the CCJ will be set aside, or do I have to make an application to the court to have it removed? or am I just stuck with it. Any advise would be great and thanks again for the great work you do. Simon
Sara (Debt Camel) says
Go back to LS and say you would the CCJ to be set aside.
Shoo says
Has anyone heard any more about the Myjar redress?
Kelly says
Does anyone know what happaned to one month loan? I had several loans with them years back but I cannot find anything about them online
Thanks
Sara (Debt Camel) says
That was a brand name of Sunny. Now dissolved, it is too late to make a claim.
Claire says
Hi, I’ve just had an email from my jar asking to confirm bank details acc number / sort code and address now not sure why but it doesn’t seem genuine has anyone else had same email?
Thanks
K says
I had the same and so I sent all my details and then they write back saying I was not due any redress ! Which annoyed me as now they have all my details.
Ryan says
Does anyone know the latest with piggy bank and my jar, I can’t find any details on their website on when they expect to pay out or how much?
Annemarie Jeannette says
It says on the website everyone should receive money by the 15th of July.
ryan says
Is that for myjar?
Annemarie Jeannette says
Yes it says the 15th of July for myjar.the money is going to be appittance though .so I wouldn’t get too excited .I think it’s 1p in the pound 😔
Mike says
Given the radio silence together I don’t see that happening, they’d have communicated the dividend amount by now
Steve says
Yeah, what is happening with Piggybank?? Little or scant information at best. The administrators have been at it for years now. What little is left after the creditors have been paid off will surely be gobbled up with their costs. They know exactly what they are doing!
Kelly says
I’m waiting for Piggy bank too. Contacted them a few times, get the same duplicate email response. Ridiculous how long it’s been taking.
Jamie says
Any update on piggy bank ?
I got told it can take a while cause of administrators . Nothing else.
Kelly says
No, nothing. The Administrators took over at the end of 2019. Almost three years.
V says
I am waiting piggy bank same emailed them a few times asking if they have any idea on dates! They just said we will update you with any info but basically nothing to tell us yet. It’s taken them like 3 years and still not finished disgusting really
Colin Brown says
Hi Sarah,
I hope you are well.
How would I get a tax certificate for my QQ redress?
Many thanks
Colin
Sara (Debt Camel) says
So far as I know, no tax was deducted from what you were paid
Colin Brown says
Hi Sarah,
On my table of redress they say they will pay 20% tax but I don’t know the amount.
Do you have an email for grant Thornton I believe it’s casheuro…gt
Sara (Debt Camel) says
Was that in the email to you saying what % you would be paid with the final amount?
If it was only in the earlier “this is your total redress” email, that does NOT mean that they have deducted tax from the payment you got.
Annemarie Jeannette says
Yes it says the 15th of July for myjar.the money is going to be appittance though .so I wouldn’t get too excited .I think it’s 1p in the pound 😔
Lynne says
Well today’s the deadline for loans2go if they wanted to go back to the adjudicator with ‘new information’ about my loans. Not sure what happens next?
Sara (Debt Camel) says
probably the adjudicator will give them another couple of weeks…
Pol says
Hi Sara,
I’ve had a complaint to safety net upheld, they’ve sent me calculations of my redress, I was just wondering what I need to do to claim the 20% tax back please?
Sara (Debt Camel) says
See https://debtcamel.co.uk/ppi-payday-refund-get-back-tax/
Sandra says
Hello,
I did not know you could claim from safety net. I have just checked and paid roughly £2500 since 2016.
How long did it take safety net and did you go through ombudsman?
Thank you
Pol says
Hi Sandra, safety net upheld my complaint after 8 weeks, just waiting on payment now
Joanna says
Hi
I’m waiting had my list of borrowing and a vheck in email saying they have to 9 Sept but may be sooner.
I had 5 years with them and my list is long and eventually a balance of 1.3K defauited went to 3rd party and I have been paying off.
What was your offer?
Thanks
When I look at what I paid back including interest over 5 years…it is astronomical. I am wondering what they will offer if upheld.
Max says
Hi Sara,
After a 10-month wait in the FOS queue, my complaint against Drafty was adjudicated on within 24 hours of being picked up.
The provisional decision is below (minus identifying details) and relates to a £1,900 credit limit that was raised from £1,500 in late 2019 after the line’s launch in early 2019 with a £1,000 credit line.
I’m disappointed the whole complaint wasn’t upheld given the shocking state of my finances at the time and am now considering my next step. Drafty partially upheld it from mid-2020, which I rejected.
I’d be grateful if you confirm I’m reading the decision right, in that NO interest should have been charged on the WHOLE account from December 2019. I’ve paid about £2,700 in interest since then.
I just want to be clear that the adjudicator has instructed them to charge interest on the WHOLE balance, and not just the £400 difference between the penultimate and ultimate credit limit hike. I’ve not come across “forbearance” in my previous cases.
“Drafty should have treated Max with forbearance, stopped any interest from accruing and allowed him to repay what he owed within a reasonable period. As Drafty didn’t do this, this was detrimental to Max; Drafty should repay any interest applied from December 2019.
How to put things right: Remove all the unpaid interest, fees and charges from from December 2019. Treat all payments made since December 2019 as though they had been repayments of outstanding principal.
Sara (Debt Camel) says
Forbearance is regulator-speak for stopping charging interest to help a customer in difficulty.
Yes you are right that all interest and charges since Dec 19 are being refunded.
Max says
Many thanks, as always, Sara.
In that case, I’ll likely accept the provisional decision as want this matter put to bed once and for all, although Drafty may yet drag it out, of course. I’ll update this thread either way as and when.
Assuming it is resolved, that just leaves me with one outstanding FOS complaint out of more than a dozen: versus Halifax for hikes to overdraft limits a decade ago.
Adjudicator agreed they could go back that far, but Halifax disagreed and it’s been with an Ombudsman for several months now.
I’m hoping even if they don’t allow the case to go back that far, they’ll at least agree to go back six years from the date of my complaint as that £2,000 facility is supposed to be subject to annual review.
Max
Sara (Debt Camel) says
If Drafty drag this to the Ombudsman, then tell your adjudicator you only accepted in the interest of quick settlement and now you would like the ombudsman to look at the full complaint.
Max says
Hi Sara,
Just to close this chapter, Drafty didn’t accept the adjudicator’s decision in full, saying they would not refund interest since late 2019 on the half of the balance I was using prior to the final credit limit interest.
As such, their settlement offer was at least a good £600 below the outcome I’d hoped for. Ninety nine times out of a 100 I would have rejected and gone up a level, but the saga’s been going on almost a year now and I can’t afford to have the monthly payments on my bank statements as currently trying to buy my first house and the broker said it wasn’t ideal having them on there.
End of the day, the settlement is still five times what they offered me directly last autumn prior to FOS escalation. I note from the final Ombudsman decisions (not adjudicator level) on the FOS website that cases involving the actual granting of Drafty credit lines are rejected almost uniformly; on that basis a payout closer to £4,000 was never going to happen.
They’ve now got a month to cough up £1,500 and wipe out £1,000 outstanding balance. Not the ideal result, but a fairly decent one.
Max
Max says
Hi Sara,
Just a footnote on this in case it helps anyone in future.
Account was closed within 24 hours of me emailing the adjudicator my acceptance of the offer, while a four-figure refund via BACS arrived within a week.
Max
Liam says
Hi Sara, I’ve been waiting for 13 weeks for a final response to a affordability complaint I made to safteynet, at 8 weeks they messaged saying they’re still looking into it, Emailed them at the 10 weeks for an update, They said they can’t give me a timescale on when my complaint will be resolved but are treating as a priority, just wondering is it normal for no FR by now, any advice would be helpful, Sorry so long.
Sara (Debt Camel) says
Send it to the Ombudsman now.
Neil says
I sent mine to the ombudsman a week after they never gave me a answer received a reply from them thought the ombudsman upholding my complaint 4 weeks later
Pol says
Hi, anyone else having issues logging into safetynet?
Lynne says
It says the website is currently being upgraded
Amy says
I’ve just had an email to say they have temporarily stopped all lending.Bricking it now as my redress is due within the week
sam says
Has anyone had an email from H&T offering redress.
Just wondered how long it takes to receive payment from them
Thanks!
twotwo says
Hi Sam,
I did – filled in the form. Apparently we will get it within 28 days. Do let me know when your receive yours
Thanks
Tony says
I received an email with an offer of £72, I’ve filled in the details form and it said it could take upto 60 days, hope it’s sooner
sam says
hey, got mine today
only took 4-5 days to come in
Robert says
Hi Sara,
Just wanted to say a massive Thank you!!!
Lending Stream have offered me a refund of £3176 and Loans 2 Go have closed my account… all thanks to the advice you provide!
Finally feel like I am getting myself back on track… I wouldnt have known where to start without coming across this site :)
Pol says
Hi everyone, just had an email from safety net, they’re temporarily stopping lending. They’ve put this down to the cost of living crisis. Hope our refunds aren’t harmed in any way because of this
Sara (Debt Camel) says
See https://debtcamel.co.uk/safetynet-credit-stops-lending-fca-restrictions/ – which looks at the new restrictions on SNC and the way they paused lending for a few days while they changed their systems.
John says
Has anyone heard from or received money from myjar? It’s the 15th and nothing here
Mike says
MyJar!
Called it a couple of days ago, no sign of any payment or communication!
About the 4th one of these now that put dates up with no intention of sticking to them
Kerry says
No nothing for me either .
Helen says
Hi, I just emailed myjar, automated reply saying that they intend to process payments today and should be in your bank account by Monday.
V says
Oh really I emailed them yesterday and had no reply again! Does it say how much in the pound the payment is? I bet we all get peanuts 🙈
Helen says
It said, they won’t know until they are making the payments, guessing that is is to stop people emailing for updates, they probably do know how much.
Donna says
2p in the £
Lynne says
Just got this from the Ombudsman
Loans 2 Go has responded to our assessment of your complaint – and has said it agrees with the recommendations we set out in our letter.
what happens next
If you’d like to discuss my recommendation, please let me know as soon as possible.
Otherwise, you don’t need to do anything. If we haven’t heard from you by 22 July 2022, we’ll assume you’re happy with how we think your complaint should be sorted out – and we’ll tell Loans 2 Go to contact you to arrange settlement.
Lynne says
Apparently they now have a further 4 weeks to write to me with how they’re going to solve the case. All this waiting around yet they were quick enough to debit our accounts with their extortion!
Charlotte says
I made a complaint to SNC on 30th April (11 weeks ago), I still haven’t received a response despite calling and emailing several times. They just respond with an apology saying they will respond when they can. How long has everyone else’s response taken to receive? I have also referred to the FOS when 8 weeks had passed.
Pol says
Hi Charlotte, I complained in May and received final response exactly 8 weeks later upholding my complaint
John says
Hi Sara or if there is anyone else who could help me. I had my money back last year off provident. I paid a lot of tax on it. But I have been told I can claim it back by filling in a r40 for. Does anyone know what sections I have to fill in please.mas I’m unsure.thanks John
Sara (Debt Camel) says
see https://debtcamel.co.uk/ppi-payday-refund-get-back-tax/
Dawn says
My jar redress has gone into my bank account this morning. Peanuts so don’t expect a lot. As they say it money I didn’t have yesterday.
V says
Just checked my bank this morning and had a payment of £18.77p from my jar. This is absolutely shocking!! No email correspondence either to go with it. The claim they had accepted was for £722.00 they did say to only expect 1 or 2p in the pound 😔
Amy says
Got my jar refund £16 not alit but something
Richard says
I received mine today £7.94 Ines it would be low
But if it’s 1p to the pound it doesn’t add up to me
This was their email for my redress
I could be wrong thou
< Archive Myjar Limited ('Myjar'..
^
Redress – Balance Reduction
Redress
– Unsecured Claim
Total Combined Redress
£ Redress
Value
£2.27
£329.57
£331.84
V
Mike says
It’s around 2.75p in the pound, slightly more than they projected but still sod all. I might go and spend my £7 on a pack of Lurpak!
Robert McC says
I had 9 loans with MyJar with different redress values (£212.54, £55.10, £26.63, £281.67, £11.59, £8.67, £30.21, £39.52 and £273.03) which totaled £938.96. Based on the refund of £22.61 which I received, it looks like they paid me around 2.4p in the pound.
Dominic says
I wonder if this is a record low amount amongst Debt Camel users:
MyJar redress received for EIGHT PENCE. Original claim value was £3.29.
Can anybody go lower? 🤣
Lisa G says
Hi Sara. I had a loan with MyJar… I borrowed £3000, over £6000 to repay with interest.
I sent an irresponsible lending complaint to the FOS, for this loan they upheld my complaint at Ombudsman level.
Interest was removed. Since, I’ve managed to get the balance down to less than £500.
The debt was sold to ACI. I’ve increased my payments and the balance will be cleared in the next 2 months.
This last week I received a letter from ACI to say they were happy to remain with my payment plan but they would be adding a default notice to my credit file.
Can they do this? The Ombudsman decision said “remove all adverse entries about loan 3 (this loan) from XX credit file”. Does that include not putting any more adverse entries on in the future?
I’ve emailed ACI and sent the Ombudsman decision, I’d just like to have an expert opinion incase I have to go into battle with them. Thanks!
Sara (Debt Camel) says
Can they do this?
There is no very detailed list of rules about what should happen after someone has won an affordability complaint.
but I don’t think it is reasonable for them to do this, so if they persist, put in a complaint to ACI and send it to the ombudsman.
David says
Hi
Has anyone made a complaint against Fernovo? Do they settle complaints on time, do they make decent offers etc? There never seems to be much posted about them. They have sent a letter out of the blue stating that they have looked at 2 loans I had with them and they were unaffordable and they want to refund me £106 in total. I have to fill a form in and send it back. I hadn’t made a complaint but I have now as I have had 12 loans with them
Sara (Debt Camel) says
They are not a large lender so they aren’t much mentioned.
Were there large gaps between the 12 loans? time between repaying one and taking the next out?
David says
Hi Sara
No, they were continuous I was meaning to make a complaint and they reminded me with the letter. 12 loans back to back all £200, virtually all applied for within a few days of paying off the previous one, sometimes the next day. Just wondered if they were likely to settle up before I send it to ombudsman. Not sure why they only think 2 of the loans are unaffordable
Sara (Debt Camel) says
Those loans are pretty small but I would be surprised if FOS did not decide that more than 2 were unaffordable. Possibly 6-12. Possibly more. You could offer to settle quickly on the last 6 loans being refunded.
David says
Thanks Sara
I will send an email to them with an offer
Christina Wynne says
Myjar told me I was getting £21.20 redress. I got £4.41 into my bank today 🤷♀️🤷♀️
Robert McC says
I received £21.62 yesterday from MyJar which is what I expected based on them paying 2p in the pound
Eric says
Myjar redress payment of £16.14p, £8.35p and £7.12p into my bank today. 🧐
Becky says
Hi I made a complaint to moneyboat which they have refused so I am going to pursue with the financial obudsman but they basically threatened me in the final response letter. See below:
It is worth noting that it would be considered an offence to have obtained funds by deception. If after this response you are suggesting that the information you provided did not accurately reflect your circumstances at the time of the sale, then I need to advise you that we reserve the right to pass details of your application on to fraud prevention agencies. (Note that as a result, this information would be utilised by other financial providers for their consideration in future dealings with you.)
Is this true? As far as I was aware my outgoings were correct I didn’t include other payday loans because they didn’t specifically ask about them and wasn’t a category for them.
Sara (Debt Camel) says
They make these threats to everyone. They just hope a lot of people will be put off. So far no one has reported any problems when they send a complaint to the Ombudsman.
DG says
I made a complaint to the Ombudsman regarding Moneyboat. The Ombudsman found in my favour and issued a redress and gave Moneyboat 4 weeks to get in touch with me. It’s been months and Moneyboat are ignoring the Ombudsman and I with respect to the payment. Is there anything I’m able to do?
Sara (Debt Camel) says
Was this an adjudicator decision or a Final Decision from an Ombudsman?
DG says
It was a final decision. The Ombudsman said it’s legally binding but not much they can do if the company doesn’t get back in touch.
Sara (Debt Camel) says
how long since the FD?
DG says
It was in April.
Jane S says
Hello,
I am in the same situation I have received a response from moneyboat stating that if I gave misleading or incorrect information at the time of application that it’ll be treated at fraud – it was 2 years ago so I have no idea what information I would have put in so not sure if it’s risky to continue with the complaint incase it falls back on me…. Or even if I did give false info is it still there responsibility to review my credit score etc?
Not sure if I should continue the complaint or withdraw.
How have you got on with your application ?
Sara (Debt Camel) says
MB say this to everyone. They have not looked at your situation and thought there was a problem with your application.
No-one has reported any problems with this if they have sent the complaint to the Ombudsman – it has never been mentioned again. They just seem to be being unpleasant and hoping this threat will make many people drop a complaint.
Fraud requires a deliberate intent to deceive. Not getting some figures a bit wrong. See https://debtcamel.co.uk/payday-lender-says-lied/. So for example in 2020, a judge reviewed about ten applications where there were significant errors in the income or expenses and decided that in almost all of them it was just because the person applying for the payday loan had completed the application too quickly or the application had not asked for sufficient detail. The one exception was where someone had invented a job and an employer that they did not have.
James says
Hi,
Has anyone come across a company called fund ourselves? It is peer to peer lending, 100% interest, it took me ages to get my defaults gone and due to credit card issues I had to take 4 loans with this company.
So the newest loan is 1500 with 3000 to pay at either 500 a month or pay in full with 0.8% interest per month, I am going to struggle to pay in full this month.
Just looking for help, I don’t want it to go to default and waste file again but going to struggle to pay amount in full. If I make a complaint, does that stop interest and payment in meantime or do I have to continue paying until my complaint is sorted?
Any help on what way to proceed would be appreciated.
James says
0.8 interest per day not per month sorry
Sara (Debt Camel) says
ok that is the standard payday lender interest rate.
how large were your other loans from them?
James says
Hi Sara,
I had 2 x 800 loans and a 1500 loan out with this one, I paid them all in full when I had money then so probably paid close to 1000 in interest, all the loans were taken and paid off in the space of 2 months.
Sara (Debt Camel) says
Sorry I missed your reply.
Those are large loans and if you took the case to the Ombudsman you could potentially get a refund on all three, not just the last one. Depending on your finances of course.
If you make a complaint this does not stop interest and payments. As you can’t aford to pay, if you stop payments, then your credit record will be harmed but the negative marks will removed if you win the case about the last loan. Which is also the largest so the one you are most likely to win.
Unless your credit record is great (which seems unlikely or you wouldn’t be borrowing at such horrible rates of interest), you may decide it’s best to stop paying. Borrowing to make repayments is a disaster, your end up in debt cycle that just gets worse.
If yopu have other problem debts, then, especially with bills increasing, it may be sensible to talk to StepChange about a SDebt Management Plan. That would put you in a safe position while this (and any other?) complaint goes through.
Stacey says
Anyone heard anything from piggy bank? Been almost three years now since they went into administration. Keep getting same response from customer services.
Ryan says
I was wondering the same, I’ve heard nothing for 3 years. No idea what’s going on
Ace says
Shocking from The Money Platform. They’ve made a massive cock up and taken money out of peoples accounts on Friday for loans they had already paid in March.
It started with this message back in February
‘We hope this email finds you well. We have been notified of a problem via our payment provider Mangopay with VISA payments collected in the period from 22/02 – 04/03.’
Below is the automated response yesterday.
UNEXPECTED PAYMENT?** If your query is regarding an unexpected payment that was taken on Friday 22nd July, please note that we are working hard to urgently resolve this with our payment provider and return funds to you and we will be in touch as soon as we have an update.
They’ve put nothing on their social media and have basically shut up shop for the weekend leaving some stranded abroad with no money. They’ve taken £300 out of my account and looking at the comments on trust pilot there’s a lot of people in the same boat.
https://uk.trustpilot.com/review/www.themoneyplatform.com
If you had a loan with them in Feb/March please check your bank account.
Sara (Debt Camel) says
That is dreadful.
They should not just refund you the money but also cover any other costs you have had as a result. Send a complaint to the Financial Ombudsman if they don’t.
Why is it always over the weekend!!!!
Robert says
Hi Sara,
I submitted an affordability claim with Fernovo about 1-2 weeks ago. The reason I submitted it was because even though the loans I took out were small they were part of the ongoing loans cycle that I was/am stuck in. Even though I struggled I always found a way to make my repayments. I received an email today stating that my complaint has not been upheld. It says:
However, because you always repaid in time all your loans before the last one, and you have decided to file for an affordability complaint, we are ready to waive the interest on the last loan, if you withdraw your complaint, as a gesture of goodwill we are happy to reduce the open balance to £150 (based on £150 principal amount). Repaying this amount will close your balance. We would be happy to help you set up an affordable, interest free repayment plan going forward. To provide you with an incentive to close the account as soon as possible, we are willing to completely delete all your accounts from your credit file, once the last one is repaid.
I was wondering if I should just accept their conclusions on my complaint. My main issue in their conclusion is that it was not a ‘momentary cash flow issue’ as they have stated and the length of time between repaying a loan and taking another would have indicated this. As I said, the loans are tiny in comparison to other people, but I suppose at least now, I will not be able to apply for any further from them.
Sara (Debt Camel) says
how many loans did you have? over what period? and how large were they?
Robert says
Hi Sara
There were 8 loans (all pretty small – 100, 300, 100, 200, 150, 200, 150, 150) over a period of 25 months end to end (per the email I received). Most were repaid over 3 months apart from the 2x£100 ones
Sara (Debt Camel) says
and your current balance is?
Robert says
£222.45 (£150 loan + £72.45 interest)
Lynne says
Moneyboat have offered me 50% discount to pay off my balance and this will close the account. I’m so relieved as this is a CCJ although I wish they’d done this sooner as it’s recently stopped me from getting a job due to being a live CCJ. Had it been settled things might have been different.
Sara (Debt Camel) says
do you think you have a good affordabilty complaint against them? because if you can win one, you can ask them to “set aside” the CCJ which will remove it from your credit record.
Lynne says
No it was a small loan and I can’t be bothered with the hassle all over again the threats of putting fraudulent info etc.
The thing is I’d asked several times if they’d reduce the balance for early settlement and they kept saying no. They say they’re making this offer now due to the cost of living crisis and in ‘an effort to help customers improve their credit rating’. So I’m paying it off on Friday. Annoying though that I lost out on a job because of it just a few eeeks ago and now this happens.
Paul says
Has Trusted Quid gone into administration ?.
I’m trying to find out if it’s possible to get a refund from them.
Sara (Debt Camel) says
Sorry they were dissolved last year https://find-and-update.company-information.service.gov.uk/search?q=07112031
Carl says
Hi Sara and everyone
Have you had any comments today regarding H&T pawn brokers/payday loans sending emails stating your entitled to redress?
I received one today saying amount am due and login to give details etc for £254 but unsure if it’s junk? I logged in and input details on site and says give them 60 days to pay?
Thanks
Sara (Debt Camel) says
yes a few people have had these.
How many loans did you have from them & how much interest did you pay? This may not be a good offer and it may be better to send them a complaint.
Carl says
Hi Sara
Thank you for reply. Well I did complain to them about 2 years ago and they paid maybe £200 in something redress back for 4 loans I had with them so I found it strange to receive this email today offering money and to complete bank details etc.
Carl says
Hi Sara and everyone
Have you had any comments today regarding H&T pawn brokers/payday loans sending emails stating your entitled to redress?
I received one today saying amount am due and login to give details etc for £254 but unsure if it’s junk? I logged in and put details on site and says give them 60 days to pay?
Thanks
BigMac says
Glad I found this – I don’t quite follow how the “forums” on here work – previously I kept up to date on the long drawn out Quickquid situation. Whilst we were all waiting on there people started posting about other loans they were reclaiming for – including Likely Loans – together with details of how they sent a short three line email to their email complaints address (Which was actually Oakbrook finance ) – I’ve been mulling over whether I should make a similar complaint – but I’ve been quite busy – eventually got around to it and decided to take the same approach – basically a short email stating that I feel that the loans made to me (including two top ups) should probably not have been made – and can they look into it and get back to me. I got an instant reply – email address no longer in use. Going onto their website and complaints now need to be made by post or “a form on their website” – so I guess it’s post and special delivery?
And I probably need to expand.
One “problem” I might have is that for several years I’ve always operated more than one current account – most of my payday loans and also some gambling transactions were on a different bank account to which I applied for Likely Loans – but there were some other loans on that account – including Everyday Loans, Mr Lender and H&T loans.
Sara (Debt Camel) says
Try emailing beth.kelly@oakbrookfinace.com and let me know if that works. It is the address given for complaints on the FCA register.
Did LL ask you for bank statements before approving your loan?
BigMac says
continued:
I recently received an email out of the blue from H&T (the pawnbrokers) offering me redress on the loans I took with them (which were simple loans – not secured with any valuables) – Googling showed that this had been as a result of an investigation by the FCA. (I think)
I also have an ongoing situation with Quidie Loans (although I used Fernovo loans) – they wrote to me offering me redress on one loan I took with them (about 2-3 years ago) – I remember taking several with them – but when I logged into my account it would only show the latest and not a list of them – I emailed them and asked for this list and they replied with “we’ve sent your request to the appropriate dept…..”
Nothing received in response – the original offer letter (which incidently came in an envelope with a 2nd class stamp – not business franking) asked me to respond within 21 days – or else, given the importance of the letter, they would contact me again – and indeed I received a follow up letter (this time slightly more official looking envelope and franking) – but still I was waiting for the email response for a list of all my loans – I chased up several times – and all the email responses were much the same – we’ve sent it to the appropriate dept.
n the end, I searched my emails/bank statements and found at least six loans over a two year period – most loans were 2-3 months – so clearly not much gap between the loans – the amounts were not “that high” – I don’t think they ever approved me for more than £300 – in the end, I sent off the “reply letter” – stating that I was unable to accept their offer of “one of my loans was unaffordable” – and asked them to review all my loans – that letter was sent off about three weeks ago – and I’ve heard nothing since.
Going back to my Likely Loans letter – I know I can use one of your templates – but I was trying to personalise it – in what way am I supposed to “justify” that I think the loans were/may have been unaffordable? Or do I just leave it to them to review and make a decision?
As you’ve said elsewhere, I’m wary that they might just state based on the info I provided for income and expenditure that I could “easily” afford the repayments – but given I often had several loans on the go at the same time (upwards of 6 or 7), then I would often “play down” the amount for the “credit repayments in month” box – like a lot of others on here, I was desperate for the money at the time so may well have massaged my application form.
I did put in a claim with Peachy loans a few months back – I had several loans with them over about three or four years (I think it was 11 loans) – and their response was to state that all loans were affordable – they did give a detailed breakdown to each loan – along the lines of :
Stated income = x, repayments were y – therefore, you had £200 spare to repay, and so on.
Sara (Debt Camel) says
For Likely Loans, start with the template on the large loans page here: https://debtcamel.co.uk/refunds-large-high-cost-loans/
Peachy – if you had ignored their brush-off and sent that to the Ombudsman you would probably have got a refund. Now it’s too late as they are in the late stages of administration. You cannot assume that a lengthy reply is accurate – if you know a lender caused you trouble, ignore their reply and send the case to the Ombudsman.
H&T – the question is, is that an adequate compensation? If you are not sure, ask them for a list of your loans and the interest you paid on each. Just because they have offered this amount doesn’t mean it is all you can get if you make a complaint.
Quidoe/Fernovo – same point. If you are not getting a reply from them 8 weeks after you have complained, send it to the Ombudsman.
BigMac says
Thanks for your response Sara. I think the Peachy situation came about as part of their administration – so clearly, even if I did push my case a bit further, I probably assumed that any payout would be minimal (as it has been for all bar Quickquid) that it probably would not have made a material difference.
The H&T offer was accepted and has been paid – it was quite a sizable sum (approx £1500) – and I didn’t have that many loans with them (albeit they were quite large) – I didn’t do detailed calculations – but it seemed like a reasonably generous offer.
Like yourself, I felt the Provident scheme/payout was abhorrent – and I’m still pinching myself to think that the 5% (ish) payout of £50m meant that in reality their true claim value was in excess of £1bn – it makes you wonder quite how many “unaffordable” loans they actually made over those years in question.
I will get going with the Likely Loans letter using your template. Thanks again.
Would be interesting to hear from anyone on here with recent dealings with Likely Loans? I was following Ryan’s dealings with them – whereby they seemed to assume the first loan was unaffordable, but the top up loan was fine – when in reality, taking out a top up loan is merely done to pay off the old loan and take out more credit on top without any gap in between – in addition paying the “penalty” for paying off the first loan early (I think it’s two month’s interest) – but I might be wrong.
BigMac says
I would have thought that the practice of top up loans would be right up there with the FOS and finding in the customer’s favour.
The other situation with LL is that when I was accepted for the first loan, it was at the highest possible APR – i.e. my affordability/credit score was not good enough to get their lowest APR (39.9% I think) – and on taking out top up loans, they always had to be at the same APR as the original loan and no further updated affordability/credit check to see whether I qualified for a lower APR.
Makes you think that their checks for top up loans were very minimal – from memory, I think it was a case of waiting for the customer to make six payments on time on their loan (that was their min requirement) and then the possibility of being eligible for a top up loan occurred.
Scott Topey says
I posted previously about making a claim against Moneyboat for unaffordable lending. I’d had 16 loans from that company over the past 4 years and felt like I had a strong case. Anyway, got an email from them on Sunday with their findings – basically saying they take no responsibility but as a ‘gesture of good will’ have offered me interest on my last 11 loans back – £1134.
I have emailed back saying I am willing to accept and end the matter. Just posting this to let people know that a conclusion can be reached with some of these companies in a semi-satisfactory manner, although I do believe that taking to the Ombudsman may have yielded a better return.
For those who have had refunds from Moneyboat – how long does this usually take?
Ah says
Anyone had a response from Safetynet? Mine is 16 weeks now. I have forwarded my complaint to FOS. I’m just thinking are they delaying to see if we do pass our complaints on?
Sandra says
I have put a complaint in 5 weeks ago. They ack acknowledged the complaint. I asked them to freeze interest and they have ignored me since.