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?
Sara (Debt Camel) says
not sure who you are replying to?
Nikki says
My complaint with Moneyboat has been provisionally accepted by the ombudsman. they have until 30th August to go back with any comments. I am not hopeful of them paying out after reading a comment further up though :(
Sandra says
I have just chased provident up on behalf of a friend they are denying she registered for the scheme despite them asking for verification of her addresd by email and then confirming she registered her claim.
I have kept all of these.
Danny says
Fernovo are a strange outfit. Received a letter dated 30th June from them on the 11th July, demanding a response by 21st July, offering me redress compensation on 3 loans they have since deemed were unaffordable.
Great, I thought (albeit worried about them getting my response in time). Sent it back straight away, got an email confirmation on the morning of 15th July saying they had everything they need and they would be in touch within 21 days to confirm it had been done.
Haven’t heard anything as of this afternoon so I emailed them again today, and got this back:
“Please be advised that your redress compensation will be received 21 days from us receiving your redress form. We received your form on the 15.07.2022. Unfortunately, we cannot give any update until this date. You will need to wait until the 21 days are over to chase these funds.
We thank you for your patience and please accept our apologies for the inconvenience.”
Can’t work out if they are saying it will be processed this afternoon (even though the 3 weeks they promised it would be done in have clearly passed) or just clueless. Also not sure why I’m having to “chase” (their word) when they themselves have admitted wrongdoing. Next step FOS??
Sara (Debt Camel) says
how many loans did you have from them?
Danny says
3 in a three month period.
And just to add further context, they were the last lender who were prepared to deal with me. I was on a DMP with StepChange three weeks after the last loan they issued. It hadn’t occurred to me until now how wrong that probably was!
Sara (Debt Camel) says
ok so they are offering to refund all three , that’s good. I suggest you just send them an email saying that you will be sending this case to the Financial Ombudsman 8 weeks after the 11th July when you replied to their offer. if you have not been paid by that point.
Danielle says
They took a few days after the 21 days to pay me, they will do it, but chase them a week after if it hasn’t been done
Leigh says
Want to say a big thank you again to Sara & your site. I lodged complaint with lending stream who refunded me nearly £2k and my complaint sgainst Safety Net which I took the ombudsman as they did not provide decision within the stated 8 weeks was today upheld and I sill receive a redress of £1800 and my balance outstanding of £430 written off. Initially wasn’t for this site I would have never lodged a complaint with these organisations. Thank you
Kelly Edwards says
Hi Sara
I recently had a refund from lending stream and they sent me an email saying they would instruct Assets collections to get thre CCJ I have for this, removed from my credit report. That was around 3 to 4 weeks ago.. I sent the email to the country Court judgement centre who added the CCJ to my report and they have replied saying I need to fill in a form and pay £275. Is there anyway around this please? I earn too much to pay it back, do I have to pay the £275? It also states it might not get removed. Thank you
Sara (Debt Camel) says
No, Asset Collections should apply for the Set Aside not you, and it won’t cost you anything.
Kelly Edwards says
Ok so shall I contact them? Lending stream said they were contacting them but that was 3 to 4 weeks ago.
Sara (Debt Camel) says
I would wait a couple more weeks before asking LS what is happening. Tell LS you will take the complaint to the ombudsman if this isn’t resolved.
Kelly Edwards says
Ok thank you for the advice
Jayne says
Has anyone has a redress refund from SafetyNet and did it take the full 14 days to arrive in your account!
Pol says
Hi jayne, I received my funds after 12 days
Jayne says
Thank you for replying
Michael says
Any templates for raising an affordability complaint against safety net credit? Can’t find them anywhere
Sara (Debt Camel) says
just use the standard payday loan one in the article above – they are just a payday lender, charging 0.8% interest a day and with a massive problem about repeat lending.
Steve says
Put in an affordability complaint to SafetyNet back in mid April,they replied 8 weeks later saying they hadn’t finished investigating.I waited another month and contacted them again only to get the same response.
I’ve now made a complaint to the FOS so hopefully things might get moving soon.
Matt says
Hi
When putting in a affordability complaint can you ask for payments to be paused?
Many thanks
Sara (Debt Camel) says
is this for payday loans?
Matt says
Hi
Yes got 4 on the go due to a gambling habit which I’ve turned around
Sara (Debt Camel) says
ok so you can ask for a payment pause, the lender doesn’t have to agree, but with payday laons the important thing to remember is even if the lender refuse to freeze interest, they will very soon hit the “price cap” for payday loans . You can never pay more in interest than you borrowed.
Megs says
Can you never pay more than you borrowed if over 12 months?
Sara (Debt Camel) says
if the borrowing is over 12 months, the payday loan price cap doesnt apply. So high cost lending over several years can frequently mean repaying more in interest than you borrowed.
Sam says
Hi Sara,
I’ve had six loans between April 2022 and now, with a lender called Fund Ourselves.
The first 5 were repaid early, but I pretty much took another one out straight after paying the last – these were for between £100 and £250. Loan number 6 is the largest (£400) and I’m struggling to repay due to the interest. I sent a complaint and got a final response today – they said as I had repaid the first 5 loans early they had no concern about further lending and are therefore not upholding the complaint.
Is it worth sending this to the FOS? I know I repaid most of them early but surely so many loan applications in such little time should’ve caused some concern. Also currently paying a lot of other debt too.
Sara (Debt Camel) says
yes this is worth sending to FOS. Paying one loan early does not show you have no problems if you take another loan out soon after.
Marie says
How long did they take to reply
Sam says
Really quick to be fair. Sent my complaint on the 1st of August and received the final response on the 9th.
Marie says
I’ve had 16 loans with fund ourselves in under 12 months due to gambling addiction during the times I had these I also had many other payday loans at the same time. I’ve sent them a complaint as I’m struggling to pay my 16th loan of 500 total to pay with interest now is over 1000 do u think I stand a chance to get this upheld as I’ve hit the point now where I cant keep up the payments
Sara (Debt Camel) says
I think that sounds like a strong claim.
But it may take many months to go through as you may have to go to the Ombudsman to get a resonable decision… so if you cant afford the payments now on the last loan, ask them for an affordable payment arrangement. If you have other problem debts as well, look into a debt management plan with StepChange (https://www.stepchange.org/how-we-help/debt-management-plan.aspx) to get you into a safe position.
I hope you are getting help to stop gambling?
Lynne says
So ClearScore is showing that my CCJ with Moneyboat has been removed. Does that mean it’s not visible to others? I thought it stayed on record 6 years? (it was lodged 2018).
Sara (Debt Camel) says
remind me what happened with your MB complaint?
Lynne says
They did tbe usual said I must’ve used fraudulentinfo on application etc to be honest it was such a small amount so I’ve settled it now as they offered half price to close it. I was a bit annoyed though as when I asked previously for a reduced settlement figure they said that wasn’t possible so in the meantime I was turned down for a job due to tne CCJ and how it looks like it’s gone from my record!
Lynne says
Just looked a little further and it says discharged so presumably it’ll still be visible for another 18 months (ccj was from Jan 2018)
Joe says
I have a complaint with SafetyNet – Friday will be the 8 week deadline. Looking at other comments, I assume I’m unlikely to receive a final response within the timeframe? Has anyone received the final response on time lately?
Sara (Debt Camel) says
if you don’t get it then, send it straight to the Ombudsman. They don’t seem to be just a week or so behind, the response never seems to arrive.
Joe says
If I go to the Ombudsman but in the meantime SafetyNet uphold my complaint, can I just withdraw the FOS complaint?
Thanks
Sara (Debt Camel) says
yes.
John says
I’m in the same boat. I just contacted them and they basically told me to wait longer or go to the ombudsman
Sandra says
Safety net must be looking at my complaint now after 4 weeks or so as they have removed my available credit.
Megs says
Hi
So firstly thank you for all your advice so pleased I found this site it has helped a lot. I made a complaint with 118118 Money which they didn’t uphold. Tool to FOS and adjudicator upheld my complaint and said they were to refund all interest with 8% on top. 118118 never responded to this within timeframe and now going to ombudsman. Does anyone know how long this takes and does the ombudsman usually stay with same decision?
Many thanks
David says
Hi guys I am waiting for a refund off safety net credit 336!! I accepted their offer two weeks come tomorrow and said 14days, no payment yet. Do they count the weekend as one day or is it just week days, been following this site for some years now if it wasn’t for this site I wouldn’t of even thought of putting claims in thanks
Danielle says
How long did your claim take?
Leigh says
I’m awaiting my redress refund, in email received from SafetyNet it said following:
We aim to process refunds within 14 working days from the acceptance
So it wouldn’t class weekends as working days.
David says
Thanks for the reply, thanks for help I can’t remember what I done with emai but spoke to them on live chat, hopefully receive my funds by Thursday and that will make it 14 days, hopefully sooner!
Danielle says
Do they count the day you accepted as one of the days, or is it 14 days after acceptance?
Leigh says
Fingers crossed sooner rather than later for you. They are also removing my outstanding balance and logged in today and balance is now zero and account closed (5 working days since I accepted redress offer) so hopefully means funds will be going through process towards my bank account.
David says
My claim took just under 8 weeks, this was from two years ago when my account was open, only decided to put a claim in when I read this website. Thanks Sara! I got my money today so that’s 14 days, well happy
Joe says
Hi Sarah,
I chased this up with Safety Net via their live chat. They’ve told me they didn’t receive my complaint and if I like I can make the complaint again, but will have to wait 8 weeks, again.
I sent my complaint to complaints@safetynetmail.co.uk, as stated in their complaints procedure.
I don’t think it’s fair for me to have to wait another 8 weeks. It was 100% sent to them – although I didn’t receive an acknowledgement, but didn’t think anything of it as I haven’t always received one from lenders.
Any advice?
Sara (Debt Camel) says
huh.
You have the email showing as sent on your phone?
Joe says
Hi Sarah,
Not sure what happened here. They were adamant they hadn’t received my complaint, but I received a final response yesterday in which rejected my complaint.
To be fair, my credit limit is rather small. Started as £100 and increased to £130. At the time of the application, I was applying with any lender I could find and SafetyNet was the only one to accept me. I know it’s not a huge amount but I’m now stuck in a cycle of paying back the balance and then instantly re-borrowing and have been doing this since opening the account in February 2021. At the time I had several payday loans, with some of them on payment arrangements and two credit cards at their limit. SafetyNet said they found no adverse information on my credit files, but they made no mention of my bank statements which they have access too which would’ve shown all my debts and financial issues.
When they’ve calculated my income, they’ve included things like money being transferred from other accounts and friends sending me money. My only source of income is my wages which comes to just over £1400 a month. Below is their calculations on the final response which I don’t really understand:
Monthly Income (MI), made up of salary, bank
transfers, other income and 50% of welfare and
benefits
£2,192.37
Non-Disposable Expenditure (NDE) £2,075.67
Disposable Income (MI – NDE) £116.70
I have forwarded this to the FOS.
Sara (Debt Camel) says
quite right to send that on. Even though your balance was small, having it constantly for over a year is a sign of problems.
What is your financial situation at the moment? Have you asked SNC to stop taking payment by CPA? What other high cost and other debt do you have?
Lenny says
Just got a letter from Quidie/Fernovo offering me £259 compensation for 4 loans that were taken out. Should I accept the letter? Seems strange they’re offering compensation without me claiming. Makes me suspect they’re trying to offer me less than I would get if I did an IRL claim. However, at the same time I’m wondering whether to just accept it and save the hassle of trying to claim or even missing out if the company decide to go into Administration.
Anyone else had an offer? Any thoughts?
Sara (Debt Camel) says
do you know how large the loans were and how much interest you paid on each of them?
this could be a good offer or a terrible one, you need the facts to decide.
If you don’t know, reply asking for the loan details saying that you need them in order to decide whether to accept their offer.
Lenny says
They’ve listed 4 loans totalling £1100 borrowed. They’ve provided the following breakdown:
Interest on loans £154.11, Refund of overpayments (not sure what that means) £504.11, Application of 8% interest £131.24, Tax deduction £26.25. Final offer amount £259.10
Sara (Debt Camel) says
I don’t know what that “refund of overpayments” figure is either.
I suggest you ask them for the amount borrowed on each loan and the amount you repaid on each loan.
Sue says
I had one same time. Accepted offer as same thought as you in case they go into administration. Just waiting for payment now. Although I did email Thursday see what happening and they said as they decided to voluntarily offer compo, their volume of paperwork was huge and as they wanted to arrive at accurate pay out figures, requested for me to bear with but payment would be in bank soon. Will let you know when arrives
Sandra says
Message received from SafetyNet.
Dear Customer,
Thank you for using SafetyNet. We are writing to let you know about a change to the way our repayments work. We are still able to take repayments using the Continuous Payment Authority (CPA) but these are now capped on a monthly basis based on your individual affordability. You can see what this cap is and tell us more about your financial situation from your dashboard. Please also be aware any repayments we take automatically may not be enough to meet your contractual minimum payment. You can find this amount and when it is due on your dashboard. Automatic Repayments explained: Automatic repayments – as soon as we see your bank balance increases by more than £50 (for example, you may have received your salary) we will attempt to take an automatic repayment from your bank account. This will reduce your balance with us and save you interest (remember, we charge 80p daily for every £100 borrowed for up to 40 days). The total monthly amount that SafetyNet will automatically take is capped according to our affordability assessment and repayments will not take your bank balance below your protection level. You can set the protection level yourself through your online dashboard up to a level of £500 although it is set to £20 by default. Kind regards, SafetyNet.
Sara (Debt Camel) says
Did you find that message clear? Helpful? Worrying?
SNCs helping themselves to the money from your bank account has kept many people trapped in debt with them as they then have to borrow again.
How long have you been using them for?
Are you often in an overdraft with your bank?
Sandra says
Yes found it clear i have asked them before as the amount they were taking in interest compared to the amount borrowed was a lot.
I have asked them not to take money by cpa as they were taking everything and leaving £50 in my account.
I have been using them since 2016 and in overdraft every week. I have queried unaffordability my account has now no available funds and they froze interest fir 30 days.
Sara (Debt Camel) says
So have you made an affordability complaint or just asked them a question?
I suggest you tell your bank to cancel the CPA to Safetynet Credit as well – better safe than sorry. You have to phone your bank to do this.
What other high cost credit do you have – catalogues? cards? loans?
Have you been in your overdraft continuously for a long time? How long?
Danielle says
Hi everyone,
Just got an email from SNC today exactly 8 weeks after complaint and they are upholding my complaint! 2302 pounds coming back to me, I couldn’t be happier, thank you so much Sara for this wonderful site which had helped so many.
They’ve said I need to send an email to accept, does anyone know if you can just reply to the email they have sent to me today? As it’s the same email they said to send the acceptance anyway, or do I have to send a separate email?
Many thanks
Danielle
David says
I just replied to the email yes and I also messaged them in my account!
Also I’ve just put two claims in with cashASAP and cash4unow, has anyone put claims in with this company and has had refunds or any kind of dealings with them thanks
Danielle says
Hi David,
Have you received your refund yet from safety net? If so how long did it take?
Many thanks
David says
Exactly two weeks including weekends from when I accepted
Danielle says
That’s great! At least it not 14 business days!
Thank you for your reply
Steve says
Piggybank:
Article in the Bournemouth Echo today regarding redress states..
“The project continues and is anticipated to be concluded by the end of August,” the report said.
If you type Piggybank into Google then press the News option the article from today is revealed first which contains further details.
Mahdi says
Hi Sara, I made a complaint to SafetyNet and Lending stream but all I have received was a copy of my loans and transactions. In the Emails there was no acknowledgement of my refund request is that normal?
Sara (Debt Camel) says
They have 8 weeks to reply to your complaint. They often send the loan info first.
Mahdi says
Hi Sarah,
Thank you as always for the information you provide.
SNC decided to uphold my complaint. However they had outsourced the debt to a debt collection agency called lantern. Lantern then got solicitors to work on their behalf and I ended up getting a CCJ on my account. When I asked SNC if this will be removed or if I have to pay the CCJ they said they weren’t sure. Any thoughts please?
Many thanks
Sara (Debt Camel) says
SNC has to settle your debt to the debt collector, CCJ or not.
In this case you also want the CCJ “set aside” – that is the legal term for removed.
Megsk says
Hey all …. so I have response from fos case against 118118 and it in my favour so getting refund….Firstly thank you to this site it helped me so much …. does anyone know how long it takes to receive the refund?
Thanks
Becky says
I got my refund after 2 weeks of the decision 😊
Ross says
They’ll respond, agreeing with what the FOS has decided and the refund should follow a few days after. That’s happened with mine.
Megan says
Hi all
So I have have loan with Tick Tock Loans , Borrowed £350 Total to be repaid £639.96 over 6 months. I made irresponsible lending complaint they haven’t upheld but have said following
By withdrawing your complaint, you will be rewarded with the following:
£75 reduction in interest owed.
Interest-free repayment plan if you clear the outstanding debt in no more than 6 monthly instalments of £79.65 each without new arrears.
Remove arrears mark from Credit Reference Agency files.
Erase your loan from Credit Reference Agency files after the full repayment of the loan.
I would strongly recommend you have a call with our Complaints Officer at 020 8090 8340
If they have nothing to hide why say this? Or is this good offer? Thanks in advance for Help :)
Sara (Debt Camel) says
is this your first loan with them? Have you made any payments to it so far?
Megan says
Paid back 106.35 so far…this is first loan with them
Sara (Debt Camel) says
can you afford the monthly payments they are proposing?
Megan says
Yes new proposed is affordable
Thank you for your help
Sara (Debt Camel) says
This is a smallish loan and your first from them – you are unlikely to win this case at the Ombudsman (but in theory it is possible you could).
They are making an offer as (a) they dont want to have to pay the Ombudsman fees they would be changed even if you win the case and (b) they would rather get some money back quickly than have you propose £10 a month for more than 5 years.
It’s possible they improve it slightly but probably not much.
But their offer is rather odd. Rounding numbers:
If they take 75 off the interest then the total you should repay is only 640-75= 565
But you have paid 106 and they are suggesting 6 payments of 80 = 586 in all. which isnt 75 off.
You could go back and point this out and ask if they will accept 6 payments of £70 a month. (or any other amount – it should in theory be £76 a month – the lower you offer the less likely they are to accept.)
Richard says
Hi Sara
Thanks so much for such a great site. Having previously used your templates and had success with both MyJar and Ferratum prior to administrations for £1100 and £650 in redress, I’ve recently submitted 2 more claims.
Mr Lender 6 loans
July 2019 £200
May 2020 £200
December 2020 £200
June 2021 £200
December 2021 £200
February 2022 £220
Quidmarket 2 loans
August 2021 £300
December 2021 £400
Just wondering do you feel if either of these claims are likely to be successful if taken to the ombudsman? I am still waiting on final responses from each lender (both are within the 8 week timescale at present).
Sara (Debt Camel) says
how long were these loans – 3 month? 6 months?
Richard says
Hi Sara
Mr lender
Loan 1- £200-3 months paid after 1 month
Loan 2-£200-6 months
Loan 3-£200-6 months
Loan 4-£200-5 months extended to 6
Loan 5-£200-4 months paid back after few days with Quidmarket loan for £400 December 2021
Loan 6 £220-4 months- currently in a payment plan
Quidmarket
August 21-£300-4 months paid back in month 3 to save interest
December 21 £400-6 months- currently in a payment plan
It’s quite a mess and hoping these are the last, embarrassed to say I’ve fallen into the payday trap twice now.
Loan
Sara (Debt Camel) says
So Mr lender – that looks like persistent borrowing even though the loans were small. I would hope they will refund you the last 2.
Quidmarket is more marginal but hopefully they will remove interest from the last loan.
Tony says
Hi,
First of all, thank you for all the content on the site. I submitted a complaint to Moneyboat about a couple of loans (£500 repaid early, followed by £1500 a couple of days later, still active). They came back with a rejection, saying that the information I provided and my credit file suggested to them this is affordable, but that if they had looked at my bank statements they might have not provided it, but there was nothing to suggest they should have looked closer. I have decided to forward this on to FOS, for the following reasons:
1) The loan was large £1,500
2) I re-borrowed immediately
3) My credit report shows significant borrowing, including multiple other payday loans and high-cost credit cards
4) early repayment was to save interest
5) My income is high and was confirmed with a payslip, but I believe that should have raised questions why am I applying for a payday loan
I wanted to ask a couple of questions. Firstly, given that the second loan is still active and I am yet to repay it (first payment only at the end of this month), is it reasonable for me to ask to have interest removed from the amount so that I only repay the principal amount? Secondly, I have just submitted the case to FOS, do I have to tell Moneyboat that I have referred this to FOS to give them a heads up?
Thank you!
Sara (Debt Camel) says
Firstly, given that the second loan is still active and I am yet to repay it (first payment only at the end of this month), is it reasonable for me to ask to have interest removed from the amount so that I only repay the principal amount?
That is the standard redress if a loan is found to be unaffordable. It is unusual for someone to make an affordability complaint so soon after applying for the loan. What did you do with the money and has something changed very quickly?
Secondly, I have just submitted the case to FOS, do I have to tell Moneyboat that I have referred this to FOS to give them a heads up?
You can if you want to, but you don’t have to.
Tony says
Hi, I stupidly tried to invest additional money into a crypto project, which turned out to be unsuccessful. Would it matter to FOS what I did with the money after I received it, if they are evaluating whether or not the loan was affordable in the first place? Thanks!
Sara (Debt Camel) says
Probably not. I haven’t seen a case like this. If you had lost the money gambling it wouldn’t, and that is effectively what you did.
Is a lot of your other high cost debt related to crypto speculation?
Amy says
Hi
Has anyone tried to claim back from cash float , I have had several loans with them and was wondering if it was worth a try
Cheers
Amy
Sara (Debt Camel) says
They are a tiny lender so haven’t been mentioned very often. How many loans have you had from them?
Amy says
Hiya , I had 4 altogether, but I was paying it off then borrowing straight away after , so I might give it a go , thank you 😊
Lynne says
Yes I have had success with them and I only borrowed a couple of times.
Danny says
Is there anymore info for Piggybank? I know somebody mentioned there was an article posted online saying they hope to have things sorted by the end of August
Aaron says
wondering if anyone has filed any complaints/had any success with fundourselves.com? I just worked out ive had 21 loans from them since march 2021 all of which were used for gambling, alot of these loans I paid back early after lucky wins or loaning money from other companies/friends+ family to save on the interest, will this affect my claim? they will say this proves I could afford them? I was unemployed and on Universal Credit for all of these loans with basically no disposable income, £15-£20 a month at most, fundourselves never asked me to prove my income at any stage, im ashamed to say I lied on the application form by saying I was employed full time. what do you think my chances of success are? thanks
Sara (Debt Camel) says
The lender should have realised you were in difficulty well before 21 loans. Do you know how much interest you paid in all?
Aaron says
I did a rough calculation and it appears to be around £450 interest total for all the loans combined
Sara (Debt Camel) says
The loans sound small. So you may well not get a refund for a lot of the early ones.
Danielle says
Well if they would have done thier checks properly then they would have asked for bank statements to prove your income and would have seen it, plus your gambling and would have declined your application, so yes go for it, the worst that can happen is you will have to take it to FOS and they will say yes or no.
James says
I would also be keen to find out about this 100% interest, 4 x loans 2 at £800 and 2 at £1500. Only paid about £600 in interest as 100% interest but the company are a joke.
Not sure we can claim irresponsible lending as they are p2p lending?
Sara (Debt Camel) says
you can make affordability complaints about P2P lenders.
Karl says
I submitted a complaint to them last week, but have only received the automatic response that acknowledges that a complaint has been received. I have used them for a bit more than a couple of years, and in a similar situation where I borrowed, repaid early (to save interest) and soon after re-borrowed. Over this period, I’ve had a total of 27 loans from them, paying close to £2.5k in interest. At no point they asked for verification of any information. I think this is the one instance, where I will try to get back the full interest paid, statutory interest and get the loans removed from my credit file, as looking back at the data, it is absolutely ridiculous how they did not stop automatically approving loans way before we got to this point. Would be great to hear from someone that has actually had a response from them.
Sam says
Hi Karl,
I submitted a complaint to Fund Ourselves and received the final response in 8 days, it was rejected.
I had 6 loans within a 4 month period, between 100 and 300 and no checks were made. Nowhere near as many as you but 6 in a 4 month period seems quite a lot. The first three loans I paid off early, but pretty much re-applied straight after paying each time. They said because I paid early they were affordable. It’s now with the FOS.
Keep us updated with yours.
Sara (Debt Camel) says
Paying a loan early has NOTHING to do with whether they are affordable if you had to reborrow soon afterward.
Aaron says
that’s what I reckon they’re going to say to me aswell, similar situation, paid back all of the 21 loans I took out early, will be a pain if I have to go to the ombudsman as they have a massive backlog of cases, I have a case I submitted 6 months ago that still hasn’t been assigned to a case handler so god knows how long it would take to get this looked at, hopefully fundourselves will do the decent thing and make me an offer but I have my doubts
Karl says
I received the final response on my 27 loans with Fundourselves. This is what they said:
“Your income minus your financial commitments would’ve left you with enough disposable income to cover your loan repayments. By you providing us with these figures, you are confirming that the loan repayments are affordable. We expect all applicants to provide us with accurate information, which we will accept in good faith and we cannot be held responsible if the information given is inaccurate. We do not necessarily have to request bank statements either as we use the services of a national credit bureau to assess the accuracy of the information provided at the time of the applications.”
I have submitted this to FOS, pointing out that the level and frequency of borrowing increased but they did not ask for any documents. They claim to have relied on credit reference agencies, but those would have shown total borrowing going up, including loans from high-cost providers. On bank statements they would have seen a significant number of gambling transactions. Furthermore, the fact that they believed I had significant discretionary income, but had to rely on payday loans regularly while my credit score kept going down seems negligent and irresponsible. I repaid loans early to save interest.
I know it will take a long time for this case to be looked at by FOS, but I will keep everyone here posted about how I get on when I finally hear from someone at FOS.
Kristy says
Hi Karl,
I’m in a similar boat as you with Fundourselves. They today rejected my claim that the loans were unaffordable, I had defaulted on a previous loan with them on all the payment due dates and they still accepted me for another loan, 2 months later. They claim they were affordable, but seemed to ignore my poor credit and previous defaults.
Nikki says
Hi, I have just had my final response from the Ombudsman regarding Moneyboat. They have been told to pay me back interest paid on my last 2 loans which is £1608.88 plus the 8% interest.
I was just wondering if anyone has received a refund from them after an ombudsman decision and how long did it take?
Dana says
Hi Sara,
Just when I thought I was out of the woods and in control of my finances, I today got an awful surprise when I opened my credit file and seen that Aci, the company that is collecting MyJars debt, have very recently issued a default on my credit file predating back to to 2019, I rang them today to enquire and they told me MyJar were going to issue it anyway but they couldn’t because they were going into liquidation, but, and I explained, I had a repayment plan with MyJar that they stated in the email they wouldn’t default my account as long as payments were made, Which they were, I have this is in writing, and the reason they gave me this was to stop me from going to the FOS when they didn’t uphold my irresponsible lending complaint (which I’m sure I would have won).
I’ve sent over the emails from MyJar confirming this and they do seem to be a bit concerned about this, and they’ve admitted I didn’t even receive any notification of the default, so I’m hoping they’ll realise this was an error and shouldn’t have been applied, do you think they will remove it and if not what can I do? Go to the FOS?
Sara (Debt Camel) says
This is a very odd case. It is a pity you didn’t ignore this and send it to FOS originally.
But as you were told this by Myjar, you can tell ACI that Myjar have effectively changed terms of the loan and you have then repaid in accordance with those terms so your credit record should not be harmed. And send it to the Ombudsman if ACI reject this.
Lola says
Hi Sara,
Just wanted your advice on a complaint I made to everyday lending.
I submitted my complaint to them and they responded not upholding my complaint.
I then sent it on to the ombudsman and it was picked up by an adjudicator who without asking me for any bank statements or documents ruled in favour of everyday lending.
Once I received the ruling from the adjudicator I sent over all my statements and credit scoring Info for the time prior and after the loans as everyday lendings information was not correct. The adjudicator still will not look at my statements and on a telephone conversation told me he will just send it to the ombudsman and the ombudsman can look at all the evidence.
I find it really strange that the adjudicator was unwilling to look at my evidence and only look at the evidence provided by everyday lending.
Is this something that you have heard of before?
Sara (Debt Camel) says
Most people send the bank statements and credit records in without being asked.
Definitely ask this to go to an Ombudsman. If what EL has said is not correct, make sure you write all this down, send it to the adjudicator and ask for it to be shown to the Ombudsman, don’t wait and hoped to be asked about this.
Lola says
Thank you for your reply.
I have sent everything over now, which shows everything including debts that EL ommited from their records.
I have formally asked for it to be sent to the ombudsman.
With my previous complaint I was asked to send over all documents for certain time periods once it was picked up, I never got that this time, just an outcome. I will ensure I don’t make that mistake again.
Laura says
Hi Sara,
I had 4 loans from sunny in 2019 all defaulted, they were sold to elevate then Merligen & I paid them off. I requested equifax to suppress them as they were unaffordable, which they did. However, there are still 4 merligen defaults on my file, is there anything I can do to get them suppressed or removed?, or is it just a case of waiting until 2025 until they drop off?.
Thank you!
Sara (Debt Camel) says
You didn’t make a claim in the Sunny administration?
Laura says
It was too late for me to claim by the time I knew I could, but I read about suppressing the records on your site.
Thanks
Sara (Debt Camel) says
As that page on suppressing records said, “Don’t think this will clean up your credit record if the debt was sold to a debt collector. Suppressing the record will only affect the credit record with the lender. You will need to complain separately to the debt collector if their record is wrong.”
But if you are complaining that the loans were unaffordable, the debt collector is going to say they have no evidence of that. You can try to convince them, but I don’t remember anyone having any success with this.
Jonny says
Hi Sarah,
I received a redress letter from Quidie/Fernovo at the end of July advising they have calculated that I am owed compensation. I returned this letter and they advised a redress would be paid within 21 days. This has now passed.
They now have stopped responding to emails.
I can still see they’re still lending but naturally I am worried they’ll go into administration. Any advice?
Sara (Debt Camel) says
How many loans did you have from them? How many are they offering to refund?
Jonny says
Hi Sara,
Sorry for not replying, there were 3 loans and it was for all loans. I emailed the CEO of Fernovo as it a large amount. They replied said they were processing a “large number of redresses” and I’d get mine as soon as possible which was the next day, thankfully.
My opinion is Fernovo/Quidie will be around for a short period and will most likely follow the road of other lenders into administration.
Mark says
I currently have defaulted loans with moneyboat and cashfloat.i first borrowed from them last year and the latest loans which are the 4 th time in a row they both gave me a loan ,I cannot repay.The first loan was £200 for 3 months from both and then rose to £300 for the next 3 loans from both.I do believe they shouldn’t have kept loaning me ,I have yet to complain because I may have been able to afford the loans if it wasn’t for my gambling problem which my bank statement would show man transactions
Sara (Debt Camel) says
I suggest you send them both complaints and also ask for a payment arrangement for the current debts.
Joanna Takla says
Hi
I have a SNC complaint deadline this Friday 9 Sept
Yesterday the account (not live, debt sold to Lantern in 2020 and I have been gradually paying off) had the default balance debited back in house and the payments I have made to Lantern rightly credited off it. So basically what is left to pay is now sitting at SNC so passed back to them.
Is this a sign of a positive affordability complaint outcome coming my way…
I have already been successful with LS with approx 7K redress in May.
My SNC claim is strong (4 years of continuous lending back to back pay then relends, and a LOT of interest paid)
Joanna
Amy says
Hi , I put a claim on for my jar early this year but I still have an outstanding balance of £400 but they sent me a redress of £16 back in July , and I have a default on my credit , what does this mean should I contact them ?
Sara (Debt Camel) says
So far as I know, the outstanding loans have either been sold or are no longer being collected. Ind if this loan was decided to be unaffordable the default should have been removed.
Ask myjarredress@harrisons.uk.com what is happening.
Amy says
Ok thank you Sara I have emailed them and asked is happening
MK says
Hi Sarah
I have received two small refunds from Indigo Michael Ltd today. Do they come under another pay day loan company?
Many thanks
Maria
Sara (Debt Camel) says
Safetynet Credit probably
Have you used SNC for long? You may be able to get a larger refund than they have sent you.
MK says
Hi Sara
I only had the one loan with them and have not raised a complaint so was surprised to receive this
Maria
Joanna Takla says
Just had a complaint upheld by SNC on exactly the 8 weeks mark and £6,415 awarded!
I of course accepted. I did so by phone and was told would be 14 days to receive in bank.
Has anyone received it earlier than the 14 days?
Well worth the effort, thanks again Sara, second award I have had, following 7K from LS in May. Its nice to have savings again for first time in a long time.
Sara (Debt Camel) says
very good news for you!
Sandra says
Hello
I have just had mibe rejected on the 8 weeks exactly saying it was affordable as i repaid them weekly but i got paid weekly and reborowed again
I think their spreadsheet is out as it says i only reborowed 79 times since 2016 as pay and benefits were sufficient. I was not on benefits.
I have email them details do i just go to Omnibudsman?
Sara (Debt Camel) says
yes send it to the Ombudsman now. There is no record of SNC changing their minds if you go back to them
Sandra says
Thank you will get it done.
Joanna Takla says
Sorry to hear this I hope you get a result from FO.
Lauren says
Hello, did you receive it 14 days later? Or was it 14 working days? Lauren
Hols says
Hi. Can anyone help or advise?.
Lending Stream have confirmed a refund amount due to not being able to afford the loans in the first place. All loans paid in full.
How long after they agree an amount do they pay out??
Lynne says
Hi I got mine within a day
Joanna Takla says
Mine was within 2 days
Joanna Takla says
Hi safety net credit redress they say 14 days, one person on here said it arrived exactly 14 calendar days from decision. Anyone get it sooner?
Lauren says
Hello everyone. Two questions:
1. How long does a safety net redress take? 14 days or 14 working days?
2. I have a complaint that adjudicator upheld. Loans2Go didn’t agree so it’s being referred to an ombudsman. How long does that take? What are success rates like with an ombudsman?
Thanks
Sara (Debt Camel) says
An Ombudsman agrees with the adjudicator in 90% of cases according to FOS. Finger crossed for you!
Joanna Takla says
Someone up there put 14 calendar days when they got the payment in
Joanna Takla says
I got mine now, it was received on calendar day 13.
Best of luck
Joanna
L says
Good morning,
I have an ongoing complaint to Moneyboat and I am awaiting their response to the following loans:
2019 – £400
2019 – £500
2020 – £500
2020 – £650
2020 – £300
2021 – £550
2021 – £650
2021 – £500
2022 – £550
This has been continuous repeat lending for 3 years and I am curious to know what my chances of a refund would be? Anyone has any correspondence with Moneyboat?
Sara (Debt Camel) says
send this straight to FOS if they reject it – continuous lending for 3 years suggests the repayments were not affordable.
Expect MB to reply threatening to report you for fraud if any loan applications weren’t accurate. They do this everyone. No one has had a problem if they ignore this and just send their case to the Ombudsman.
L says
Do I have to wait for the 8 weeks for them to get back to me or just send it straight away?
Sara (Debt Camel) says
you can’t go to FOS until the lender has replied OR it is 8 weeks since you complained. Not straight away.
Jonny says
I have outstanding complaint and awaiting a response too. You generally get them “threatening” to put a first party fraud marker but this is all a bluff. They aren’t even a CIFAS member!
I know a couple of people who have complained and also seen reviews online, they’re likely to say they’ve done nothing wrong or at best say 1/2 loans and chance it.
Sara (Debt Camel) says
They aren’t even a CIFAS member!
oh nice spot. I never thought to look.
L says
They done that to me first time round, tried to tell me about the fraud marker. Time will tell eh
L says
Good morning,
Has anyone ever been successful with Moneyboat or Quidmarket?
I have had 9 loans with moneyboat over the course of just over 2 years with the lowest being £500 and the highest being £700, mostly repeat lending and my complaint has been with them for a couple of weeks now. With quidmarket I have had 2 repeat loans, first one of £400 and the second of £800. When they accepted the second loan of £800 they already knew I was in a financial mess because I struggled to pay loan 1.
Thanks
Sara (Debt Camel) says
yes successes against both. But many have to be sent to the Ombudsman.
L says
The interest I paid on Moneyboat is just under £1900 aswell!
Nesta says
Really hope moneyboat are one of the next payday lenders who is forced out, hopefully after people have managed to claim back the extortionate interest they were charging. They knew exactly what they were doing when allowing people to borrow continuously with their high interest loans.
In my experience they also have one of the worst customer experience teams.
tony says
Does anyone know what’s happening with piggy bank administration?
Mel says
Only that they are taking the absolute proverbial out of us ! Nothing from them for years (4/2/20)
tony says
There is a newspaper article saying everything would be sorted by the end of august! https://www.bournemouthecho.co.uk/news/20593293.amp/
This is the link to the article
Debbie says
I received this email yesterday
We are currently unable to provide any updates as to when the assets will be sold or realised, and your redress payment will be sent. Updates will be posted on the website when available.
The administrators will be in contact with you in the future to discuss name changes, banking information, amounts etc. At this time we cannot confirm when this will be.
Ben says
Hi Debbie
Who did you get an email from? I just emailed the complaints email but it said the administration had been finalised.
Thanks
Debbie says
I emailed help@piggy-bank.co.uk
Megan says
Firstly ..thank you for all help this site has given me …
I made complaint with SNC on 04/07 … On day of 8 weeks I got email apologising that it taking longer than expected and they appreciate my patience. I passed this on to FOS to which I got email stating there is 4 month wait for FOS. Do SNC not have to give a response? Others on here have placed complaint after mine and received a response. I have chased and they have said they are treating as priority and cannot give timeframe! So frustrating!
Sara (Debt Camel) says
it seems entirely random who gets a reply and who doesn’t at the moment.
John says
I have the same issue. I placed my complaint on 18/6 and as of today there is no time frame for my complaint. So I’m passing to the ombudsman
Megan says
I have now got a response :) after strongly worded email stating going to FOS I had final response 24 hours after!
Thank you for all your help on this site :)
Sara (Debt Camel) says
and was it a good response?
Megan says
Sorry I thought I had said! It was they have upheld complaint, written off remaining balance and redress of £1300 … Couldn’t of done it without this site so thank you :)
IS says
Hi Megan, what did your email to them say? I am now 16 weeks awaiting a response from Safetynet – I chase every other week and get the same template response of “can’t give a timeframe, go to FOS if you want, etc”
Thanks!
Sara (Debt Camel) says
send it to the Ombudsman now! there are some complaints they never seem to get round to looking at.
Sandra says
I got a response on final day rejecting but i think it because it would be a decent amount they would owe me back. Been borrowing since 2016. I sent them all the proof but they said wages and benefits was enough. I have never been on benefits and had to repay weekly as i got paid weekly. Just need to compile that and two others for FOS.
Good luck.
MK says
Hi all …
So I made a complaint to Money Platform …to which I got accused of fraud in initial response!
I have had 3 loans –
16/12/20 Borrowed £500 Repaid £693
16/11/20 Borrowed £250 – Repaid £318
29/07/20 Borrowed £250 Repaid £360.67
They have sent following final response –
The credit reference checks reported no signs of current financial stress. The reference agencies only showed that you are currently a good repayor of credit. There were no signs of current financial distress. There were no current arrears on any credit products or credit cards over-limit at the point of application. You did then contact us to inform us you where in difficulty so we froze interest for you immediately and set you up on a repayment plan of your choosing – demonstrating our approach to treating customers fairly.
We disagree with your charge of irresponsible lending but we would like to settle this account with you personally.
Our offer to you:
We are able to send you a one off payment of £50
Do you think this is fair settlement? If they haven’t done anything wrong why offer £50?
Thanks in advance for help
Sara (Debt Camel) says
The credit reference checks reported no signs of current financial stress.
Is this correct? Had your other borrowing increased a lot from the time you took the first loan to the time you took the the third one?
The first two loans were small. You are pretty unlikely to win a complaint about those at the Ombudsman. The third loan was much bigger and taking out as the previous one ended so there is a better case for that. You won’t definitely win a 3 loan case though.
You have paid £193 interest on it? That would probably be your maximum possible refund here. Plus the Ombudsman would say to remove the payment arrangement/default from your credit record I’d the case is upheld.
They have offered you £60. It’s up to you if you think that’s for or if it’s worth going to the Ombudsman to try to get the rest.
PS several lenders make these fraud threats. So far no one that has ignored them and gone to the Ombudsman has had any problems!
AL Booth says
Hi,
I took a loan out with Loans-2-Go (£250 with 17 repayments of £57.14 = £1028.52). This was back in Feb 2020, and then Covid came. I was able to make 6 payments, and then explained that due to Covid-linked lack of income, I could no longer make payments.
Last year I complained to say I had been unfairly lent to, and certainly the repayments were unfair. They said they weren’t, and that was that. This was 05/03/2021.
With one thing and another, I left it there… until now. They have said they gave their final answer last March, and as such I can’t bring it up to the Financial Ombudsman. However, they still are demanding payment of more than £600.
What can I do, please? Thank you.
Sara (Debt Camel) says
what is the rest of your current financial situation like?
AL Booth says
At the time it was dire. We were days away from having our 2nd child, I was trying to afford the gas/electricity bills and having to write to them to delay payment, and then I was trying to get that money with another payday loan. Retrospectively, it was frightening.
Now I am better off; not so much that I can afford to pay £600 they’re asking for though. I’ve repayed £344.40 of the £250 loan to date.
Sara (Debt Camel) says
what other debts do you have at the moment?
Colin brown says
Hi Sarah
I’m trying to post something but it’s saying it’s too long but there is no way I can write it any smaller and it’s no more than others can I email you as I really need your help
Kind regards
Colin
Sara (Debt Camel) says
Please split it up into chunks and post them separately.
Simon says
Hi Sara
I complained to Loans2go about a loan I too out telling them I thought it was unaffordable and they are charging too much interest.
They rejected my complaint but offered to write off £431 interest leaving me with a balance of £302. The original loan was £400 and total payable back is £1479 over 18 months.
Do you think I should accept their offer or do you think I will have better luck with the Ombudsman?
Sara (Debt Camel) says
so you have already paid them about £740?
You may get a refund of the interest you have already paid (£340) and the rest written off if you go to the Ombudsman.
but L2G will sometimes negotiate – you could go back and propose as a compromise that you will be prepared to accept a write off of the whole balance?
Simon says
Thank you, I’ll give that a go.
Simon says
Just a quick update. After sending a bank statement to Loans2Go they have agreed to write off my remaining balance.
I actually found them quite reasonable to deal with, they replied to emails promptly and in the end I got a good result.
Sara (Debt Camel) says
well it would have been more reasonable if you hadn’t had to push, and they had offered that at the start. But well done!
Matt says
Hi
Just need an opinion on a PDL I’m complaining about.
Cash Float lent me £900 ( only
Loan ) about £250 repayments a month. At the time of applying I had 5 personal loans, 3 credit cards and 3 other PDL one of which was £800, which was only taken out 5 weeks prior.
12 PDL taken out in 9 months and about £13k debt. Gambling transactions littered on my bank statements.
They have refused to uphold my complaint so it’s gone to the FOS.
I have told them I am only paying back the principal amount ( £50 a month )
Any thoughts Sara?
My debts & gambling are under control now!
Sara (Debt Camel) says
1 loan cases are hard to predict.
Aaron says
A follow up from my post on the 30th august to fundourselves. They got back to me with their decision. Apparently I somehow got the total interest wrong, I calculated it to be roughly £450 but it turns out I paid £657.60 for 21 loans total. They have made me an offer of a goodwill refund of £382.40 to settle my complaint which is a refund of loans 7-21. Im kind of torn on this one, the waiting time at the ombudsman right now is really long, I have a case I submitted in March that still hasn’t been assigned to a case handler. Realistically im wondering if I went down the path of going to the ombudsman would I get much more money if they upheld my case? Also there’s the outside chance this company could close and go into administration during this long period of waiting.
Sara (Debt Camel) says
it turns out I paid £657.60 for 21 loans total. They have made me an offer of a goodwill refund of £382.40 to settle my complaint which is a refund of loans 7-21.
That suggests that the loans 1-7 were larger than the later ones, or you repaid the later ones much more quickly – is that right?
Aaron says
I repaid the majority of loans 7-21 within a week, the loan amounts were roughly the same for all 21 loans. tbh im leaning towards accepting as the ombudsman probably wouldnt uphold all 21 loans + the really long wait. I’ve countered their offer with a request for £480, will see what they say
Sara (Debt Camel) says
It is VERY unlikely all the loans would be upheld.
Aaron says
Yeh agreed. They’ve come back to me with an increased offer of £420 and I’ve accepted. happy enough with that amount and saves me waiting months for the ombudsman.
Aaron says
just in case anyone need this information, fundourselves have paid me out 24 hours after I accepted their offer, cheers
Sara (Debt Camel) says
good to know!
David lee says
Good afternoon people, I put a claim in to cash4unow a few weeks back and today I got a email they are refunding me 558.37!!! A refund on all three loans I had with them about two years ago, after a few quick emails today the past hour they say will be transferring me my refund within 5 – 10 days! I’m well happy indeed wasn’t expecting it to be so soon, has anyone had refunds of them and how long did it take? Thanks
Lynne says
Hi David yeah I got a refund off them it was only small about £200 but they paid out quick 2-3 days I think.
David lee says
Yeah I got mine two days later, which I wasn’t expecting, just waiting to hear back from cashASAP and cash float