Did your payday loans cost so much when you repaid one you had to keep on borrowing?
You can get a refund of the interest you paid on unaffordable loans.
It’s easy to ask for a payday loan refund using the free template letters here. The letters work if your payday loans were repaid or you still owe money.
The comments below this article have thousands of stories of the refunds people have got using these letters. It is a great place to ask questions!
Contents
What are “unaffordable” loans?
Was a loan affordable just because you repaid it?
No! If paying a loan left you so broke you had to borrow again – from the same lender or a different one – it was unaffordable!
The regulator says:
“the borrower should be able to make the required repayments without undue difficulty, whilst continuing to meet other debt repayment obligations and reasonable regular outgoings.”
That means a payday loan is only affordable if you repaid it on time and you could still manage to pay your other bills and debts.
Payday loans are meant to solve a short-term problem. If you kept repaying one then getting another loan soon after, the lender should have stopped lending to you.
If the loan was small and it was the first loan or second loan from a lender, the lender may not have realised the loan was unaffordable for you. But it was irresponsible lending to just carry on giving you more loans.
Many lenders ignore obvious signs of problems such as your loans increasing in size, or borrowing again soon after repayment.
How much compensation can you get?
You don’t have to calculate this. Just ask for a refund from the lender and see what you are offered. This is simple and it works well.
The Financial Ombudsman has seen tens of thousands of payday loan affordability complaints.
A typical decision by the Ombudsman is that the payday lender should refund all the interest you paid interest after the third, fourth or fifth loan.
But if your first loan was large, or was rolled over several times you could get a refund from just one loan.
Which lenders can you get refunds from?
You can complain to lenders that are still in business, even if they are no longer lending. These include:
Lending Stream, Cash Converters, CashASAP, Drafty, Dot Dot, Fast Loan Uk, Fernovo, Fund Ourselves, Kabayan, LoanPig, Mr Lender, Moneyboat, MyKredit, My Finance Club, QuidMarket, Savvy, The Money Platform, WageMe, Wizzcash,
See this email list for payday lenders for a longer list and all the contact details to use.
If the lender has gone into administration, including CashForUNow, Piggybank, Ferratum, Oakam, Safetynet Credit, Tappily:
- make a claim to the administrators – there is normally a simple form for you to complete, see the lender’s website for details – but there will be a time limit for doing this.
- you may not get much cash back but this is very easy to do. A balance may be reduced or cleared even if there is no cash to distribute. And if you win the complaint any negative marks on your credit record will be removed.
It is probably too late to make claims to other lenders who gave up years ago, see this list.
For longer-term loans there are better template letters to use on other pages:
- doorstep lenders and guarantor lenders,
- Loans2Go – the worst loans in Britain!
- 118 Money, Likely Loans, Bamboo, car finance, bank loans and other long-term loans.
Do this before, before you send in a complaint
Doing these things now will make your life easier later.
Get a copy of your TransUnion statutory credit report and keep it. After complaints are started, sometimes loans are deleted and you may want the full report if you later have to go to the Ombudsman.
If you still owe money to the lender, read Will an affordability claim hurt my credit record, and other questions. These looks at your options for stopping paying, the effect on your credit record etc.
If the rest of your finances are difficult, look into a Debt Management Plan (DMP) where you make one affordable payment a month to StepChange. This gets you into a safe financial position as these affordability complaints can take a long time to go through at the Ombudsman. Winning a complaint then speeds up the DMP.
Unless you can afford to make this month’s payment without borrowing again, cancel the CPA to the lender at your bank. Otherwise the lender may take the money and you will be in a mess.
If your loan was sold to a debt collector you complain to the original lender. But also tell the debt collector that you are disputing the debt. It is a good idea to carry on making payments to the debt collector if they are affordable.
Start your complaint & get loan details
Find the lender’s email address for complaints from this list.
Put “AFFORDABILITY COMPLAINT” as the subject of your email:
You should never have given me these unaffordable loans. Paying you each month left me with too little money so I had to keep borrowing to get through the next month.
You should have realised from the number of times I borrowed that my debt problems were getting worse. It was not responsible to continue to lend to me. [Add more details eg how often you borrowed or rolled loans if you know them, how the amount borrowed generally went up etc]
[Include/change this if your credit record would have shown big problems:] My credit reports would have shown all my other debts and problems including late payments/defaults /CCJs/debt management.]
I am asking you to refund the interest and any charges I paid, plus statutory interest, and to delete any negative information from my credit record.
[delete this sentence if you know what all your loans were.] I know the difficulties your loans have caused me but I no longer have all the loan details. Please send me a list, showing for each loan when it was taken out, how much interest and charges you added, and what I repaid. This will enable me to assess any refund you offer me.
[delete this sentence if none of your loans were sold.]If a loan was later sold to a debt collector, please inform me of the date of sale and the name of the debt collector.
Some ways to improve this
Add any other points that help you describe what happened to you. You don’t need to list the loans – the lenders knows them.
Some examples:
- “I took out another loan with xxxx to pay you.”
- “Sometimes I borrowed to pay the rent and then had to top-up to get money for food.”
- if you weren’t treated fairly while you were borrowing or when you could not make a payment, add a bit about this.
You can attach bank statements if you like, This is a good idea as these show how unaffordable the loans were for you. If you have gambling showing, this helps your complaint, it doesn’t harm it.
I don’t know if many lenders actually read what you send them. I
it’s easy to make these complaints – you don’t need to calculate what refund you should get or quote laws.
Only one loan?
The template refers to multiple loans because that is what normally happens with payday lenders.
When you only had one loan and it was large, read Refunds from large loans and use the template there.
If you only had one loan and it was small, this is going to be a very difficult complaint to win. If you have borrowed once or twice from 5 leaders, that is much more difficult to win an affordability complaint than having 4 or 5 loans from two lenders.
Waiting for a reply from the lender
This email starts your affordability complaint.
They may send the list of loans first and later respond to your complaint. So don’t be surprised if you get sent info on the loans but nothing about your request for a refund.
When you get your loan information, you can send in more details about your complaint if you want. You don’t have to do this, your complaint has already begun and the lender has to reply.
The lender should reply to your complaint within 8 weeks from when you send the email, not when they acknowledge it. Make a note in your diary for 8 weeks time and chase the lender up if you don’t get a reply.
Don’t be surprised if you have to wait until the end of the 8 weeks to get response – this is common.
Send your bank statements or other information?
Some lenders ask you to send them a copy of your credit record, payslips or bank statements.
Credit record – the lender can check your credit record themselves if they want. But you should download a copy of your credit record asap as the Ombudsman will ask for it. Don’t put this off, the sooner you get a report downloaded, the further back it goes which is good.
Don’t send payslips – they won’t help an affordability complaint and the ombudsman never asks for them.
It is a good idea to send bank statements. But think twice about the cost of copying and postage if there are a lot. Some lenders seem to ignore them if you do send them.
Again this is a good point to get those bank statements even if you do not want to send them as they will help an Ombudsman claim a lot. You can get them going back at least 6 years even if the account has been closed.
Lender says No or makes a poor offer
If the lender rejects your complaint or offers you a small amount, don’t be depressed. You may still have a very good case!
It is easy and free to send your case to the Financial Ombudsman where many thousands of people have won their payday loan complaints, despite being rejected by the lender.
Give up?
Some lenders try to make your case sound bad when it isn’t. People have had large amounts refunded after a complete rejection!
Just ignore any of the following comments, they do not mean you have a weak case:
- they relied on your loan applications and you didn’t give accurate facts – see Lender says I lied for more about this;
- you repaid some loans early – this doesn’t prove the loans were affordable, just that you were trying to save interest;
- your borrowing didn’t go up every time – irrelevant, what matters is that you kept borrowing;
- you had a good enough credit score or they didn’t legally have to check your credit record – if you only had one or two small loans that is true. But if the loans were large or you kept borrowing, they should have looked more closely;
- your loans are over 6 years old – the Ombudsman will look at these even if the lender says they won’t!
A good enough case to go to the Ombudsman?
If you don’t know what to do, ask in the comments below this article. Accepting an offer settles your whole complaint – you can’t change your mind later.
Don’t worry that you will lose a small offer by going to the Ombudsman – this doesn’t happen.
Some points to think about:
- if you are offered a refund on only a few loans, don’t accept it if you think the lender should have realised a lot of the other loans were unaffordable;
- an offer to write off your current balance may sound convenient … but it may be very poor if you should get a refund as well;
- if getting defaults or late payments removed from your credit record is important to you, are you happy with what the lender is proposing to do? Don’t assume your credit record will be cleared if the lender didn’t mention this.
One or two loan cases are hard to win at the Ombudsman. It’s probably best to give up on one or two loan cases unless:
- the loan was large. Here is one single loan case that was won even though it was an installment loan and the borrower had a good income. And another single loan case for a loan of £1,000. You can win cases for smaller amounts if the repayment would have been a large amount of your income; or
- you still owe money.
Don’t delay too long – there is a 6-month time limit after a lender rejects your complaint to send the case to the ombudsman. When you aren’t sure, send the complaint to FOS. This is easy to do – let FOS make the decision.
How to send a complaint to FOS
Put in a separate complaint about each lender.
Don’t wait until all your lenders have replied before sending the first one to the Ombudsman!
FOS’s “complain online” option is easy and takes you through your complaint step by step.
You can just copy what you said in your complaint to the lender. You can add more details, for example, if you disagree with what the lender replied to you.
If some of your loans were over 6 years ago, tell the Ombudsman when and how you found out about these complaints. For example:
“I knew the loans were causing me difficulty in 2016, but I thought this was my fault for being bad with money. I didn’t find out that the lender should have checked the loans were affordable until June 2022 when my brother told me about these claims/I saw an advert from a claims company on Facebook/I read an article about these claims” – change this so it is right for your case!
Things to attach:
- the reply you have had from the lender.
- bank statements if you have them. Ideally from 3 months before your first loan until the last loan was repaid or you defaulted on it. This strengthens your case, showing how unaffordable the loans were. You can still get bank statements even if your account is closed – if you don’t have them, start the process of getting them now, don’t wait until FOS asks for them.
- a copy of your TransUnion Statutory credit report
- a copy of the credit agreements for the loans if you have them. If you don’t, don’t worry, FOS will get them from the lender.
What happens after you have sent a case to FOS
You will normally be contacted within a couple of weeks and asked for a copy of your credit record and your bank statements if you haven’t sent these. If you have sent these on one complaint, then when you complain about a different lender they will use the ones they already have.
After this initial contact, your case will wait for the lender to send FOS your case file and then wait to be picked up by an adjudicator who will make a decision on it.
If you are still making payments to the lender, tell the lender you want to reduce these to an affordable amount. This will make waiting for an Ombudsman decision much less stressful for you.
The Financial Ombudsman has a two-stage process. Most cases are settled by the first “adjudicator” stage but about 10% go to the second “Ombudsman” stage.
A few problem cases
Don’t ask for a refund:
- if you are bankrupt now or have been bankrupt in the past – any refund would go to the Official Receiver.
- if you are in an IVA, as refunds will go to your IVA firm not to you. If your IVA has finished the refund may still be sent to your old IVA firm.
- if you are in a DRO now, getting a refund may mean your DRO is cancelled!
More help
You can ask a question in the comments below – you may get a reply from someone who has been in your exact situation.
Don’t use a claims management company. They are expensive and often incompetent. It’s easy to do this yourself and you can ask questions below and get replies from other readers who have done this.
Card & catalogue affordability complaints
Can you get an overdraft refund?
Could a Debt Relief Order help you?
James Dean says
Hi took multiple loans from Sunny all back to back 5 cleared 3 went into default. Sold on before admin i appreciate too late to redress with sunny (let me know if thats correct?)
It was sold on to SLL who applied an auto redress removed interest i think even applied simple interest and then sold on reduced amount of circa 900 to Merlign.
Merlign have offered me partial 300 odd settlement. Just over 4 years old so looking to pay partial and itll be off. My question is can I request Merlign remove the 3 defaults in their name on my Experian on the basis Sunny loan was misold/unaffordable, SLL accepted this and redressed this without me requesting due to Sunny practices and they bought from SLL?
Also have Lending stream sold to ACI ccj for 1705 on a 850 loan. 5 loans taken back to back. 420 paid since ccj after a varied judgment of 12 per month buy a judge 3 months after ccj as aci on behalf of perch capital did not show up to counter my request so auto accepted at the time.
Lending stream are looking into my unaffordable lend and have recalled the debt it seems even though i am awaiting a response. the recal amount is 1464 so does not take into account what i paid its the principal loan and interest amount minus courts fees.
My question is how do i get lending stream to remove the ccj done by perch capital if they bought the loan back to redress?
please advise esp on lending stream.
thanks.
Sara (Debt Camel) says
It is way too late to make a complaint against Sunny.
Who added the defaults, Sunny, SLL or Merligen?
Lending Stream – when they get back to you, tell them that you asked for your credit record to be cleared and this includes the set aside of the CCJ. (Set aside is the legal term for deletion)
James Dean says
Hi Sara,
Thank you for the reply.
On my experian report it says Merligen. I have resigned to the fact Sunny redress is too late. Luckily SLL who bought the debt automatically redressed the sum due to Sunnys practices and emailed me to this effect. So the interest has been removed already they did this automatically without a complaint ‘supposedly.’ The paid loans prior to last o/s debt with them I aprpreciate is too late.
SLL then sold the debt to Merligen at a redressed amount. My question I guess is with Merligen appearing on the default and it says Merligen on my Experian file not elevate credit as on the previous settled amounts. Can I get them to remove defaults for unaffordable lending on a debt they did not lend with a defunct company?
If so how? Million dollar Q and then pay outstanding amount at reduced settlement: I still owe 930 with them you see but theyve offered to settle at 300 or even pay in full if it means remove default. Please advise.
Regards.
Sara (Debt Camel) says
did the debt ever appear under SLL’s name on your credit records, if it did, was it defaulted. Check all three, see https://debtcamel.co.uk/best-way-to-check-credit-score/
James Dean says
Hi I’ve checked all 3. They all say Merligen. I have the email from SLL however which confirms they purchased and redressed amount due to Sunny unaffordable lending practices. I also have the email from BPO on behalg of Merligen saying Merligen Purchased from SLL. I can’t complain to Sunny. SLL no longer own. Merligen are reported on my file with 3 defaults. Is it possible to complain to them this was unaffordable and redressed by SLL so I will pay to settle ate reduce offer but you need to remove all negative entries?
Sara (Debt Camel) says
You can try. And send to the Ombudsman if they refuse.
Rob says
So just an update. I put complaints in to Moneyboat and 118118 for irresponsible lending (gambling addict).
Moneyboat, of which I had 11 loans increasing in size with no more than 2 months gap have finally replied. Claimed they don’t agree they leant irresponsibly but as a “gesture of goodwill” they’ll remove the outstanding balance on my current loan. With interest this works out at £1400 and without, about £400 (rough numbers).
Now I know I could submit this to the ombudsman and likely win but given how things are going and the length it f time it’ll take, I’ve just decided to accept this. I paid back loans early (through winnings) so my actual interest paid is quite low. I’d expect to only receive about £1.5k so just getting the offer I have is worth me time.
Awaiting 118118 reply and it should be soon given i complained the same day. Both needed to reply by 25th Jan,
forhave says
I would like to know how to get a payday loan refund.
Sara (Debt Camel) says
If you have had several small loans from a lender, or one or two big loans, then read the article above and send in a complaint.
Rozzer says
Made a complaint to moneyboat and they replied with this now I’m really worried as if I did give guesstimate on my spending etc
Should it transpire that information provided by you at the time of application was false or misleading, we may register this attempt to gain redress falsely as a first party fraud with fraud prevention agencies. Any fraud marker may affect your ability to obtain credit with banks and other lenders in the future.
Sara (Debt Camel) says
Moneyboat say that to everyone. No one who has taken their complaint further to the Ombudsman has had a problem – I think they are just hoping a lot of people will drop their complaints.
Guessing your spending is normal – people don’t spend a couple of hours working out details for a payday loan application. If you had invented a non-existent job, then obviously that was false. Getting your groceries bill wrong or forgetting about water or clothes – no.
Rozzer says
Thanks so much for replying yes income and job were correct would have just been on spending guesses
James Dean says
Hey, Sar!!
Lending stream have come back to me saying by affordable we checked what you told us and you had the money. So the first 4 decline. Due to proximity of last loans back to back we can see how we may not should have given you the final loan so we partially agree. Theyre being very vague in their wording and not outright admitting to anything. They have however agreed to reduce 1285 with ACI to principal 840. Dedeuct 420 I paid ACI to 420. Then refund interest, 8% simple and hold 20% tax. This reduces my debt to an affordable £136.67. They have said they will apply to CRA’S to remove adverse history and the changes they will ask them to make depend on the reason we may have thought it not right the right thing to do to give you a particular loan. I dont know what this last bit means considering i have a ccj it is very vage. They have not mentioned or addressed outright the setting aside of the ccj which i requested. Can I send you the letter to get your thoughts on a response?
I dnt think theres any point of taking it to the ombudsman unless they refuse to set aside the ccj. Theyve also said it will still show the loan even though they would request to remove adverse records with CRA that says nothing to setting aside the CCJ which needs to be done with a court not a CRA I believed.
Please advise. on this.
Can you check my letter and help with a response?
Sara (Debt Camel) says
so I didn’t expect then to refund the first loans. And it sounds like the are removing all the interest on the last loan so that is a full refund on that?
I suggest you reply and say that sounds acceptable if they agree to get ACI to set aside the CCJ- yes this is an application to the court not to the CRAs.
JD says
Hi Sara, thanks, I’ve done that now will let you know what they say. I also have a o/s default with safetynet. I want to get then to remove the default they put on my credit history as it was unaffordable at the time. I’m not concerned with a refund tbh just removing adverse history. With them going into administration how does thay work. Can I still make the complaint to them and request that because I they have gone in to administration I would be happy to settle debt with them removing the default and forego my ability to claim for interest back and 8% simpl3?
Please advise.
Also in checking my history I have found an arrears account with Money Platform all was taken at the same time which I could not afford. I though I had paid this or had simply nissed it. It seems they didnt default it I have not got any ketter or emails from then in 4 years so didnt even know I had an open account theyve put me in arrears every month for 4 years now which is crazy. What can I do with this. Again Im not concerned with the refund just removing adverse history as I dnt think its fair my history has been effected so heavily for a loan they provided I could not afford.
Please advise.
Sara (Debt Camel) says
“Can I still make the complaint to them and request that because I they have gone in to administration I would be happy to settle debt with them removing the default and forego my ability to claim for interest back”
Well you can try but it is VERY unlikely to work. You may think it sounds like a good offer from you, but my experience with previous administrations shows:
– they don’t care about the money, it isn’t their money, they just want a simple very easy process with no manual intervention or thinking what to do about an individual case
– in SNC’s case there will be no money for refunds anyway
– your best option now if this default is important to you is to make a claim AND stop paying them by cancelling the CPA and removing their access to your account via open banking. See https://debtcamel.co.uk/safetynet-credit-administration/. They will have to look at claims where there is a balance left as they have the legal right of set off – repay thet balance and they are unlikely to decide your claim as it will cost them time and there is no money to distribute.
Money Platform – send them an affordability complaint. If you win that the arrears will be removed. If you lose, ask them to add a default back 3 and half years ago. Few firms respond well to bargaining over credit records so its simpler to make the affordability claim which will solve the credit record problem as a side effect.
JD says
Hi Sara,
Lending stream have agreed to remove the ccj. Thanks for the help. I will get onto snc, merligen and tmp in due course very soon.
You and the page have been a real help. I’ve managed to get my bank to uphold my complaint regarding my OD. They refunded me 9.4k. which cleared my 4.2k od and then some as I’ve been it since 2017 paying high interest fees due to it being unaffordable.
I’ve got Lending stream to recall my largets loan and reduce it from 1285 to 137 and agree to remove the ccj i was given for this. My credit score has already gone up 200 points to 610 just by the removal of the default with LS and the outstanding balance as well as the removal of banks 2 late payments and outstanding balance. Once the ccj comes off I expect it to jump again.
If I can get a favourable outcome on the remaining 3 my credit score will be sky high, right back to where I was before all of the unaffordable lending.
Thank you x
JD.
Sara (Debt Camel) says
I am glad Lending Stream have done the right thing.
wow, big bank overdraft refund – which bank was it?
CR says
Have you had your refund from lending stream yet? I accepted a final offer on 1st Feb and haven’t heard anything just wondered how long it would take thanks
Tony says
Good morning,
Thank you for your email.
Unfortunately, we do not have any updates to provide at this stage. I assure you that the administrators are aware of your claim and that you will be owed a distribution once the company’s assets have been sold or realised. Please bear in mind that this is a lengthy process and we will provide updates as soon as possible.
We appreciate your continued patience.
This is an email off piggy bank this morning, looking like there’s still a long road ahead, is there any reports of any problems does anyone know?
Matt says
If they are in administration they will pay secured claims first, like business loans and employee payments/redundancies claims from customers are unsecured claims so dealt with at the end so means you may not get a payment or pennies on the pound but yeah long process they haven’t stated its unlikely or anything like my claim won agaisnt safey net so hopefully you get something
Steve says
Here’s a link to the latest admin update (9/1/23) regarding DJS (Piggybank Loans). Gloomy reading I’m afraid with a strong possibility that we’ll receive £0. I was awarded redress of just shy of £4000 which was agreed before they even entered admin back in 2019. Now it looks like I’ll be lucky if I recieve enough for a new tooth brush!
Shocking state of affairs.
Here’s the link, just scroll down when the page opens.
https://find-and-update.company-information.service.gov.uk/company/07952979/filing-history
Carol says
Just read on that link that the notice they gave given for the extension of administration is to 05/12/23. What annoys me the most is yes they pay their secure debtors first, but when you look out how much the administrators are getting paid for this its thousands close to half a million. That should be used to pay at least some to us but hey ho, let’s carry on feeding the big cats.
Lee says
Hi I have had a complaint against commsave with financial ombudsman since February last year, got a reply from adjudicator favouring with me but they disagreed and it’s now gone for final decision. How long does this usually take from your knowledge? Many thanks
Sara (Debt Camel) says
I am afraid it can be a bit erratic – anywhere from a few weeks to 4 months or more. Let us know what happens, I don’t see many credit union cases.
Lee says
Ok thanks for the update, I will let you know how I get on once I receive a reply. Many thanks lee
Sandra says
Just had a message from FOS advising me my case with them for safety net will be handed over to the administration team as they are winding down the company
Sara (Debt Camel) says
See https://debtcamel.co.uk/safetynet-credit-administration/
Kikidee says
Hi Sara
I recieved an email from Ferratum today saying that they basically have no money to hand out but they will send me £61 as a redress. It is non negotiable they said and they want my bank account details to make payment within 14 days. It’s taken a long long time to even get a response from them re my affordability complaint, should I send my details or or forward to the FO. I have won all my other pay day loan complaints I sent to the FO just not sure if Ferratum are in administration or not. Thank you in advance.
Sara (Debt Camel) says
They are in liquidation.
How many loans did you have from them and were there any negative marks on your credit record?
Kikidee says
Tbh I cannot remember as it was so long ago I cannot access the online account anymore. I have checked my emails and I can see I had a few loans with them in 2017 and then in 2020 I started paying Drs £10 per month as I could no longer afford the high interest charges. I was taking out other payday loans in order to stay afloat. There were some defaults initially but once I set up the £10 per month I kept to the agreement. Thank you.
Kikidee says
I have found 4 loan numbers £600, £500, £300 and £300. The first 2 we’re paid off in full then I was issued a default notice for the last 2. I’ve been paying £10 per month for the last 2 years. Should I send to FO. Thank you in advance.
Sara (Debt Camel) says
No, FOS are not allowed to take a case where the lender is insolvent.
Are you paying Ferratum? Or was these sold to a debt collector?
Kikidee says
Ok. I haven’t been charged anything for the last 6 months but it was with a debt collector with around £150 outstanding. So I will respond to ferratums email and request all defaults are removed and except there offer.
Do you think that’s the best thing to do Sara, thank you again for all your advice…..
Kikidee says
This is what they said …
Since our appointment, we have continued to collect outstanding monies due from customers in respect of loans they have with the Company, whilst we researched the information held by it and our ability to undertake a thorough review of its historical lending practices.
We have now concluded our investigations and from the information available to us have unfortunately reached the conclusion that it would not be possible both practically and financially to undertake a full review of every customers potential entitlement to redress. This is due to a lack of information to be able to undertake such an exercise for all past and present customers. It is also as a result of the insolvency of the Company and the lack of funds available in the liquidation to be able to cover the costs of such a process and there being no prospect of any dividend being payable whatsoever in respect of any customer claims that may be identified.
Notwithstanding the above, we note that you have made certain payments towards your loan since our appointment and pursuant to our powers pursuant to Schedule 1, Part 4 of The Insolvency Act 1986, we have decided to refund the amount indicated above to you. Due to the lack of funds within the liquidation, please do not request us to consider your circumstances on an individual basis as we cannot do this due to the circumstances detailed above. The amount of this refund is not negotiable, it is not a contractual entitlement and represents a voluntary refund at the total discretion of the liquidators.
Sara (Debt Camel) says
I suggest you ask if you can stop paying and if the debts are being written off, as they should not be sold while you have a potentially valid claim for set off.
Jonathan Dyer says
Hello Sara, when you make a complaint to a lender and they have gone into admin as the case is here with Ferratum.
What is the timeline for administrators to provide final response.
I have just sent one to safety net for the admin to look at but have no clue on their response time limits, is it still 8 weeks? thanks.
Sara (Debt Camel) says
Unfortunately there is now no time limit. In other administrations this has taken a very long while.
James Dean says
Hi Sara,
Bank unaffordable lending claim was with Lloyds. Interest charges I paid totalled over 8k and 17-22 and I still had the 4.2 od outstanding.
They agreed they shoukd not have given it after first declining within 2 days not even checking properly I emplored them to investigate thoroughly as I could not afford it at time of agreement. They upheld it. 8.4k interest returned. 551 8% simple. 80 distress comp. refund totaled 9.4. 4.2 cleared od i was left with 5.2 approx. Quick question 80 distress comp was very low i felt for 5 years prolonged distress that caused me to not be able to pay other debts get ccjs with others when i could have used that to avoid and pay. Do you think I can get more compensation for distress by escalating complaint to FO? They said i can if im not happy and it wont change resolution the offered and given already.
Secondly regarding alending stream agreeing to set aside ccj. Keep in mind they sold debt to ACI and ACI used TMLegal to obtain ccj in name of aperch Capital. Lending stream slyly passed the buck in their response saying they will request for ACI to set aside as ACI made judgement. When I emailed ACI aci tried to tell me I need to apply to courts to set aside ccj.
Please advise as I dnt think its me that needs to do this its very time consuming and costs going to court etc.
Regards
JD
Sara (Debt Camel) says
Lloyds – it sounds as though they have offered £80 for their initial failure to handle your complaint properly, not for distress over 5 years. It’s seems adequate for the complaint failure which they rectified.
I haven’t known anyone get compensation for prolonged distress caused by unaffordable overdraft.
Lending Stream are not being sly in saying ACI has to request the set aside, that is what has to happen. I suggest you go back to LS and explain ACIs unhelpful reply and say your complaint against LS goes to the Ombudsman if this is not resolved.
JD says
Hi Sara.
Thanks have already done so and raised a complaint with ACI too if to see if that would help. Lloyds asked me if this unaffordable lending caused distress to which I confirmed yes. I asked what conpensation they would provide in addition to putting me back in the same position. They then camr back to me a day later and said 80£ is the best they can do. Correct me if I’m wrong but It isn’t the norm I don’t think to have such a high overdraft with high feels all the while having something like 15 pay day loans on and off and arrears regarding priority debts totalling 3-4k. The overdraft was the single biggest outstanding balance I had with the highest interest fees paid, 8.4k interest on a 4.2k OD with 4.2k still outstanding. The distress this caused was real and out of all debts caused the most nore so than the pay day loans as I was stuck in paying it as my bank. The £80 compensation was specifically for distress. They asked upon upholding complaint if the od had caused distress. I confirmed it did and outlined the effects it caused me which I wont go into. Do you think its a waste of time taking that to the FO then? I was under the impression that compensation for distress was a real thing. I’m happy with the res I just feel £80 for the effects it caused me doesnt scratch the surface. the money they gave me was what I paid them tgat I shouldnt have had they lended responsibly so I dont see it as them doing me any favours.
Sara (Debt Camel) says
I’m not saying it’s impossible to get more, here is the Ombudsman’s page on awards for distress https://www.financial-ombudsman.org.uk/consumers/expect/compensation-for-distress-or-inconvenience
I’m just saying I don’t remember an affordable complaint where someone received much for this.
JD says
Hi Sara,
Money Platform we spoke about before have rejected irresponsible lending charge but offered to remove interest from outstanding balance and remove loan from cras, which is all i really wanted so another good result. Thank you.
Just waiting on Safety net response then I can get onto Merligen regarding the defaults from the Sunny Loan they purchased from SLL. and that’s all my unaffotdable loans addressed. I’ve had a reasonable result I’m happy with on all three complaints made so far even when they reject the idea they lent irresponsibly.
It seems from the evidence they know this to be true which is why I have had reasonable outcomes even though they never seem to want to categorically admit to doing so.
JD.
Karl says
Hi Sara, thank you for all your help on this website. I’ve had just under 30 loans with Fund Ourselves, and based on my calcs, I had paid c.£2.5k in interest. This has now been picked up by FOS, and FO offered to refund interest for the last 20 loans (all have been repaid early), which comes to £3.5k (must be due to 8% interest), so I’ve decided to accept that offer and not drag this out any more. Thanks again!
Craig says
So currently I got a case in with ombudsman about lending stream I been waiting since April the adjudicator only just picked it up after six years lending stream decided they owed me and gave me back £2000 never said anything about the ccj that was also put on me a total of 4.5 years that I paid in full ask them about this and get oh it’s in ur £2000 but nothing states that so I went to collector after informing fca gunna pick up lending stream finally helped to get it removed of my credit report 8 months later now I wanna know as obviously that ccj should never happened 1 surely I’m due my moneys I paid for ccj back and 2 some compensation for a ccj I should never of got in first place!
Sara (Debt Camel) says
I agree the CCJ should be removed and the coat of that refunded. I doubt you will get compensation.
JD says
Hi Craig, I’ve had an affordability complaint upheld by lending stream for a loan that was sold on to ACI to which ACI obtained a ccj against me for. They’ve said they will get ACI to remove it but ACI have told me I need to do it. Can you explain the process you went through to get it removed please?
Michael Horn says
Still waiting for SNC and the fos to get back to me snc said they still haven’t got a timeline and it expired on the 6th Dec
Sara (Debt Camel) says
do you still owe them any money?
Michael Horn says
No raised an affordability complaint with them
Sara (Debt Camel) says
then read https://debtcamel.co.uk/safetynet-credit-administration/. If they are right that there is no money to distribute, you are not going to get a refund.
Michael Horn says
Fingers crossed 🤞
Sara (Debt Camel) says
uncross them. I would be VERY surprised if there is any distribution.
Eric says
Dear Sara,
I just got an offer from my complaint against Quidmarket with the financial ombudsman since September last year. I got a reply from adjudicator this morning saying “I’ve reviewed all the evidence provided by both sides in this case and I’m not upholding your complaint regarding loans one to four” and “Having taken everything into consideration, I think the goodwill offer made by Quidmarket to remove the loan from your credit file and waive £258.30 of interest is a fair and reasonable offer for you to accept.” So it looks like they will be no redress payment for the interest incurred.
“There wasn’t anything in the information your provided or the information Quidmarket should’ve been aware of, which meant it would’ve been proportionate to start verifying what you told them. Taking the information, you provided to Quidmarket into account at the time of applying for the loans and I think it was fair for them to provide loans one to four to you. ”
They are saying if I decide that don’t accept what they have said – and want an Ombudsman to make a final decision on my complaint – I must provide any further evidence or representations by 17 February 2023. But I don’t have any additional information to give them. What should I do Sara?
Sara (Debt Camel) says
so you have 5 loans from Quidmarket? And the offer is to remove £258 of interest from the current loan?
Can you list how large they were in date order?
Were there any gaps of more than a month between repaying one loan and taking out the next one?
And how much you have paid to the last loan so far?
Eric says
Sorry Sara for not getting back to you sooner I had to wait for a phone call from my adjudicator this morning. Basically this a single loan with 5 installments payable over 5 months. The last instrument is what I could not pay off. They have said they are willing to remove this loan from my credit file and waiver the interest payments as well. So the adjudicator has told me the cost on my end would be £5.00 payment to Quidmarket to settle this matter. Sara I think I will just pay it and be done with the matter and take the loan being taken of my credit file as a win. Thank you.
Dominic says
Not a question but a bit of a vent.
Fernovo (I am an ex customer) have sent me a Valentines Day themed email offering a 25% discount on interest if I want to ‘make the day that bit extra special but are a bit short of funds’.
It really comes across as them exploiting the financial and/or emotional vulnerability of their customers…. Absolutely disgusting and shouldn’t even be legal in my opinion. They note that I ‘have contacted us previously about a loan’ so I assume that is their basis for contact – maybe I ticked a box to consent to such emails.
Sara (Debt Camel) says
Nothing says romance like a payday loan….
L says
Hello,
Anyone ever had a successful FOS Compliant against Drafty (Gain credit)
I’ve got an adjudicator looking at mine and she states In the first email exchange “
I’m currently reviewing your complaint, and in particular your finances. I think the lender should have done more to check your finances around this time”
This a promising start?
Sara (Debt Camel) says
Yes there are usually 2 steps to winning a complaint. Did the lender make checks and if they had made those checks, what would they have seen?
L says
Well the FOS have had my bank statements and credit reports for the time around the credit line and that’s what she has had to say at the early stages of the investigation. So I can accept the promising start. I paid a total interest of £1653.35 on the credit line throughout the time of having it. Generally how long does it take for a full investigation and then an outcome?
Jamie says
Has anyone had a redress from 247Moneybox (Active Securities) and had information on their credit files amended? It was my understanding that these loans should have been removed following the administration process but perhaps my understanding is wrong?
My redress was minimal however all my loans from Active Securities are still on my credit files. Just wondering who to contact if these should be removed.
John says
I received a payment into my bank account today for £73, was wondering what on earth it was, think you just cracked the case for me, must have been the 247 moneybox redress, was it today you received the redress? cheers
Jamie says
Hi John, no it was actually last year i received the redress. Mines was £66 in total.
Are your loans still on your credit file? Mines still have not been removed despite them telling me in April 2021 that they would be. I’ve followed up a couple of times regarding this but to no avail.
John says
Ill take a look, now im even more confused where the money has come from 2day, guess ill know for sure when my statement updates tomorrow
John says
just had a look at equifax, credit karma and clearscore, cant see any entries in the open or closed sections for active securities
Jamie says
Thanks John – glad to hear yours have been removed. The administrators got back to me this morning saying it was not within their remit to do so – understandable. They gave me a couple of email addresses to forward on to so hopefully it’s resolved soon. Just trying to tidy up my files ahead of expected mortgage applications later this year.
L says
Good afternoon,
Can someone assist with what the below means please?
Re-work XXX credit facility balance so that all interest, fees and charges applied to it from 23 December 2019 onwards are removed.
If the effect of removing all interest, fees and charges results in there no longer being an outstanding balance, then any extra should be treated as overpayments and returned to XXX along with 8% simple interest on the overpayments from the date they were made until the date of settlement. If no outstanding balance remains after all adjustments have been made, then Drafty should remove any adverse information from XXX credit file*
Sara (Debt Camel) says
It is a full refund of all charges and interest from Dec 2019.
The 8% standard interest clause looks normal.
The last sentence is not normal “If no outstanding balance remains after all adjustments have been made, then Drafty should remove any adverse information from XXX credit file” Are there any problems whowing on your credit record for this Drafty account?
L says
It was standard wording they used, I phoned my adjudicator to speak to them about it. So my claim is being upheld from a certain date. So any payments I made and drawdowns made will be calculated along with interest and then my potential settlement will be generated and Drafty have 13 days to respond but I’ve been advised that they have a lot of ongoing problems with Drafty so I don’t expect anything to be settled just yet
Sara (Debt Camel) says
Do you have any negative marks on your credit record for this Drafty account?
L says
No I don’t.
Sara (Debt Camel) says
In that case you can ignore the last sentence. That you quoted From the FOS decision.
L says
Great, will do.
Are Drafty quite respondent or do they leave it until the eleventh hour of the final day of their timescale for their response?
Sara (Debt Camel) says
Sorry I don’t see enough Drafty cases at this particular stage to know.
L says
Further to my previous, the FOS Adjudicator has upheld my complaints and they’ve sent the letter to Gain Credit (Drafty) and have them 14 days to respond. Anyone had any experience with that part of the complaint?
JD says
Hey Sara,
My Safetynet loan was sold on to Lantern. Are SNC still going to deal with the affordability complaint? Do they disregard sold on complaints with outstanding balances in tge same way you suggested they disregard paid off loans as they neither have to time or funds to redress?
I only care about removing the adverse history I’m happy to pay the outstanding sum although removing the interest is always helpfull to allow me to clear considering the loan was unaffordable.
Thanks.
Sara (Debt Camel) says
See my comment here https://debtcamel.co.uk/safetynet-credit-administration/
Further questions are best asked on that page.
Matt says
So I’ve had a complaint in with lending stream for 6 loans I had with them 2016.. they gave me a final response email today they reviewed it and only agreed to refund interest for 2 and for total of 136 pound but said I owe them 240 pound so they are saying after thier offer I would have to pay them the remaining balance.. do I have to go directly to fos or can I reply directly to reject the order and explain I feel they should refund all the loans and waive any outstanding balance as thier reasoning is simply they took my declared earnings away from my declared outgoings with no other checks seem to be have made I feel very strongly they shouldn’t have loaned to me as I had large amounts of credit at the time and they allowed me to take loans at the same time
Sara (Debt Camel) says
how large were the loans, can you list the sizee in order eg 300, 400, 250, etc
Also were there any overlaps when you had more than one loan at a time? or gaps of more than a few weeks between settling a loan and taking the next one out?
Matt says
Yes so
1. 200 30.11.2015
2. 150 05.02.2016
3. 100 06.02.2016
4. 100 12.04.2016
5. 170 14.04.2016
6. 100 22.04.2016
So In thier response they have said they partially agree and feel the last two loans were a bad idea to give me but feel the first 4 were fine they haven’t given any clear reasoning for this, I will send to the FOS as I feel strongly at the time I shouldn’t have been granted the loans as I had a lot of other credits and defaults at the time, I responded to the email to reject their offer and to review again if they can just Wondering was fhat worth doing as the email stated this was thier final decision, do you know roughly how long the fos process takes?
Thanks
Sara (Debt Camel) says
Those are small loans – I would be surprised if FOS decides that any of the first three should be refunded and it may well be that FOS says only the last two should.
Matt says
Yeah I appreciate they are small loans.
As the outstanding balance is over 7 years can they still chase me for the remaining balance? my understanding would be that would have come off my credit file after 6 years or will they now reapply this?
I will still send to FOS will let you know what happens.
Sara (Debt Camel) says
The debt may be statute barred, see https://debtcamel.co.uk/statute-barred-debt/ and as that article says talk to National Debtline.
Mr B says
Hi Sara, finally got confirmation of decision from Ombudsman re. complaint against Draft (Gain Credit).
“ Re-work Mr B’s credit facility balance so that all interest, fees and charges applied to it from 11 July 2019 onwards are removed.”
I have made £2,236.22 in repayments since that date – Do I assume I will get this total back +8%. (No remaining balance to clear)
Sara (Debt Camel) says
probably not because some of the payments after that date will have been clearing the principal on the amount lent.
when was the balance cleared?
Mr B says
balance was cleared 14/03/2022 with final
payment of c £375. Credit limit had been £600 since July 2019 and was a case of making minimum repayment and re borrowing it every month. Should I minus the £600 from the £2.3k?
Sara (Debt Camel) says
“balance was cleared 14/03/2022 with final”
then you would get about 8% back from that date. Plus a bit more if the refund itself would have taken you back into credit before that date.
But you need to work out from the payments how much interest and charges you paid after July 19. Some of the repayments would have been clearing the new borrowing.
Mr B says
Hi Sara, Would it not be a case of adding up all the repayments i made after June 2029 (c£2200) subtracting any redraws of the facility (c£700) to give me a refund amount of £1500?
L says
This is the process as I’m going through similar with my Drafty complaint…
At the time of 11th July 2019 is when your refund starts, so from that date you need to work out how many payments you made, add them all together, and then add the balance at the time of the 11th July and any drawdowns you had since that time, then you get 2 figures: payments and balance and drawdowns, you then minus the balance and drawdowns from the payments and what you’re left with will be the refund then an additional 8% on that
L says
Did you ever get a settlement for this?
Gemma says
Hiya Sara, similar to someone else who has commented on here; I’m still paying ferratum through a 3rd company on a payment plan. I also received this email, I’ve emailed back twice asking about the loan being removed and whether or not I’m still supposed to be paying, but there’s been no response. Do you have any advice on what to do? Many thanks
Sara (Debt Camel) says
you are sure you haven’t been paying a debt collector that has bought this loan from ferratum?
Gemma says
I wasn’t able to afford the payments so it was passed onto CRS to set up an affordable payment plan. They have advised that as far as they’re aware the business is still running and the amount still needs to be paid, unless I have an email response from Ferratum directly advising otherwise. The email they sent is the same one as advised in the previous comments, so they provided redress on the back of a complaint and advised payments were still required while they investigated, but there’s so specific wording to say the loan no longer needs to be paid
Sara (Debt Camel) says
so see this thread earlier https://debtcamel.co.uk/payday-loan-refunds/comment-page-225/#comment-501106
You need to ask the administrators to refund the payments you have amde during administration, ask them to write off the balance and remove the nagative marks on yiour credit record.
I suggest you should also stop paying CRS – your credit record is already harmed.
Gemma says
Great thanks so much Sara. I have previously emailed them and had no response, if I again get no response this time would you recommend I contact the ombudsman for support?
Sara (Debt Camel) says
no, the Ombudsman cannot look at this.
If you can’t get a reply, email the administrators directly: paulboyle@harrisons.uk.com, davidclements@harrisons.uk.com and tonymurphy@harrisons.uk.com
Jamie says
Fernovo:
I recently made an affordability complaint to Fernovo and they have come back today saying that my complaint has been partially upheld. They have offered me a partial refund on interest and all loans to be wiped from my credit files. The amount of loans and interest on them is not significant compared to some previous lenders i have challenged and so this time around i will not be taking this any further and will be accepting their offer. Having the loans taken off my credit files is the most important aspect for me here.
For anyone thinking about challenging Fernovo all i can say is they came back in a very timeously manner and (for me) an acceptable solution. I do think that due it being partially upheld they feel i may have a strong case so to me that suggests they are taking these kind of complaints seriously.
Lauren says
Hi Sara, could i have some advice on a 247 Moneybox account. Original loan amount £150 showing on my credit file. Sold on too Lantern, i spoke with the Administrators and they advised me to complain directly too Lantern which i have done. Lantern have come back too me stating all claims with 247 Moneybox closed so won’t take further. I haven’t asked them to write the debt off and i can’t see that there are any ‘negative’ marks on my credit file because of this but it is showing as an open account of £150 on my file. I have asked Lantern to reduce the debt back to the original amount borrowed which was £150 (they have whacked it up to £284) Is this unreasonable too ask for as the loan was irresponsible lending and they have all the evidence to show that it was but because they have closed, neither party are wanting to deal with it. Advice would be great! Thank you
Sara (Debt Camel) says
it is showing as an open account of £150 on my file.
isnt that what you want?
Tim says
Hi Sara, I had a complaint offer from Fernovo (Quidie) which I accepted in August, I received the refund back in August and part of the offer was to remove all the loans (7 loans) from my credit file, it said in the offer this can take up to 30 days. They still haven’t been removed from my credit file despite after the 30 days passed and every month since I have emailed/called them and all I get is that they are looking into it. I’m not convinced they are doing anything about it as they should have been able to remove them by now. What are my options? I have threatened them with the FOS however I know there is a long wait of many months to get a case seen. My other thought is to dispute the accounts with Transunion stating they should have been removed as it has been agreed by Fernovo (Quidie). What do you think is the best way to resolve this?
Sara (Debt Camel) says
as Fernovo is still going, TrasnUnion probably won’t do anything about this.
I am afraid I think you should send this to the FOS. And also ask for compensation for the delay in putting this right and the way your requests for them to correct this have effectively been ignored. I suggest asking for £50 a month for every month after September when it should have been done.
L says
Anyone had any experience with Drafty (Gain Credit) not responding to the Ombudsman within the specified time frames?
Dave says
Hello DC, I’ve had a response suggesting that I mislead the lender by providing false information during my application in 2022. They did not ask for bank statements etc at the time but now I’ve complained they have. Surely its their responsibility to check this at the application stage rather than suggest otherwise down the line??
Sara (Debt Camel) says
was the Moneyboat?
Dave says
That is correct, yes
Sara (Debt Camel) says
They say this to everybody. Unpleasant firm.
No-one has ever had a problem if they have simply ignored this and sent their complaint to the ombudsman.
But you should supply bank statements – they prove how unaffordable the lending was.
Dave says
I will do thank you.
Kyle says
Hi Sara. I have a question about Cash Converters buy back loans, where by you borrow money and they hold our item for 28 days and you can buy it back for 32.5% more, so a £100 loan costs £132.50 to buy back after 28 days.
Does this constitute a loan? I have been using these for probably 6 years now and always buy my goods back but immediately need to borrow again pretty much. It’s never affordable, however I guess they would say that they don’t need to check affordability as the item is secured against the item?
Would love to know your thoughts, if they constituted a loan then any claim regarding unaffordability would be worth thousands.
Sara (Debt Camel) says
this sounds like pawn broking. Unfortunately the affordability rules do not apply to this.
I suggest you talk to a debt adviser about how to get out of this trap – phone National Debtline on 0808 808 4000.
K says
Hiya. Thanks for all the information on here. It’s helped me alot but I just wondered if you know If payday loan refunds affect benefits. I’ve tried looking online but can’t find anything out about it.
Thanks 😊
Sara (Debt Camel) says
Refunds count as extra capital, not income. So, generalising, if you ended up with more than 6k in the bank then means-tested benefits may be reduced.
Kay says
If it helps to know, Sara has helped me get back £6k in refunds and I’m on UC and I have let them know I have this savings and they deduct £17.80 a month from my UC payment 👍🏻
HB says
Drafty have been in touch to confirm bank details to issue refund – does anybody have any experience in regards to waiting times from this point?
L says
I have received an offer from Drafty also, however my adjudicator is requesting more info as to where the offer comes from as it doesn’t comply with my adjudicators findings. I believe it takes 28 days for them to settle and pay out.
Did yours go to FOS or did they agree to settle without?
H B says
Drafty did not agree at first so went to adjudicator. Drafty offered an amount that adjudicator did not agree with so went to ombudsman for final decision who ruled in my favour. ombudsman gave them 4 weeks to settle so just waiting for refund now. ombudsman told me to reach out if final amount is not as expected
L says
Sounds very similar to my case. How long did it take for the ombudsman to get involved and make the decision after the adjudicator didn’t agree with it if you don’t mind me asking?
HB says
Adjudicator decision was in July. I then had to escalate to Ombudsman that takes a while but I believe FCA & Gain Credit were having talks regarding the way they settle complaints, as in both of our cases, they did not do correctly, so the talks went on for several months and believe they were concluded early 2023. I then received final decision mid Feb
MJ says
Hi, im hoping for some advise. i had a loan dating back to 2018, i then got a CCJ from this loan in June 2019. i made a complaint recently regarding this loan and they have responded saying they deem this closed as i submitted a complaint in May 2019. given that i have since had a CCJ from this loan am i eligible to resubmit the complaint given part of my complaint is now regarding the removal of the CCJ? i am kicking myself over this as i didnt realise i had submitted a complaint and it was definetely unaffordable. i had 8 active payday loans at the time when they give me this one. im unsure where to go from here so any help is greatly appreciated
Sara (Debt Camel) says
what do you mean, you didn’t realise you had sumbitted a complaint?
K says
Hi Sara
I have filled out an R40 form to try to claim back tax paid on a pay day loan refund. HMRC have asked me to send them the tax certificate breakdown from lending stream as they said the way I filled out the R40 form doesn’t make sense to them, so I will send it to them, but I was wondering if I Will qualify to receive that tax back. Does the refund I received from lending stream get classed as income and would that be added to my annual work income ? I am just worried by submitting it I will end up owing HMRC more money than what I am requesting refunded. Hope I’m making sense. Appreciate your help.
Sara (Debt Camel) says
Does the refund I received from lending stream get classed as income
It is treated as savings income. Not normal income. You gave a tax free allowance for savings income each year, see https://debtcamel.co.uk/ppi-payday-refund-get-back-tax/
You can only end up owing more if you are a higher rate tax payer and you have used up the tax free savings allowance.
James says
Hi,
I was wondering if anyone made a claim against fundourselves? They are peer to peer lending and it is 500% apr, my finance are terrible so they are a last resort.
Had 6/7 loans off them £1500 and you repay £3000 but I like to clear within the 1 month but this month is going to be hard.
Sara (Debt Camel) says
How long a period was this 6/7 loans over?
And what other debts do you have at the moment?
James says
So the first 6 loans were within a few months. Then they declined me a few times so the last was July and then finally got another one last month.
I have 3 loans, car finance and 6 credit cards with around 7k on them. I should never have took the loans but robbing Peter to pay Paul and this month is going to be worse as I can’t afford my credit rating being affected so I don’t want to miss a payment.
Sara (Debt Camel) says
Why can’t you afford your credit rating to be affected? It must be pretty bad if you are reduced to this sort of expensive borrowing?
Have you looked at affordability complaints against the loans and credit cards? How far through the car finance are you?
James says
1 year of 3 years through hire purchase, it is pretty bad but no defaults. Even though my credit is bad I am thinking if I pay it all off and no defaults in a few years I can get a mortgage.
Withdrawing cash from credit cards might hinder that an extra few years. I was not aware you could make affordability against credit cards, I thought it was only loans? I think that would be a good idea.
Sara (Debt Camel) says
For large loans see https://debtcamel.co.uk/refunds-large-high-cost-loans/
That also covers car finance but you have to have repaid at least the amount you borrowed, without interest, or you may win the complaint and still lose the car.
For credit cards see https://debtcamel.co.uk/refunds-catalogue-credit-card/.
You can make a complaint against fundourselves. 6 loans in a few months means you may get a refund of some of the later ones. But the big gap means the current one may not be included. This is definitely worth a try but it may well have to go to the ombudsman so this is niot a quick solution to your current situation.
You have to stop borrowing from them. Payday loans within the last 2 years are a major problem for a mortgage application even if you have repaid them on time. And some high street lenders may say three years.
If you have difficulty with these repayments at the moment, I am sorry but I think you need a debt management plan. Trying to muddle through this and improve your credit score while prices carry on rising… how can you ever clear these debts? And until you do you can’t think of saving a deposit.
James says
That makes sense, thank you very much for your help.
Dan says
Hi All, just accepted a lending stream refund from some irresponsible lending they done with me previously, I accepted on Friday with my new bank details & copy of bank statement they required. Can anyone help me and advise how long the refund takes after accepting it?
Jo says
Mine went in within n 24 hours no problems at all xx
Jonny says
I have recently logged into my Drafty account as I have been making small token payments of £1 per month (they only allow a payment plan for 2 years and this wasn’t affordable). Anyways, I get a message saying “Your account has been closed and the balance has been written off”. Does this mean they’ve actually written the account off? They’ve not been in touch with me at all and I’ve received no correspondence. Clearly, this is good news, if true.. but I’ve never seen this anywhere happening and I’m thinking they’ve maybe sold the account on but I’ve not received any correspondence yet. I have tried to call them but they’re so difficult to get through too and will continue to persevere. I’ve kept a screenshot, nevertheless, in case it’s disputed at a later stage.
Any thoughts?
Sara (Debt Camel) says
Have you looked at how the account is marked on your credit record?
Jonny says
Hi Sara, they haven’t marked anything on my credit file yet. Thankfully, I’ve been able to get in touch with them on live chat on their website. The balance has definitely been written off on 15th March, so last week, and I guess that’s why I cannot see it yet. I can see a comment from last month about Drafty/Lending Stream where someone was told the FCA was speaking to them about their level of complaint. I can only assume this is a similar forced process that happened with Fernovo/Quidie.
I asked on live chat why it was written off as I think it’s clear this was irresponsible lending. They said they don’t have a reason but someone will be in touch. Clearly, I’m going to be owed more in interest and I want to get the ball rolling now as I don’t think it will end well and administration will soon be on the horizon.
Interestingly, I had historically made a complaint, in 2018, which at the time I didn’t forward to the FOS as my life was a bit of a mess. Hopefully this will work out well.
I would encourage others who are in payment plans or token payments to check their accounts too.
Sara (Debt Camel) says
OK so you want the loan to be shown as settled with zero owing. If this is done, they should not try to sell the loan to a debt collector.
How long had you been borrowing from them before you made the repayment agreement? What is the balance that has been written off?
Jonny says
They’ve confirmed in writing (on live chat) and verbally on the phone that it has definitely been written off and cannot/will not be sold to a debt collector. I still find it strange that it has to go to another team to confirm why it was written off. The girl on the phone did say she thought it would be due to irresponsible lending.
I took out the account back in January 2017 and it had a credit limit of £300. This continuously increased up until late 2019 when it was £2000. I essentially stopped paying in 2019 and the balance was down to £1789 which has now been written off. They had stopped interest in December 2019. I’m no longer able to access my statement of fees (I’m unsure why, perhaps related?) but for a good 18 months I was paying £125 interest per month and then other months £50-£100. I think there’s a fair chance they owe me about £1000+ including the 8%.
I have been advised to wait 3 days for a response and if no response then to re contact them on Monday. As I said previously, I think there’s a solid chance they’ll go into administration soon.
Tim says
Hi, does anyone have an idea how long the FOS is currently taking to look at payday loan cases? I have one against MoneyBoat that’s approaching 6months and still not been looked at. I had another against 118Money regarding loans through a claims company (original complaint to company went in before I found this website and have done all the others by myself) which was sent to the FOS at the end of November and has been concluded in early March. Is there a reason why that one went through so quick and the MoneyBoat one still hasn’t been looked at?
Sara (Debt Camel) says
there seems to be a large random element in these things
Did you win the 118 case?
Tim says
Hi Sarah,
Yes 118 had to pay around £1000 refund of which I got around £700 after the claims company fees. I did wonder if it went through quicker as I don’t think 118 loans are classed as payday loans? or my other thought was if it went through quicker due to being through a claims company? Is there anything I can do to get a time frame? Seems odd they don’t have a date order system for these. The MoneyBoat complaint is the most urgent one, I have others with the FOS that I’m not in a rush for however MoneyBoat was the first one I sent in and the one I could do resolving as soon as possible.
Sara (Debt Camel) says
yes this will be on a separate FOS track as 118 wasn’t a payday lender. Claims company cases don’t do through any faster.
Do you still owe Moneyboat any money?
Tim says
Hi Sara,
No the MoneyBoat loans are fully paid, there were 3 of them and they are the only ones now marked as payday loans on my credit report. My aim is to get them removed to improve mortgage options, the last one ended June 2021 so nearly at the 2 year mark for applying for mortgages but would rather them be removed if possible to open up more options/lenders etc. Along with the loans being unaffordable I have provided evidence that their website stated ”payday loans can improve your credit score” back in 2020 when I took the first loan and that they have now changed it on their current website to say ”payday loans do not improve your credit score”. I used the advice from your ”Recent payday loans make it hard to get a mortgage” page and used the Way Back When Machine, I’m hoping the FOS will rule in my favour as I feel I have a good case with both the unaffordable claim as well as the misleading information. Any thoughts?
Sara (Debt Camel) says
I hope you win!
Tom says
Hi Sara,
Quick question. A while back i made an affordability complaint against lendingstream for 3 loans taken out in 2017. They offered me £25 which i stupidly accepted, the actual refund would be nearer £1k. I assume i can’t go back to the ombudsman?
Thanks
Sara (Debt Camel) says
Correct. (Unless they forgot to tell you that you could go to FOS.)
This is too late and you cannot make a new complaint either.
Keven says
Hi I’ve been to the ombudsman and they favoured with me on my case against capital one and am waiting for a settlement amount from them, its been 3 weeks since I agreed to settle but they’ve not come back to me with a figure should I start contacting them or wait. Its there a set time for them to settle it or are they just waiting as long as possible to give me a figure and will then wait as long as possible again to pay back the money
Sara (Debt Camel) says
Was this an Ombudsman decision? Or did Capital One accept an adjudicator decision?
Keven says
They’ve accepted the ombudsman decision but it’s been 5 weeks not and they were given 4 weeks. They’ve still not contacted me with a figure
Sara (Debt Camel) says
I would do as Laura says and call the complaints line. If that doesn’t work, tell your adjudicator what is happening.
Keven says
I tried phone but they don’t understand. They don’t speak great English and as soon as I use the word settlement they tell me my balance and tell me a mimlnimum payment it’s very frustrating. I tried explaining a few times. I’m not great at talking over the phone il just have to sit and wait I think
Sara (Debt Camel) says
Then send them an email.
And tell your adjudicator what is happening.
Laura says
They took four weeks with me, paid one day before the 4 weeks the ombudsman gave them! If you call the complaints line with your reference numbers (capital ones complaints line) I spoke to someone there who was super helpful and told me what the figure was and that a letter had been sent out 2 days before. Sure enough the letter was there the next day and 3 days after that a cheque
Laura says
You need to call the complaints line not the general line. Or if you call the general one ask to be put through to a complaints manager. I got nowhere on email with them, in fact 8! Yes 8! Weeks after I’d had the cheque and cashed it I got a response via email 😂. I think just one woman called Emma replies to all the complaints emails so that’s probably why. The person I spoke to spoke perfect English and actually was Scottish. She even told me she was working from home in Glasgow and we had a good old chat! Lovely woman.
Gemma says
Hiya Sara, I’ve been checking through details online and only realised today that Myjar went into administration in 2020. I’m still currently paying my balance from them to a third party, should I still be paying this amount? Thank you!
Sara (Debt Camel) says
was this sold before they went into administration? did you make a claim to the administrators?
Mark says
Hi. I took 4 loans out with lending stream last year, at the time I have a very bad gambling problem and all my money was going towards that. I made a irresponsible lending complaint to then as they never checked my bank statements and if they did they would have seen all of these transactions and wouldn’t have given me credit. I sent them all of my bank statements to show this but they have come back today and have refused my complaint.
Should I go to the FOS with this?
Thanks
Sara (Debt Camel) says
how large were the loans? were they one after another, or did you have several running at one time?
Mark Saunders says
March 250
March 350
December 300
January 500
I also had multiple other payday loans at the time
Sara (Debt Camel) says
Was Decembers loan still running when you too out January’s?
Mark Saunders says
No it was closed. But my bank statements was full of other payday loans and gambling transactions that they never checked.
Sara (Debt Camel) says
I think you could try. the loans are small but your fourth loan was the largest one.
Karl says
Hi. I need some advice. I made a complaint to payday lender Cashasap back in 2017 regarding what I felt was 5/6 miss sold loans. The remaining balance at the time of the complaint was £122. An agreement was made that the rest of the balance would be cleared and all negative remarks removed from my credit file. I checked my credit file on the 13th April and found an open loan worth £122. From Cashasap. I contacted them to ask why it was still open. The lady informed me that my balance was zero but that she would pass it on the team. I received an email that night to say that my account had been frozen for 6 years and they are now looking the £122 payment. I do not have a copy of the email they sent me about closing the account, however I do the affordability email I sent to them back in 2017. What should I do?
Sara (Debt Camel) says
Send them a complaint in writing saying that they agreed the loan was unaffordable in 2017 and agreed to write off the debt and clean your credit record.
Tim says
Hi Sara,
I finally got an adjudicator for the MoneyBoat case (details in my post below) and they have not upheld my complaint. They have basically said the loans were unaffordable but MoneyBoat wouldn’t have known that at the time, also with regards to my complaint about the misleading information they acknowledged that MoneyBoat advertised that payday loans can improve your credit score and have now changed their marketing to say they don’t but stated as I took the loans out for ‘car repairs’ they didn’t think improving my credit score was a primary concern when taking the loans out. I have replied with all the evidence attachments I have and stated it shouldn’t matter what I took the loans out for if I knew they would damage my credit report with regards to mortgage applications I wouldn’t have taken them out. I have also provided evidence that MoneyBoat stated in an email to me if they’d have seen my bank statements at the time they wouldn’t have given me the loans. It seems a lazy and poorly investigated response from the adjudicator. Do many cases get changed when sent to the Ombudsman for review after an adjudicator has given their response? I have asked the adjudicator to review all the evidence in my latest email and if their decision remains the same to forward the case to an ombudsman as I guess that is my last resort. Is there any chance the ombudsman might overturn the decision from the adjudicator?
Sara (Debt Camel) says
How large were the three Moneyboat loans?
When you took the loans, were you just ticking a box for the reason? If so, I doubt that they listed “credit repair” as a on option! Also if you ticked car repairs for the reason for all three loans, they should surely have asked themselves if that was correct.
Tim says
Hi Sara,
The adjudicator has replied again saying he’s not changing his decision so it has been sent to an ombudsman for review. The loans were £400, £1000 & £700. I can’t remember exactly with regards to the tick boxes however I believe that was the case that I just ticked car repairs.
Sara (Debt Camel) says
£1000 is a large loan – Moneyboat should have looked closely at you application as that was so large. I suggest you go back and say that, make the point again that you would have found another alternative eg borrowing from family if you had been told that payday loans repaid on time can make it harder to get other sorts of credit. Ask for you comment to be passed to the ombudsman.
Jason says
Hi Sara,
I left a comment on here previous regarding this but cannot seem to find it so can’t carry on the thread.
So I made an affordability complaint against Drafty for a credit line totalling £2,200 to which I still owed the entire balance. They partially upheld this and the refund amount they totalled brought my balance down to £232 remaining to pay. I didn’t accept this and took it to the Ombudsman. Ombudsman told me that it would take around 4 months until it can be looked into, it is now entering the 5th month and the Ombudsman have said they still cannot give me a time frame as to when someone will be assigned to this…. My problem is that I didn’t accept Draftys offer however I paid the remaining £260 a few weeks after they partially upheld my complaint so regardless if FOS uphold my complaint or just tell me to accept Draftys offer, I have paid Drafty more than I need to. Now, because I haven’t yet accepted Draftys offer they are still asking for over £200pm payments which I simply cannot afford. They have now sent me a default notice and are threatening legal action. I have tried speaking to them countless times but it is not going anyway and the FOS have said they can’t help out by giving time frame etc. It feels like Drafty are trying to bully me into accepting their offer? What can I do?
Sara (Debt Camel) says
(You originally posted on the “refunds from large loans” page.)
So Drafty are being unpleasant. It takes time to start a court case. After the Default notice they have to issue a Letter Before Claim/Action – see https://debtcamel.co.uk/letter-before-claim-ccj/ for what one looks like. Until you get one of those, it’s reasonable to assume Drafty are just bluffing.
It’s very unlikely they will start court action – if they do you can ask for the case to be adjourned pending a resolution of the FOS case. Drafty know that but they are hoping you don’t. And FOS may give your case priority if Drafty go to court.
There isn’t much you can do here.
Jason says
OK thank you Sara.
I mean it would be just as simple for me to buckle and accept Drafty’s original offer and this would all be over with. Problem with that is that I’d lose out on potentially thousands of pounds.
Thank you for your help.
Sara (Debt Camel) says
Well exactly. That’s why they are doing it. But I have not seen gain Credit (the firm behind Lending Stream and Drafty) take anyone to court where there is an Ombudsman case in progress. It’s against the regulators rules. They are L most certainly just bluffing.
Mark says
Hi Sara.
I am just a couple of days away from my 8 week response deadline from CashAsap. Other than an initial acknowledgement that they had received the complaint, they haven’t responded.
I am preparing for them not replying within the 8 weeks. Do I immediately contact the Ombudsman once they miss the deadline or do I write to them again ( in effect giving them a time extension ) ?
Many Thanks.
Sara (Debt Camel) says
I would send this straight to the Ombudsman
LewT says
I have had a response from Lending Stream using your template but not sure if they are trying to pull the wool over my eyes and offer me a lesser amount.. response below.
During our relationship, you have taken 6 loans from us.
You had a break in lending between
1. repaying the loan 5 and applying for the loan 6 around 6 months
This means we think of loan 6 as the start of a new lending episode.
Our decision
For loans 1 to 4 and 6:
After subtracting your expenses, you had more money than the amount you needed to repay us each month. You would still have money left over to
spend on other things. This means that these loans were affordable.
For loan 5:
Although this loan was affordable, we have thought about the number of loans and the time between each loan being taken out. We can see that it might not have been a good idea for us to make this loan.
So, we are partially agreeing to your complaint
To put things right, we’d like to take the following steps. We will:
• refund the interest and fees you have paid us for loan 5
• pay an extra 8% simple interest on this amount. 20% of this will have to be withheld for tax, as His Majesty’s Revenue and Customs (HMRC) tell us we must do this
• contact the credit reference agencies to update your credit file.
…. Accept the pay (about £200) or to Osbundsmen to push for the rest? Thanks!
Sara (Debt Camel) says
How large were each of the 6 loans, in order?
LewT says
11/16 £300
12/16 £250
12/16 £170 (this was taken out just a week later than previous one)
04/17 £150
05/17 £200
10/18 £300
Thank you!
Sara (Debt Camel) says
how long was the term on these loans?
LewTay says
1 – 24 weekly instalments
2- 174 days
3- 24 weekly instalments
4 – 6 monthly instalments
5- 6 monthly instalments
6 – 6 monthly instalments
Sara (Debt Camel) says
So by the time you took the 3rd loan out, you still had loans 1-2 running? I think you could go back to LS and say they should include loans 3 and 4 or you will send this to the Ombudsman
Lloyd says
Any news on the piggy bank refunds?
Graham Orchard says
Came here to see if there was any news on this myself 😊
Sara (Debt Camel) says
The last administrators report was in early January. There may be a new one this month.
Marie says
I put in an affordability complaint with Lending stream in May and have today received a response from them stating they are upholding my claim in part. I took out 10 loans with them in 24 months (and 3 days) after the first loan there was never a loan taken with them where there wasn’t already at least one loan still outstanding being repaid, sometimes multiple loans already being paid off monthly. I have gone back through each loan and the total interest I have paid over the 24 months is just over 4K. LS have offered me a refund on only the last 3 loans interest. (Total refund offered is £1.5k)
I believe the 1.5k is too low and the reasons they have given to refund the interest on loans 8-10 also apply to loans 2-7 (they basically say all loans affordable but can see due to number of loans they maybe shouldn’t have offered me loans 8-10) I would be happy with a full and final settlement of £3k to put this bed.
My question is should I reply to Lending stream telling them I reject the offer and advise I would settle at £3k or should I take this straight to the financial ombudsman without replying to lending stream?
Or do you believe either scenario would be fruitless and I should accept the £1.5k settlement offer from Lending stream?
Thank you very much for taking the time to read this
Sara (Debt Camel) says
How large were the first 7 loans, can you list them in order eg 300, 200, 350, etc
Marie says
Hi,
Loan values where 200, 200, 500, 500, 350, 500, 510, 400, 840, 360
There was never a time after loan 1 that I was given another loan when I didn’t already have one loan open being repaid on some occasions between loans 2-7 I had 2 & 3 loans open. I’ve calculated the interest I paid from the LS statements on loans 2-10 was around 3.8k (I don’t have the exact figure in front of me but I can get it if needed)
Thanks again
Sara (Debt Camel) says
I think this is worth sending to the Ombudsman.
Marie says
Hi
Thanks again. Just to clarify would you advise I just go straight to the ombudsman without responding to LS or should I reply to them first advising that I would be prepared to settle at £3k considering what I’ve outlined above first then go to the ombudsman if they reject this?
Thanks again, I really appreciate your advice on this.
Mk says
Has anyone had any luck with everyday loans? Made complaint currently waiting for them to come back to me …just interested others experiences
Also want to thank you for this blog it helped so much
Sara (Debt Camel) says
see https://debtcamel.co.uk/everyday-loans-george-banco-trust-two-scheme-refunds/ for EL.
Jo says
Yeah I did I found them very quick and easy to deals with uphelped all my claim within 6weeks and money was in within an hour of me excepting it xx
Mk says
So they have come back with offer of refund…2 days before 8 weeks was up…now money will be paid in 2 weeks….
Thank you Sara couldn’t of done it without this page
Jay says
Hi Sara I have recently won my case for a refund from lending stream through the FOS . I am now looking to email about unfair lending to another company fund ourselves is it worth mentioning in the email to them that the ombudsman’s already agreed with me on claim to another lender ?
Sara (Debt Camel) says
you can do, no harm.
how many times did you borrow from fundourselves? how large were the loans.
Jay says
Over 2 years around 10 loans varying from £500 to £250 on total around £3500 which put me in a debt spiral alongside my tbh thousands with lending stream that I am due to get back
Also fund ourselves didn’t ever ask for a statement or open banking and if they did they would have seen I was in major money problems even resorting to heavy gambling to try get myself out of the hole
Sara (Debt Camel) says
OK so it is the repeat lending that you should emphasise in your complaint. Good luck!
Jay says
Yeah out of the 10 accepted over the 2 years I made 142 applications and they still didn’t check on me to check if something was up
Am hoping that these loans where at the same time as lending stream and higher amounts that this should be enough for them to see sense and settle but I’ve made clear to them that i will use the ombudsman also should I have to and that they have already agreed the other lender was wrong to lend me based on my bank statement repeated lending and not performing checks to see I was in a terrible financial situation
Sandra says
I just got and email from Peachy-loans. I thought peachy closed down. I never applied for a loan from them as I used peachy in the past with lots of other payday lenders and was refused unaffordable compensation but I had rolled my loan over about 20 times.
Just wondering if this is the same company. I have no intentions of using them. Learnt my lesson.
Sara (Debt Camel) says
No it isn’t. Peachy-loans are a broker, not a lender.
I wonder how they got your email…
Still good to avoid though!
Thomas says
Hi,
I have complained to quidmarket earlier today.
Firstly has anyone any experience with these and how they act?
Secondly they have responded saying they will be stopping all payments while the complaint is dealt with and will also be reporting to the credit agencies that my account is in “Query”. Should I be worried about this?
Thanks
Sara (Debt Camel) says
Can you afford the repayments?
thomas says
Just about.
But they have lent to me 4 times and I have lent off them quite quick after paying the original off.
I just don’t get why they are reporting my account as in query as it’s up to date and I’m happy to continue paying while the investigation takes place.
Are these difficult to deal with?
Sara (Debt Camel) says
Marking an account as in query does not affect your credit score.
Not taking a paywall if they report this as a missed payment will harm your credit score. Tell them that if your credit score is harmed, you will be asking the Financial Ombudsman for compensation for this.
thomas says
Hi Sara,
This is my response from Quidmarket, do you think it’s worth pursuing any further or accepting the offer? If I do it would mean I would of paid them around £470 in interest from the first two loans which they aren’t upholding.
I have partially upheld the complaint and I have outlined the reasons for my decision within this letter.
My investigation has found that the creditworthiness checks QuidMarket undertook when assessing your loan applications were reasonable, proportionate and in line with our regulatory responsibilities.
However, I note that when you applied for your 3rd loan, QuidMarket’s underwriters could have requested further evidence from you to support your subsequent applications.
It cannot now be known if such evidence would have led our underwriters to decline the subsequent applications, but it may have done.
I note that when you applied for your 3rd loan:
• You were evidencing a pattern of applying for larger loans soon after repaying your previous loan
I am offering to waive the contractual interest of £448.16 from your outstanding loan. Should you accept my offer this will leave the remaining principal balance of £450.46 payable. Upon agreement of the resolution, I will also arrange for the loans to be removed from your credit file.
(Please note that Financial Ombudsman guidelines state that that a customer should repay the principal amount they borrowed and had the benefit of)
Sara (Debt Camel) says
how large were these 3 loans in date order, eg 200,300,500 ?
thomas says
Hi,
they were..
£300 on 12/12/2022, paying back £420.81 over three months
£650 on 07/03/2023, paying back £943.59 over three months
£750 on 07/06/2023, paying back £1,198.16 over four months (this is the one they have offered to waive the interest and clear all three from my credit report)
Sara (Debt Camel) says
So that is a bit marginal. If you go to the ombudsman it’s VERY unlikely you would get the first loan refunded.
The second loan is possible, you can argue that it was twice as large which shows you were in more difficulty. But I wouldn’t sayou are probably going to win that one.
Jay says
Hi Sara after a successful ombudsman’s complaint for lending stream I decided to contact all loan providers that lent to me again and again when it was clear I couldn’t afford the repayments and that I was in financial difficulty as well as gambling
I had a response from fundourselves who over 10 loans and 142 attempts using there site over 1.7 years they rejected my claim stating I could more than afford there loans even though they never once asked for a statement or even why I was taking a loan out all the time
They stated as I paid loans back early that dosent show signs of financial difficulty even though I did this to try avoid interest or so I could take out a bigger loan
I have now taken to ombudsmen and also attached my other upheld claim with lending stream the other creditor to show that these loans were at the same time and prove that this company also lent to me wrongly
Can a company really make our irs my fault all because they didn’t check ? Or is this just a scare tactic ?
Sara (Debt Camel) says
Sounds like they are trying to fob you off.
Jay says
Am glad you think so , I thought the same they offered to clear my default they registered few days back and the balance as a gesture of good will
But not including loan one as loans 2 to 10 where defo given out irresponsiblely and the total value wirh interets I would be owed would be about £3600
They basically made our that unless I told them I gambled and that my situation was dire they wouldn’t have known as they take my word for it and the fact I paid my loans early showed them even more that I could afford it
Hoping the ombudsman rules in my favour as this company owes and lent me double what lending stream did over the same period and it was upheld !
Sara (Debt Camel) says
it would be unusual to get the first few loans refunded unless they were large
kenny says
they will, had a complaint with then, however they will make it as difficult as they can, my adjudicator told them their findings on 14/7/23 and its now been passed to an actual ombudsman, as they have refused to reply, despite 3 chasers from the fos to them, i had 5 loans, and the last two were refunded, so you’ll be fine i think.
Debbie says
Hi Sara
Last year I got a redress from Cash euronet (Quick Quid) due to none payment my debt was sent to Lantern Debt Collection before this happened and I was paying regularly until QQ Redress claims, I asked for the account to be put on hold as i was going through the claims process. I forgot all about the account as it was on hold and now 18 months after getting my redress and clearing all other debts Lantern have contacted me saying they want £322 pounds. If it was deemed unaffordable do I still have to pay Lantern the outstanding amount? Many thanks
Sara (Debt Camel) says
was this last loan upheld as being unaffordable by the administrators?
Debbie says
Hi
Yes it was deemed as one of the loans that was unaffordable.
Sara (Debt Camel) says
The debt with Lantern should have been sorted out by the QQ administrators. I suggest you reply to lantern saying this loan was found to be unaffordable as opart of the QQ administration and attach the email form the administrators saying this.
Debbie says
Hi Sara
I have spoken to them and told them it was found to be unaffordable but the problem I have is that all the responses from Grant Thornton was through the portal,I didn’t think to download or screenshot any of it and now I can’t access the site as it no longer exists. I’ve put in a complaint with Lantern who are looking into it. I can show details of the redress through my bank statements but no written emails etc as it’s been over 18 months now since my redress arrived into my bank.
Jay says
Fundourselves have not upheld my claim like a stated earlier but they have offered as a gesture of goodwill to clear £400 outstanding balance on my account which they are looking to default on ?
Do you think they will remove default also or would I need to get them to confirm this in writing ?
“Based on our investigation and the information you have provided us with, we are satisfied that the loans were affordable. Therefore, your complaint has not been upheld, and we are unable to provide any refund.
However, as a goodwill gesture, we are happy to waive the balance on your active loan totalling £400.”
Sara (Debt Camel) says
do you intend to accept this? I thought you were going to FOS?
Jay says
I do intend to go to obudman was just unsure if a loose would I loose that good will also ?
Sara (Debt Camel) says
So with a small offer of goodwil – a £30 tescon voucher or something – it is definitely at risk if you lose the OR case. When there have been more loans, the Ombudsman usually decideds to only look at the ones that the lender didn’t uphold, so the lender’s offer is definitely “at risk”. A large goodwill offer is sort of in the middle but these are rare, because when there have been a lot of loans it’s reaaly rare for the ombudsman not uphold any. So I don’t remember someone losing trhe offer but but I can’t say its impossible.
TYB says
Complained to Savvy (Valour finance) about 4 loans – rejected. Sent to ombudsmen, provided bank statements ombudsmen agreed with me. Savvy challenged this and is now going to an adjudicator. Do Savvy always do this?
Sara (Debt Camel) says
They aren’t mentioned enough for me to know.