The repayments on many loans and car finance are too high to be manageable so people get deeper into debt trying to repay them.
When you applied, a lender should have checked a loan would be affordable for you – often they did not check properly and you should never have been given this loan.
This article describes how to complain, with a template to use. Many people have won complaints using this. If you win, you will get the interest refunded in cash. If you still owe a balance, the interest is removed so you only have to repay what you borrowed.
These complaints do not hurt your credit record if you carry on making the loan repayments while the complaint goes through.
Contents
A quick overview
What types of loans?
- this includes high cost, bad credit lenders, bank loans, and credit union loans;
- you can complain if you are still paying the loans, it has already been repaid, it has defaulted, or you have a payment arrangement/DMP;
- a consolidation loan may have been cheaper than the credit cards it cleared – but it could still have been unaffordable for you!
- you can also use this approach for car finance. But if you are still paying car finance, you may have a better option than an affordability complaint, so read HP/PCP car finance problems first. And then read Car finance affordability – what you get if you win a complaint
- if you have a guarantor loan, read Refunds from guarantor loans as it’s different and the guarantor may be able to complain as well;
- the complaints here do not apply to mortgages.
What is “unaffordable”?
The regulator says “affordable” means:
you can make the repayments without hardship or having to borrow elsewhere.
This isn’t just for “bad credit” loans – you can win a complaint about a loan from a major bank. But as bad credit loans have very high interest rates, they are more often unaffordable.
For large loans, a lender should have made adequate checks at the start. The larger your loan, the worse your credit score and the more other debt you had, the closer a lender should look.
If your loan was fine at the beginning and only caused problems later when you lost your job or your mortgage repayments went up, you are unlikely to win an affordability complaint as this could not have been predicted at the start.
How does this work?
You first make a complaint to the lender saying the loan was unaffordable and ask for a refund of the interest.
There is a template here you can adapt to say what happened to you. Send it by email.
The lender has up to 8 weeks to reply. Lenders reject many good complaints, so you can send a rejection to the Financial Ombudsman.
Complain to the lender
Email addresses for lenders
If your loan has been sold to a debt collector, send your complaint to the original lender not the debt collector.
It’s easiest if all communications are by email – free, instant and you have a copy with a date stamp to show the ombudsman.
For banks, see this list here: email complaint addresses for banks.
For car finance and logbook loans, see this list: email address for car finance lenders
Here are the email addresses for some non-bank lenders. There are a lot of other smaller lenders, including many Credit Unions. If your lender is not listed, ask in the comment below for an email address.
Abound (used to be Fintern) complaints@getabound.com
Admiral loansquality@admiralgroup.co.uk
Anico complaints@anicofinancialservices.com
Avant Credit emailcomplaints@avantcredit.co.uk
Bamboo Loans complaints@bambooloans.com
Better Borrow enquiries@chetwood.co
Creation customercare@creation.co.uk
Everyday Loans – for loans after 31 March 2021 complain to complaints@everyday-loans.co.uk using the template in this article. It is no longer possible to make complaints about loans before that date
Fair Finance complaints@fairfinance.org.uk
Finio Loans (rebrand of Likely Loans) complaints@oakbrookfinance.com
Fluro (used to be Lending Works) cx@fluro.co.uk
Koyo loans info@koyoloans.com
Lendable complaint@lendable.co.uk
Lifestyle Loans info@lifestyleloans.co.uk
Likely Loans – see Finio
LiveLend support@livelend.co
Loans by Mal (Monthly Advance Loans) Complaints@loansbymal.co.uk
Loans 2 Go read Loans2Go – how to complain
MBNA mbnaonlinecomplaints@mbna.co.uk
Moneyline headoffice@moneyline-uk.com
My Community Bank complaints@mycommunitybank.co.uk
Novuna (used to be called Hitachi) ComplaintsTeam@NovunaPersonalFinance.co.uk
Plata complaints@plata.com
Plend complaints@plend.co.uk
Progressive Money complaints@progressivemoney.co.uk
Quick Loans customerscare@quickloans.co.uk
Reevo complaints@reevomoney.com
Salary Finance (Neyber) complaints@salaryfinance.com (for loans, not “pay advance”)
Savvy info@savvy.co.uk
Shawbrook Customercare.team@shawbrook.co.uk
Snap Finance customer@snapfinance.co.uk
Tandem pl@tandem.co.uk
TM Advances info@tmadvances.co.uk
Updraft complaints@updraft.com
Vanquis customer.relations@vanquisbank.co.uk
Zopa complaints@zopa.com
118 118 Money complaints@118118money.com
Use this template
Email the lender to begin your complaint. Put AFFORDABILITY COMPLAINT as the subject of your email.
Template for you to adapt:
Please confirm the date this loan started, the amount, the interest rate and the monthly repayments. [don’t include this if you already know the information]
I am asking for a refund of the interest and any charges I paid, plus statutory interest, and to delete any negative information from my credit record. [the refunds for car finance can be a lot more complicated than this, see but this is all you need to put in your complaint]
I also want the CCJ that I have for this debt set aside. [delete this sentence if you don’t have a CCJ!]
I attach copies of my bank statements and credit report from the time I applied for this loan/these loans. [delete if you don’t yet have them yet, but they help your case if you do. Even if they show gambling, that supports your argument the loan was unaffordable.]
I didn’t know that the lender was supposed to check that I could repay the loan without having to borrow more. I only found out in [2024] when I saw a newspaper article in the Sun/an advert on Facebook for refunds/a friend said they had made a complaint/whatever. So I am complaining within 3 years of having found out that I have cause to complain. [only put this paragraph if some of your loans are more than 6 years old. It explains why you haven’t complained before. It’s only an example so change it so it really covers what happened to you!]
Add extra information if you want – see below for some ideas – you don’t have to do this.
Do you need a payment arrangement now?
If you want an affordable payment arrangement now, add a sentence to the complaint saying this. These complaints may take months to sort out – a payment arrangement can get your finances into a safe place:
- a payment arrangement shows on your credit record, but if you win the complaint all negative marks will be deleted
- talk to a debt adviser such as National Debtline if you want to know more about payment arrangements
- but don’t risk a payment arrangement for car finance or a logbook loan – one would put your car at risk.
Other details to add if you want
The template above is fine, you don’t have to add a lot more details.
But you can add extra points if they apply in your case, for example
- my bank statements and credit record (attached) show that I was unable to afford the loan repayments.
- this was a large loan, you knew I had poor credit and may have been in a difficult position so you should have tried to verify my income and expenses. If you had done this, you would have rejected my application.
- during a telephone call, your agent suggested some figures should be lower to get my application accepted.
- if the lender was your bank – you should have seen from my bank account that I was in financial difficulty, I was using my overdraft a lot, I was only making minimum payments to my credit card from you.
And some examples of points about top-ups:
- a credit check would have shown that my finances had got worse since the first loan
- I had said the first loan was to consolidate debt, but you should have seen that this hadn’t happened.
While you are waiting for a reply
Try to get copies of your bank statements from 3 months before a loan to three months afterwards. You can get statements from closed bank accounts, normally going back 6 years.
Also get a statutory credit report now and download it. You can get one from TransUnion. Do this as soon as possible as sometimes the details change, so you want a full one saved to show the Ombudsman later if necessary.
Do not wait until the Ombudsman asks you for credit records or bank statements – you want them ready to hand. They really help your case as they prove your financial situation when you took the loan out.
You should get a response from the lender within 8 weeks. If you don’t, phone them up and ask when you will get it – a couple of days is worth waiting for but many responses are rejections, so don’t wait weeks for one, go to the Ombudsman straight away.
Go to the Ombudsman if you don’t get a good offer
Don’t be put off by a rejection! Or if the lender said it was your fault because your loan application wasn’t accurate – the lender should have made checks.
Sometimes a lender will send a long, complicated reply designed to make you look as though you should give up. If they say the loan was over 6 years ago, see below for “time limits”.
I suggest you rely on your instinct – if repaying the loan caused you a lot of problems then send it to be looked at by the Ombudsman.
If you aren’t sure, ask in the Comments below this article. You only have 6 months to send the complaint to FOS, so it’s best to do this as soon as possible.
It isn’t usually worth trying to negotiate with these lenders, you are just wasting your time.
Send to Financial Ombudsman Service (FOS)
It’s easy! Use the “do it online” option to send a complaint to the Ombudsman. It asks you for all the details they need.
The main part of your complaint can be a version of what you sent the lender in your complaint. Add any more details you want, including pointing out mistakes in the lender’s reply. Also attach:
- the reply from the lender
- Trans Union statutory credit record
- bank statements starting 3 months before first loan
- do not worry if you don’t have A copy of your credit or finance agreement – lots of people don’t. The lender will supply a copy to FOS if FOS asks for it. Don’t delay sending a complaint to FOS while you try to get this from the lender.
Other information that may help your case
Don’t delay sending a case to the Ombudsman while waiting for this information.
If you don’t have the bank statements from the time of the loan application, get them now. You can get these going back at least 6 years even from closed accounts. And you can often go back a lot further with an account that you are still using.
This is a good point to ask the lender for a Subject Access Request (SAR) if you are missing information that may come in useful at the Ombudsman. This could be your loan applications, all credit and other affordability checks and assessments, and a statement of account for the loans, and – if you think this will help – a record of all phone calls.
Your lender will have details of how to ask for this information on their website – it’s often included in their Privacy Policy, with a link at the bottom of web pages.
“Is there a time limit?”
You can’t complain about a loan that started before April 2007 – that is when the law changed to allow these complaints.
Lenders will often reject a complaint if the loan started more than 6 years ago.
But the Ombudsman can look at a complaint about older loans where you complained within 3 years of finding out you have a “cause to complain”. So if you have only just heard that a lender should have checked the affordability, you can take your complaint to the Ombudsman if the lender rejects it as too old.
The Ombudsman also has a 6 month rule. You must send a complaint to the Ombudsman within 6 months of getting a reply from a lender. So don’t delay!
Need some help?
Don’t use a claims management company. They are expensive and often incompetent and use a similar template to the one in this article.
Instead ask a question in the comments below.
Can you get an overdraft refund?
Refunds from cards and catalogues
Get a car finance commission refund?
George says
Hi what are peoples experience with 118118 they still haven’t replied to my adjudicator they had till last wk but still nothing,is this what they normally do?
Thanks
KH says
I have an outstanding complaint with FOS that was submitted last July, it was finally picked up in May but then for some reason that adjudicator couldn’t deal with it and it’s gone back into a queue to be picked up again (it’s car finance not sure if that’s why). I’ve called and just been told it’s in a queue again and to call back in a month – is there anyone I can escalate to or is a year a standard amount of time?
Yui says
Hi , I put a claim through around 8 days ago for safety net credit and they said it would take 8 weeks for a deadline response. I went though my statements and borrowed around £8160 over a 2 year period. Does anyone know what their interest rate is so I know what to accept when they send me an offer.
Many thanks
Sara (Debt Camel) says
you can’t work it out from their quoted interest rate as it depends entirely on how long you borrowed each amount for. Instead you need to go cak through the statements and add up how much you have paid them, If you don’t owe a current balance, then what you paid them mius what you borrowed = the amount you paid in interest and charges.
MK says
Hello,
Is it too late to claim a refund from WAGEDAY ADVANCE? They sent me an email may 2020 for £329 redress claim, but I missed it for some reason.
Sara (Debt Camel) says
Yes.
Paul says
Hi Sara,
i have just received a letter in response to my affordability complaint upholding the claim. However it is not near what they should have reimburse it. As this is their final response to the complaint and i am unsatisfied do I have the right to refer the complaint to the Financial Ombudsman Service. Should i accept the offer and complain to the FO or reject the offer and complaint to the FO. The amount is over 4000£ and i felt that they could have reimbursed me another 40000.
Sincerely thanks for your advise and just knowing what i do know i will never take out a pay day loan.
Sara (Debt Camel) says
Can you say exactly what they have offered you?
Annie says
likely Loans e mailed today They didn’t uphold my complaint.Sebt me file from Equifax they used.Shoeing defaults and score of payments missed at red number 8s etc.Said they checked my monthly average spend They’ve never asked for anything from me.Getting passed to manager to check over on Monday.Dont see it changing any.
Sara (Debt Camel) says
So send to FOS in a week if they don’t change their mind?
Annie says
E mail again this morning.Reviewing it .Have sent for more data but not said what.They will be back in touch when it arrives and it’s been reviewed again.I have asked them for copy of whatever they have sent for .Haven’t said whatvitvis
Annie says
They e mailed back this morning have upheld 2nd loan as defaults hadn’t shown on report at time of 1st loan./Surely same should be the case for 3rd loan .Defaults still there on same report they used again.Looks like ombudsman.Dobt think you can uphold 2 Nd and not 3rd based on same report
Sara (Debt Camel) says
well it’s possible, if your income has gone up and/or loan 3 was smaller than loan 2… but I am guessing that wasn’t the case.
Annie says
3 was bigger no change in income
Sara (Debt Camel) says
I suggest you point that out to LL and say the complaint goes to FOS if they don’t agree to refund loan 3 as well,
Annie says
They have just e mailed back.They have upheld 3 as well.Brilliant.Thank you
Annie says
I’m classed as prirortiy due to my health and circumstance any idea how long I will need to wait for decision sent Logbook Money Limited my view of this complaint on 25 May 2021.
Because Logbook Money Limited didn’t agree, an ombudsman will review the complaint and make a decision. That means:
An ombudsman will look at everything that’s been provided and make an independent decision. They’ll put the decision in writing to both you and Logbook Money Limited, and explain their reasoning within the decision.
If the ombudsman’s conclusions are different from mine, they will explain why and let you reply before they give you their decision. Otherwise, they won’t usually get in touch before issuing their decision unless they need more information.
The ombudsman’s final decision will be binding on both you and Logbook Money Limited if you accept it before the deadline they give you. So if the ombudsman tells the business to do something – and you accept the decision – the business will have to do it.
We publish final decisions by our ombudsmen on our website. But your name won’t appear in the published decision – so you can’t be identified
We will keep you up to date with our progress – but please get in touch if you have any questions.
Kind regards
Sara (Debt Camel) says
I hope it isn’t long – I think you should be reminding them of your priority status every couple of weeks.
Wendy says
Hi sara
I was wondering if there’s an email address for 118118 as they have agreed with my adjuctor last week and they were going to send me a settlement email but they still haven’t
Thanks for a great site
Sara (Debt Camel) says
complaints@118118money.com
if that doesnt get a resonse, try siwan.jones@118118money.com
Wendy says
Thank you Sara
Dave L says
Talking of large high cost loans. I had a loan with marbles , they have now sold their entire loan book to another company
Sara (Debt Camel) says
oh so they have : https://www.marblesloans.co.uk/portal
What was the interest rate on your loan? Was it “affordable”?
Dave L says
I believe it was 39.9 % looking at my notes. I’ve put in an affordability complaint with the ombudsman , along with the Aqua and marbles cards I had which started at £100 and ended up at £2100 and £3100 respectively before they then jacked up the interest rate to 54.8%
Jax says
I’m trying to sort out my finances after getting into difficulty from a gambling addiction. I took out a loan from Hitatchi in 2019 of £10k, interest was £5k on top. The loan was offered through Clearscore and no questions were asked. I ended up in difficulties at the end of 2019. This account has never been defaulted and shows as 6 months late on my credit report with AP markers. I had several loans at the time and 2 maxed out credit cards plus I was constantly in my overdraft. I’ve managed to resume my normal payment but have over £2k in arrears. The interest rate isn’t massive but I’m wondering whether it’s worth asking them to default the account, otherwise it’s going to be on my credit record forever. It was November 2019 when I missed the first payment so I’m thinking I should ask them to default it in May 2020. Any advice gratefully received. Thanks.
Sara (Debt Camel) says
have you considered an affordability complaint? if you win that the interest is removed and so are any negative credit marks.
Jax says
I have thought about it Sara. I’m not sure whether I would win it but it’s got to be worth a try. I will do it tomorrow!
Also, I did have a pretty good salary when I took out the loan (about £55k per year) so I’m not sure of my chances on this basis. But I pretty much gambled the whole loan amount away. My bank statements before the loan (and after) were horrendous. Makes me feel physically sick to be honest.
Thank you as ever.
Sara (Debt Camel) says
Even on a good salary, that is a large loan. It will depend what your credit record looked like when you applied for it as to whether the lender should have looked in more detail.
Harvey says
Hi all, just wondering what people’s experiences with 118 118 Money are. Sent 2 seperate complaints for credit card and loan just over 6 weeks ago and not heard anything re. final response as of yet. Also sent Savvy complaint off and wondered what peoples experiences were with them also. Thanks in advance!
Ross says
They waited nearly up to the 8 weeks, to respond to mine. They rejected it, whilst not addressing any of the issues I raised why I felt they shouldn’t have granted the loans. The response was very vague and almost felt like it was just a template, with a few odd words and my name thrown in. It’s now with the Fos.
Paul says
Hi Sarah,
Is there a time limit on how far back unaffordability refunds can be claimed?
I had to enter a DMP back in 2004 when borrowing got out of hand (I was 19/20 at the time and banks were offering credit cards/loans etc. and increasing limits). In total I had about £36k of debt that went into the dmp (including interest). I’ve been paying the DMP and it’s due to end in February next year. I had 3 credit card, 2 loans and a catalogue account at the time where the payments would have been around £900 a month on a salary of about £13k a year.
Would it be worth putting in a claim for these or would this be too long ago?
Many thanks.
Sara (Debt Camel) says
Sorry these complaints only start in April 2007 when the law changed. So that is too long ago.
I am very sorry you have been trapped paying this for so long. It is a great shame you didn’t go bankrupt in 2004.
Was all interest stopped in your DMP?
How much do you have left to pay? Because there is a reasonable chance you may not need to pay any of it… read https://debtcamel.co.uk/ask-cca-agreement-for-debt/
Paul says
It’s about £500 left to pay. I’ve queried it several times over the years as I’ve calculated that between the payments I’ve made and the PPI refunds I received that were offset against the accounts that I’ve paid back a lot more than the original amounts that were entered into the DMP (I believe several thousands in total). When I’ve asked the DMP company about it they’ve told me that they cannot guarantee that interest and charges would be frozen.
All of the debts have changed hands several times over the years and I’ve go none of the original paperwork. I really wish I’d heard of your website years ago as your advice and the threads have really helped with other issues from more recently.
Sara (Debt Camel) says
which DMP company is this?
do you know which accounts have continued to add interest? because if that was added after April 2007, you can complain about that and ask for a refund. Your DMP firm should have all the infomration.
Paul says
It’s through PayPlan. I’m not sure if any interest has been added on since 2007 but may query this and log a complaint with the creditors to see what they say. I think it was added at the time on the full amount when I entered the DMP.
I’ve always tried to manage my finances but have fallen into trouble with gambling and juggling credit to pay existing credit etc.
Even though I had the DMP, I’d had 2 credit cards that I was managing well but it went wrong in 2016 again (new partner and massive change in circumstances!) I had a barclaycard and a capital one card that had been managed well for several years with low credit limits but started getting into trouble again early 2017. Between November 2016 and October 2018 my limits were increased from just under £2k between the 2 to over £12k and I managed to get further credit cards/loans and safetynet credit to juggle payments again until it came to a head in late 2018 and I managed to set up repayment plans with the creditors. As handy as credit is, I wish I’d never been able to get any now for the amount of interest I’ve paid over the year.
Thanks again for your advice :)
Sara (Debt Camel) says
Yes ask Payplan for all the details.
Have you complained about Barclaycard and CApo One increasing your credit limits? And about safetynetcredit – normally one of the easiest claims to win.
Lauren says
Hi there,
I wondered if anyone has had experience with Car Cash Point? I have just paid off in full to them and it caused me untold financial difficulty over these past 3 years since i took it out. Took out £2000 and paid back (reduced settlement at the end to get it cleared( around £6500 in total.
Do i send an affordability complaint letter to them along with a SAR request and then if they reject it i send all of this to the Ombudsman? I just want to make sure i am doing things correctly.
Sara (Debt Camel) says
There is a template letter above you can use.
Sally says
Hi Lauren,
I have a pending case with the ombudsman against CCP,
I used the template letter from Sara , CCP denied any wrong doing and did not uphold my case (July 2020).
I sent it to the ombudsman and the adjudicator upheld my case for all three loans against CCP in January 2021.
CCP did not accept the adjudicator decision and has been forwarded to the ombudsman for a final decision, and still awaiting for it to be assigned. Hopefully soon .
Send in the complaint and be prepared for them to reject it , send it to the ombudsman and be patient .
God bless .
Graeme says
Varooma success.
After varooma not upholding my complaint last September it was picked up by an adjudicator in may ,
The adjudicator upheld my complaint on all 6 loans , and recommended they refund all interest and 8% interest ,
Varooma had 2 weeks to respond and the agreed with the adjudicator,
Some of the points raised were , difference in income , to stated on the application, income and expenditure differences , proof of ID , I supplied a council tax bill which was in arrears , and defaults on my credit file ,
The redress amounted to just shy of £6000 after tax , once agreed it was paid in straight away ,
Thank you Sara for this site as it as helped me lots ,
Sara (Debt Camel) says
Good news that they accepted & paid it quickly!
PG says
Hi Graeme, how long from the adjudicators decision did they respond?
Graeme says
2 weeks , then they asked for 2 days to work the figures out , I received the email with the figure around 4pm 3 days later , i emailed back with my bank details straight away and was paid out within the hour
PG says
Wow great result, recently had adjudicator rule in my favour against them so hoping for a similar process.
Elaine says
Hi
Just had a reply from Likely Loans not accepting my complaint and when I told them on DMP and totally unaffordable as always in overdraft they replied
I confirm that in line with our internal processes at the point of application, a standard credit assessment was conducted, which included a review of your Credit Report with the credit reference agency, Experian. As a part of our evaluation, any financial commitments, insolvency records, delinquency records, County Court Judgments, and credit enquiries were analysed. Additionally, from November 2018 onward, we have obtained information from the Office of National Statistics (ONS) in order to assist us with our lending decisions.
All the information gathered is input into our internal credit scoring model. If the generated score does not meet our minimum approval threshold score, then the loan application is declined. Pre-November 2018, our lending decisions were also based on a number of other factors, including the information provided by customers in regard to their income. We were therefore reliant on customers providing accurate information upon application. If there is negative information on a credit report, this does not necessarily mean that an application for a loan will be declined.
Due to the nature of our loans, that they are unsecured and of low value, there is no obligation for us to request a bank statement and/or payslip when considering your ability to repay.
Sara (Debt Camel) says
how large was your loan from them?
Elaine says
£1100 and 6 top ups of around £700
Now they are saying can’t find DMP on credit file.
Sara (Debt Camel) says
that is a large loan to begin with and 6 top ups! Send it straight to the Finacial Ombudsdman.
Elaine says
£4500
Now they are saying my Debt Management Plan was nor showing on Experian
Will I get my experian credit report in 2016 when first loan was taken out?
Sara (Debt Camel) says
Well it will be interesting to see what you are sent.
DMPs are not specifically recorded on a credit report, but the loans in the DMP should be showing as in payment arrangements or defaulted.
Elaine says
I have started the FOS complaint as I feel they trying anyway to refuse my complaint. My other one with Safety Net Credit was upheld.
Annie says
Ask them to send you the report straight away.
Ask for everything they used to make the decision
Point out all negatives on it.Ask them for everything they hold for you .Tell them you intend going to FOs.When they send you copy of report.Screenshot the negatives and e mail back and ask for a manager to review again.I done that and they came back to me and upheld loans 2 and 3.I was happy with that
Elaine says
Thanks Annie
Just send an email to them asking for copy of report.
Paul says
Has this happen to anyone? Safety net sent me notification of my redress and the amount. I agreed to this and sent them my bank details. They confirmed when it would go into my account which was yesterday by 5pm. They deposited the amount, however it was over 1, 000 pound less. The actual amount of the redress was 4308.96. They deposited into my account 3045.90. they took out the tax in the original redress. I am at a lost . what should i do
Sara (Debt Camel) says
did they break down the redress they would be paying you into a refund of interest and additional 8% interest? because tax should only be deducted on the additional 8% amount, not the full amount.
Scott says
Hi Paul,
Did you still have a balance with them?
Any outstanding balance minus interest will be deducted from the redress.
Scott
Anon says
Hello,
Prob not the right place to post but:
I had a loan with bamboo. I had a 6 month payment break due Covid. My outstanding balance is £3610 and I still have 2 years to run on the loan. I have just ask them for a settlement figure and they are quoting £3568 – a rebate of £42?? They are saying as I had 6 months deferral it affects the settlement figure. But the interest rate of 44% apr for 2 years interest that I’m not paying surely must be more than £42? I am fuming. I may as well continue to make the monthly payments for 2 more years and pay the same amount. Any advice please?
Sara (Debt Camel) says
First, was the original loan affordable? That means that when it was given you could be expected to make the repayments and still pay all your other debts, bills and living expenses. If paying Bamboo meant that you had to borrow more elsewhere or get behind with bills, it was not affordable. In that case use the template letter above because if you win an affordability complaint all interest is removed from the balance.
How much are you paying a month? Is the 2 years to run until the original term of the loan or has this been extended to recover the payment defferal?
They were allowed to charge interest during a payment deferral, so if the loan is being extended at the previous monthly payment rate it will be for more than the 6 months break that you took.
What other debts do you have at the moment? It may be better to use any lump sum you have to pay down credit card debt. You are not, I hope, borrowing to offer to settle this debt – that is normally a bad move.
Anon says
I have made 12 payments and the loan term was extended I believe to accommodate the 6 months break. Payments are £141 a month.
I’m not saying the loan was unaffordable, but I’ve managed to get a loan without a guarantor so was consolidating my debts into one payment. I just don’t understand how by paying it off 2 years early I’m only saving £42
Sara (Debt Camel) says
the Bamboo loan was a guarantor loan? It is well worth looking at an affordabilty complaint about them – FOS says guarantor lender should check affordabiltiy more thoroughly because of the serious nature of the commitment.
Are you sure how long the loan has been extended for? I suggest you ask Bamboo to breakdown the numbers and how they calculated the settlement amount.
Consolidating a high cost loan is normally only a good idea if it is at a MUCH lower interest rate – is it? Because you are saving little doing this and indeed it will cost you a lot more as you are paying interest on the new loan.
Anon says
Ok thanks you.
I already submitted an affordability complaint but that was rejected. I had no option to take a deferment as I work for an airline and alas things aren’t even back to normal yet.
I have emailed asking for a breakdown. I’m not any worse or better off with the new loan monthly, I just wanted to free my guarantor and have one payment as opposed to a couple that I have.
I can withdraw from the loan within 14 days as I presumed I’d be saving more than £42 on the bamboo one by Settling early.
Sara (Debt Camel) says
did you send the affordability complaint to the ombudsman?
Anon says
I didn’t send it to the ombudsman no. To be honest with my normal income and outgoings the loan was affordable, I’m not struggling to meet the monthly payment.
I’m just baffled about the settlement figure. I have got a list of the transactions off my online account showing the charges and payments but I don’t think I can upload on here.
Karen Williams says
Sorry to jump on your post but I have a similar experience with Bamboo. I was offered a top up loan if I took it the settlement figure of the current loan is £4700 however if I just want to settle without a top up the figure is 4948. How can that be? I have made a complaint.
Sara (Debt Camel) says
The legislation regarding early settlement (https://www.legislation.gov.uk/uksi/2004/1483/contents/made) allow the lender to charge some extra interest. Partly this is because if they give you an offer they have to allow you a period within which to accept it, so they price the settlement amount as though you accept at the last moment. This isn’t so much of an issue with a top up loan as they know you are likely to accept it very quickly or you don’t get the money. And they want you to take the new loan so they don’t try to extract as much as they could from you in early settlement.
Anon says
I spoke to a supervisor at bamboo, they also had a charge for the privilege of having a break in Covid. So more interest as well as the added charges. They agreed to remove the charges if the loan was settled early.
They basically said the 12 payments I have made is the interest paid for the term of the loan as it is front loaded and all that’s remaining to pay is the capital borrowed
Sara (Debt Camel) says
they also had a charge for the privilege of having a break in Covid. So more interest as well as the added charges
a lender is allowed to charge interest during a covid-19 break. but they cannot add on an extra charges!
Settling a high cost loan normally saves you little and in the early months you are repaying very little capital.
Karen Williams says
As an update bamboo offered 1 month refund as a goodwill gesture which is the equal of the lower settlement so I’m happy.
A miller says
I have just had my financial ombudsman final decision Against loans to go for a loan of £2981 and my claim has been upheld by the ombudsman
IT has been a week since. I excepted the decision I am just wondering if loans to go normally pay out after the ombudsman decision My interest on my loan was over £12,000 And then 8% interest per year needs to be added so I know. That ombudsman desision is final but I just can’t see them paying me out so easy
It took 2 years from first puttin my complaint in to the ombudsman to get final decision
Hazel says
I hope you get this paid to you , I’m in a similar position and hoping they don’t go into administration as I have been told they will , and rejecting all claims
A miller says
Hazel have u won ur case with the ombudsman also against loans to go
I can’t find anyone’s comments on here to say how long they normally pay out after agreeing with ombudsman’s decision
Hazel says
Hi they had until the 27th to respond but not heard anything yet , the adjudicator went in my favour . I foresee them wanting to take this to FOS for final decision and if that’s the case will probably be waiting a while. I have never came across anyone saying loans to go have paid out , only seen posts saying it won’t be long until
They go bust but hopefully just rumours . I will let you know how I get on and pray you get your deserved redress
A miller says
Yes hazel they went against my adjudicator decision and. The Ombusman has now made final decision so they have 4 weeks to pay me out now coz it’s binding as I agreed with there decision I will let u know. If the pay me
Hazel says
Hi
Just to update I emailed my adjudicator as loans to go had until the 27th to July to reply, my adjudicator informed me that they agreed with him on the 23rd July and would contact me but not heard anything from them yet. I have emailed them and my adjudicator is going to as well .
Amiller says
Hiya hazel seems like u are a day behind me my decision was send to them 26th July I spoke to L2G yesterday And they said my case is open being calculated now and I will receive email with amount due and to request bank details and money will then get put in my account 3 days after them recieving my bank details back I will let you know as soon as I hear from them
Fingers crossed for us both
Paul says
This is the strange thing. This is the break down Total amount repaid (since 01/05/2017): £22,923.69
Amount applied to funds borrowed: £19,007.03
Interest repaid (since 01/05/2017): £3,916.66
Statutory 8% interest: £750.71
HMRC 20% deduction: (£150.14)
Redress due: £4,517.23
New outstanding balance after redress applied: £0.00
Amount written off from your balance: £208.27
Redress to be sent to you: £4,308.96
soemthing seems off as i am sure i did not owe SNC any money.. they only sent 3045.90
Sara (Debt Camel) says
so they have not sent you £4308 which they said they would – that sounds like an error – get back to them.
When you do that, also challenge them on the £208 they sau you owe – but that is not the reason for you being sent so much less.
If you are a non tax payer or a basic rate tax payer you can also probably reclaim the £150 tax deducted from HMRC, see https://debtcamel.co.uk/ppi-payday-refund-get-back-tax/
Paul says
Just feel again been taken advantage of by the big company
i did not have a balance with them so it was surprising thy did not send the original amount offered in the redress
Sara (Debt Camel) says
well yes, but it looks like an error. They don’t normally pull this sort of stunt.
Vickie says
Has anyone had success with auto advance? I had a loan, then requested a top up. Was told as I had numerous gambling transactions on my bank statement I would have to not gamble for 4 weeks then they would give me a top up. Which they did. It has taken me years to pay this off finally paid in April this year. My credit file is shocking, I was a compulsive gambler but they still have me 2 loans.
I have used your template and my complaint has been with them 5 weeks. I was wondering if anyone has experience with them, are they likely to reject my complaint? Thanks
Sara (Debt Camel) says
Most logbook lenders reject most complaints – that doesn’t mean they are poor complaints, just that the lenders are hoping you won’t go to FOS.
Rhys says
Hi, 118 went the full 56 days for my complain but did offer me my interest + 8% refunded which I’m happy about replies to email with my sort code and account number for them to pay in my bank but nothing back to say they have received these or anything.. does anyone have a phone number for the direct line in the complaints department so I can ring to see if they have received my details? Thanks 😀
Wendy says
I’m in the same boat last Tuesday they agreed with my adjuctor and sent me an email to which I replied with my bank stuff but didn’t have a reply,they did say they will pay out within 14 days and this is my 7th day
Rhys says
Hi Wendy, OK thanks for the reply! Please update me if yours goes in all OK, I am on day 5
Wendy says
Hi Rhys just to let you know I got my 9k from 118118 just put in my account ,so hopefully you won’t have much longer to wait
Rhys says
Hi Wendy, That’s great! Thank you for getting back to me :)
Rhys says
Hi Wendy, That’s great! Thank you for getting back to me :)
LH says
Hi Rhys have you had your refund yet? Like Wendy, I sent bank details but no response to that email. Just wondering how long you waited?
Mo says
Hi Wendy. Sorry to just tag myself in, but did 118 wait to respond until the last day the adjudicator gave them? My adjudicator gave them until the 12th so was just wondering what will happen. Hopefully it doesn’t get dragged on as it’s been some time already.
A miller says
Hi Sara is the 8% per year from when loan was took out mine is an historical case I’ve just had upheld and on the ombudsman’s decision on how to put things right it says 8% simple interest per annum since lain was taken out until day they received complaint
Sara (Debt Camel) says
it is actually 8% per year from the date a payment being refunded was made. For a very short term loan paid on time, that is much the same as when the loan was taken. For longer term loans, that will overstate the 8% interest.
But the time should run until the redress is calculated, not until the complaint was made – can you check what FOS said?
A miller says
They said
Miss M should have any overpayments with 8% simple interest added from the dates the over payments arrisen to the date the complaint is settled
So my original loan was £2981 I paid them £15451 back so without any interest I’m owed back £12k then my case is a historical one it dates back from 2009 so am I right to believe I am owed over 10 years off the 8% interest
Sara (Debt Camel) says
to the date the complaint is settled
good – that is the correct end date.
when did you finish paying them back?
Amiller says
In 2012 I finished it was a 3 year loan 12k + interest and my final decision off the ombusman was just under 2 weeks ago so think it’s like 10 years off interest owed if I’m right so do I work it out as 8% of 12k multiplied by 10
Hoping they reply soon
Have u had any one who has been paid out so I know how long they normally take
Sara (Debt Camel) says
if you finished paying in 2012 then you should probably get roughly 10 years of 8% interest, so that would be 80% of the interest refund.
Paul says
Hi,
I’ve had 2 loans with Likely Loans (£2000 in September 2019 and £3300 in April 2021) in between these I also had a loan with Bamboo for £2500 in November 2020. I repaid the full amounts on time (by using the new loans to clear the balances). I was also regularly using Safety Net Credit during this period.
I have submitted affordability claims to all and although Bamboo did not uphold my complaint, they offered a goodwill gesture of £264 which was the equivalent of 50% of the interest paid which I accepted (due to it being a smallish amount).
Likely Loans have responded and upheld my complaint for the first loan but not my second loan. They have offered to offset the refund amount of £1253.07 from the current loan.
If they have upheld the first complaint and offered a refund, would it be worth sending this to the FOS and continue paying the current loan (on a payment plan) and hope for a refund of the interest on both loans? Also, as they are 2 separate loan agreements, would they be likely to refund the first complaint to me rather than offset against the interest on the new loan agreement?
Thanks
Sara (Debt Camel) says
So you have only recently taken the large second Likely loan? Do you think the repayments are affordable? Has your income gone up since your first loan with them? I am wondering why they think the second loan is affordable but the first wasn’t?
Do you have a payment plan for the 2nd loan? if not, do you need one?
No they won’t pay you the cash for the first loan – they will definitely offset it against the current one.
Are you still waiting for a reply from SafetyNet Credit?
Annie says
I had 3 with them.onky upheld 2 Nd even though using same credit check and Equifax.I emailed and queried why no changes to circumstances asked for copy of report and sent all screenshots back of negativity.They then upheld 3rd one. Keep at them
Sarah says
Hi Paul – I currently am still repaying a likely loans off (£2000). Can i ask how you had success with them via this route? Did they take anything off credit report once they upheld your complaint?
Thanks!
Sarah
Ryan says
Has anyone else had any issues with receiving their final response letter from 118118money. Today is day 56 and I’ve not been made aware that they are expecting a delay. I still haven’t received my final response letter. Also has anyone had any luck with 118118 money upholding their complaint.
If I don’t get my final response today, what should my next steps be?
L says
I had a final response yesterday and initial complaint 5th July 2021. They have upheld my complaint. Cancelled the final 2 payments owed and closed the account. Redress figure was given including 8%. I have forwarded my bank details just waiting now.
Mel says
Hello, I am in the process of settling my everyday loan which I took in a time of desperation ! But I am shocked and disgusted by what they have told me is my settlement figure! So, I took a loan for £10k and have repaid £365 for now 23 months totalling £8,395 and they have told me yesterday that my settlement is £8,633 – how on earth is this legal !
Sara (Debt Camel) says
With very expensive loans this is common – at the start you are paying almost all interest so there is almost the full debt to repay.
Are you borrowing through a consolidation loan to repay this? Often that is a big mistake as you save so little, instead you just get another large debt and the interest starts all over again.
Was this loan really affordable for you? The definition of affordable is you have to be able to repay the loans and still all your other debts, bills and living expenses. If paying EL left you short, so your overdraft went up or you had to put more on credit cards or you got behind with a bill then it wasn’t affordable – send them an afforcability complaint as the article above explains.
Mel says
Hello, no the loan was affordable, I am shocked that it legal to do this ! Essentially what set out as a £10k loan ended out in £21.5k interest- I thought that FCA had put caps in place so that no consumer paid more than they actually borrowed?
Sara (Debt Camel) says
the FCA price cap only applies to payday loans, not loans of over a year :(
Mel says
That’s shocking, so these thieving so and so’s prey on the vulnerable and then rip them off – and the law supports them :(
Sara (Debt Camel) says
Yes. Avoid these sort of high interest loans like the plague!
Mel says
Hi Sara, I am going to make a complaint about irresponsible lending. I originally applied for a loan at a lower value, I think it was for around £6k or £7k but they offered me £10k at a high rate of % and I should never have accepted it. I wasn’t made aware of the application of interest would be charged daily (36.9%) to the loan, I just asked over the phone what the interest was and they told me an eye watering (43.8%) but I took it on the basis that I knew I would never have the loan for the duration of the contract – 60 months. Which I won’t. So for a loan of £10k after 23 months of paying £365 (£8,375) they tell me I need to pay £8,633 to settle, as they charge 58days worth of interest (adding insult to injury!) so for paying this loan off 36 months early I only save £4,840. The full repayment over 60 months was £21,868.
I am going to settle the remainder of my loan in full on Friday as I just want to get the hell away from this company. But this is so wrong, people who sign up for these loans are not rational thinking, financially stable folk ! They are (mostly!) folk like I me vulnerable, desperate and have no where else to turn and whatever is written on their T&Cs just gets accepted without fully appreciating what we are getting involved with. I cannot believe the FCA condone these companies
Mel says
Hi Sara, thinking on what you said about the loan being affordable I online checked my bank statements and low and behold I was living in my overdraft, taking out payday loans and paying credit card debt! I have sent an irresponsible lending complaint to them, very much doubt I will get a response anytime soon as reviews say they are a nightmare to get anything out of even when financial ombudsman agrees !
Robyn says
Hi Mel
I am in this exact same situation right now with Everyday Loans!
What sort of outcome did you get?
Thank you!
Mel says
Hi Robyn,
I have only just sent in my complaint. I fully expect a rejection letter so I’m bedding one for the long game !
Mel says
*bedding down – even :)
Amiller says
Logbook loan success
Just had my email from L2G saying they have recieved my ombudsman decision and they have calculated my redness due back to me is £19,288 and asked for bank details so hopefully I shouldn’t wait to long for it to hit my account
Thank you Sara for all your help
Sara (Debt Camel) says
wow. I hope you are paid soon!
Amiller says
Just spoke to them they said it’s just being authorised
So try to get it in today if not it will be Monday
Can’t thank you enough for your template and advice
yuz says
Hi how long does it usually take for safety net credit to get back with a redress amount?
Sara (Debt Camel) says
Anytime up to 8 weeks, it seems random.
Come back and ask if you get Offered an amount and you aren’t sure it is enough.
Have you added up how much you have paid them so far? How much you have borrowed?
Yuz says
Yes I borrowed around £6000 but paid them back £8700. Over a 2 year period.
Sara (Debt Camel) says
Do you owe them any money now? If not, when was this 2 year period?
Yuz says
No I haven’t owed them anything since 2018 period I borrowed was April 2016 till April 2018.
Sara (Debt Camel) says
in that case you have paid about £2700 in interest. Not all of this may be refunded of ocurse, but that is the “measuting stick” to assess an offer against.
And you would expect to get more than 25% added on the “interest refund” for extra 8% interest.
Kerry says
Hi I borrowed £20,000 as a secured loan on the house, from evolution money in 2018 and I have to pay back £80,000 I was desperate at the time as i had loads of debt, and I have put in an affordability complaint as I can’t afford to pay it back I struggle every month and don’t have hardly anything left , I have asked for a lower interest rate as its 22.2 at the moment and a refund of the interest I have paid which is £33,500 already do you think that is reasonable I’m still waiting for there reply thanks .
Sara (Debt Camel) says
how much equity is there in your house?
what did you do with this money?
Kerry says
I paid debts off and did a few home improvements yes I have equity in the house thanks
Sara (Debt Camel) says
are the monthly repayments affordable for you?
If they aren’t I suggest you go to your local Citizens Advice and ask for their help in making a complaint. Say the lender did not properly assess if you can afford it and did not treat you fairly by giving the loans. This is not the same as the complaints covered on this page which are for unsecured loans. Mortgages are covered by different FCA rules.
Sara (Debt Camel) says
But also I am afraid you should seriously consider selling the house to escape from this loan. Get Citizens Advice to help you look at all your options. I have seen too many people struggle for many years in constant stress and near poverty trying to repay impossibly expensive secured loans – it would have been much better for them to have bitten the bullet and sold earlier.
Kerry says
Thanks for your help I will let you know how I get in with my complaint
Simon says
Hi Sara
I just wanted to ask your opinion on two desions I’ve had back from the FOS. They were both guarantor loans for £5000, taken out over 60 months, three months apart and were the first loans with each company. Neither company did thorough enough checks and a check of my bank statements would have shown a gambling problem as well as multiple payday loans being taken out every month.
One adjudicator has upheld my complaint due to my fragile financial state and based his decision on seeing my bank statements yet the other adjudicator didn’t even check my bank statements and decided the companies affordability checks went far enough. I understand different adjudicators will have varying opinions but surely they should all work to the same guidelines and check the same things when investigating? Is there anything I can do other than ask for a second opinion from an Ombudsman?
Sara (Debt Camel) says
Yes, go back to the adjudicator, point out that https://www.financial-ombudsman.org.uk/businesses/complaints-deal/consumer-credit/unaffordable-lending says:
So what all of this means is that a less detailed affordability assessment, without the need for verification, is far more likely to be fair, reasonable and proportionate where the amount to be repaid is relatively small, the consumer’s financial situation is stable and they will be indebted for a relatively short period.
But, in circumstances where a customer’s finances are likely to be less stable, they are being expected to repay a larger amount for a longer period of time. There the other potential factors (such as the borrower losing any security provided, or a guarantee could be called on), it’s far more likely that an affordability assessment will need to be more detailed and contain a greater degree of verification, in order for it to be fair, reasonable and proportionate.
And your loan was large and was a guarantor loan, so the lender should have looked closely at your situation and then they would have seen the gambling showing on your bank statements. Ask for the adjudicator to reconsider this and say if they do not, you would like the decision to go to an Ombudsman.
Simon says
Thanks Sara, I’ll do that. I’ve heard that 9 times out of 10 the Ombudsman just agrees with the adjudicators decision though? Is this correct or will the Ombudsman do a proper thorough second investigation and take my bank statements into account if I make it clear the first adjudicator hasn’t even looked at them?
Sara (Debt Camel) says
9 times out of 10 the adjudicator made the right decision! Many cases going to an Ombudsman are where a lender never replied to the adjuicator decision, so it has to go to a the second Ombudsman level.
People do win complaints at the Ombudsman level where the adjudicator did not uphold their case. This isn’t just a rubber stamp, it is a proper investigation.
Simon says
OK great, thank you for your help.
Tom says
After a 15 month wait (!), an Adjudicator at the FOS has found in my favour regarding AvantCredit.
Does anybody know if they tend to agree with the Adjudicators or whether they’ll likely push it on to an Ombudsman?
Lee says
Hi Tom, I am awaiting Advant to get back to me. Did they reply in the 8 weeks for you final response?
A says
Hi Tom
Afraid not in my case. Avant shot me down so I went to the FOS, the Adjudicator found in my favour and it took 6 weeks after for Avant not to agree. I’m now waiting on the Ombudsman.
I trust in the process and I know Avant were in the wrong it’s just a long long process unfortunately.
Mel says
Hi Sara, if you have had a loan that was sold to debt collection agency and then settled with them can you still submit an unaffordability complaint to the loan company? What happens if successful?
Sara (Debt Camel) says
yes, you can. As you say, the complaint goes to the lender, because they made the poor lending decision, not the current creditor.
If your complaint is upheld by the lender or by the ombudsman, the lender will take into account the money you paid the debt collector to settle it. And the default on your credit records from the lender and from the debt collector should be removed.
Mel says
Thanks, I thought so. I have asked my bank for my bank statements from that time (going back to 2016) I am very sure my financial affairs were extremely unstable then !
Hayleigh says
Thank you so so so much! Thanks to copy and paste I’ve now has a refund of £2100 from 118118 loans!! They did take the whole 8 weeks to get back to me but have agreed it was unaffordable. I had this loan out years and years ago and never would to think about trying to get a refund.
A says
Hi
Back in 2016 I took out a £5.5k loan with Avant Credit; this was right in the depths of my financial struggles and this only made things worse. Avant have proven they did a credit check at the time and through the info ive obtained from them they confirmed they knew I was utilising 95% of my rolling monthly debt before this loan was granted.
The Adjudicator has upheld my complaint however Avant don’t agree so it’s going to the Ombudsman for the final say. I know this can be a long wait and it’s a case by case timeline but does anyone have any experience with a recent similar situation that could offer any light on what’s feeling like dark times again?
Thank you Sara for this wonderful site full of great advice
H says
What are peoples experiences with 188 188 response times? currently 2 days away for the 8 week mark and still awaiting final response. Will this be email/letter? and can I expect to have an answer before the 8 week period is up?
Earyl says
How long does it usually take for an adjudicator to reach a decision?
A says
It’s definitely case by case and adjudicator by adjudicator. For example I’ve got 3 claims all out in at the same time:
1 took 6 weeks to go to the adjudicator and 3 months for them to make their decision
Another took 8 months to go to the adjudicator and 1 week to make their decision
Another took 6 months to go to the adjudicator and 2 months to reach their decision.
After this the company can disagree which can add 6 weeks and the possibly then the ombudsman which is where I’m at and I have no time frame for these.
Lucy says
Hi,
I’m wondering if I have enough evidence to complain to Bamboo loans regarding one of their high interest loans. I initially took out a 4K loan with them back in Dec 2018. I then topped up the loan in June 2019 by a further £900. At the this time, I was under a DMP and also using myjar and safety net credit. I still owe them £4800 which seems a lot considering and I’m paying £195 a month which is a lot of money. What can I do? Do you think I’m eligible to complain?
Kind regards
Sara (Debt Camel) says
Your credit record should show evidence of your debt management plan. Your bank startems from 3 months before the intital loan anf the top up should show how unaffordable they were.
I suggest you send in a complaint and attach those bank statements to it.
Have you also complained to Myjar and SafetyNet Credit?
Lucy says
No I haven’t, I guess I should complain to those as well then?
Thank you for your help 😊
Sara (Debt Camel) says
Yes!
Myjar is in administration so you need to complain FAST before time runs out – send email to myjar@harrisons.uk.com with CLAIM as the subject. Keep it short, they won’t really read the details just add your compliant to the pile.
SNC is one of the easiest firms to win a complaint against as they could see your bank account so they KNEW the trouble you were in.
Lucy says
Hi Sara, I have sent complaints to all 3 so watch this space!
Thank you so much for you help 😊
Lucy says
Hi Sara, so I’ve had a final response from bamboo. They say they don’t believe they issued the loans unfairly and say it was affordable to me. They have stated the following:
We are therefore prepared to make a goodwill offer with the intention of helping you repay the outstanding loan faster than scheduled.
The offer, which is made in in full and final settlement of this complaint in relation to Bamboo loans referenced Xxxxx and Xxxxx, is to reduce your balance by £1,414.09. This is equivalent to all of the interest due on the top-up advance.
Do you think I should accept this or go to FoS?
Sara (Debt Camel) says
can you say some more about this last loan? You received £900 in cash, how large was the loan itself? How much have you paid to this?
Lucy says
Hi Sara, pleas find details below and thank you.
Total Loan Amount:
£4,000.00 1st
£4,953.43 2nd, top up loan.
Repayment Term:
60 months for both
Monthly Repayment:
£176.05 1st loan
£195.25 2nd loan
Agreement Date:
3rd December 2018 1st
25th October 2019 2nd
Remaining balance £7,614.98
APR 49.70%
Sara (Debt Camel) says
can you say how many payments you made to the 1st loan? and to the second loan so far?
Lucy says
Hi Sara,
21 payments on the 2nd loan and 10 on the 1st.
Thank you
Sara (Debt Camel) says
ok so your current balance is 4800. They are proposing to reduce that by 1414 – so that would be down to £3386
what would happen if you sent the case to FOS?
If both loans are found to be unaffordable, then you have paid £3749 in interest on the first loan, the interest would be removed from the second loan, reducing your balance to £3003, which would then be cleared from the refund on the first loan and you would get c £746 in cash.
If the second loan is upheld but the first isnt, the interest would be removed and your balance would be reduced to £3003. Less some 8% interest. And you could then repay that at a lower affordable rate.
So what you are being offered isn’t much worse than you would get from FOS if the first loan is found to be affordable.
Can you say more about your situation when you took out the first loan? Were you in a DMP at that point?
Lucy says
Hi Sara, yes I was with a DMP during these periods. I was also using other payday lenders regularly and suffering from depression.
Thank you
Sara (Debt Camel) says
So if you were in a DMP before the first loan and using payday loans, then it’s hard to see how the first loan could have been affordable.
Bamboo will sometimes negotiate. If you want a full refund, you will have to go to FOS. But Bamboo are sometimes prepared to negotiate – so you could go back to them and say that because of the size of the first loan, the fact you were in a DMP and taking payday loans, you think FOS is likely to decide both loans were unaffordable, in which case you would probably get a refund of £1000 including the 8% interest. But in the interest of a speedy settlement, you would be happy to compromise if they agree to clear your current balance.
Or you could say reduce the current balance to £1000. it’s up to you what you think a fair resolution would be.
Lucy says
Thank you so much Sara, that’s very helpful.
PM says
Is anyone at the Ombudsman stage with Bamboo Loans? Adjudicator ruled in my favour after a 14 month wait, but Bamboo disagreed with her findings. Now been waiting for an Ombudsman decision for 10 weeks, phoned yesterday and was told it will likely be next year before this is picked up. Is anyone else in, or has been, in a similar position?
Sara (Debt Camel) says
a year sounds unlikely. Ombudsman waits seem to have been getting shorter.
A says
Hi Sara
Do you know what the current typical wait is for the Ombudsman?
Sara (Debt Camel) says
No, it depends on the type of case and the lender. I would be surprised at more than 6 months for Bamboo.
Lee says
I phoned the ombudsman the other day
They said they are currently taking about 4 months on average.
Sara (Debt Camel) says
that sounds much more likely than a year!
A says
That’s great to know, thanks for sharing Lee
Wb says
My complaint to the FOS about 118 money has finally been picked up by an adjudicator. Sent the complaint in June 2020. So over a year.
Hopeful it gets upheld, although only 1 loan, was just after my financial crisis was easing that I got accepted and ruined all the good work I had previously done.
A loan of £3500 plus interest on top, amounted to about £6000 or so, should never have been accepted if they’d looked into the recent history and done proper checks. Anyone had any luck with the FOS over 118?
Mel says
Hi Sara, I need some advice. I have a remaining balance with everyday loans for £1495 and with 58 days interest my settlement figure is £2633. I have an irresponsible lending complaint in with them as when I look back to my account during the time of lending I was in overdraft, payday lending and financially unstable, plus they gave me more than I originally asked for to offset other debts but the interest rate is far higher with this loan than the other debt – I was duped !
Do I pay now the outstanding balance or do I just settle (as I want rid of them !!) and await the complaint response ?
Sara (Debt Camel) says
do you have that amount in cash to settle the loan? It is usually a very bad move to borrow to settle this sort of loan where the interest is front loaded.
Mel says
Hi Sara,
Yes I do – from my salary. I am not borrowing to close out this loan. I just feel physically sick handing it over when they have completely taken the proverbial out of me
Mel says
Apologies – it’s £2133 to settle not £2633
Sara (Debt Camel) says
So by settling now you save some interest. But not as much as you might have expected because of that early settlement charge.
If you have other debts of course you could use the money to pay off credit cards etc and save interest there.
If you settle now, you have still paid a lot of interest so your complaint will go through and you may get that amount back.
The only real risk in settling now is if EL goes under (I have no reason to think that is is imminent but a lot of other bad credit lenders have gone bust because of refunds) you would get back only a tiny percentage of that and would be better off if you still owed them a balance as at least the balance would be wiped. But if you just want to be rid of this then that is compeltely understandable.
Settling or not will have no impact on your complaint, which only focuses on whether the loan was affordable at the point the loan was given. So you don’t need to worry you are scuppering your complaint by settling it.
Mel says
Hi Sara,
I just want to be rid of them to be honest. It’s absolutely shocking the way they sell the loans. But I accepted their disgusting T and Cs when I was on my knees so I have to take some responsibility
My complaint with Barclaycard is now on its way to the financial ombudsman as they are adamant that the NOSIA was covered by the monthly credit card statement (which I disagree) so I will be in for a long wait for any response on that and I expect the same with this one
wag says
Hi Sara many thanks for the information contained in this website, I have lender affordability complaints pending and some of the complaint is based on loans I have had my affordability complaints upheld and are now removed from my credit file. will the lenders I currently have complaints with, have details of the credit search from the time I applied for the loan stored? or do they review your ”current” credit file? as some of the loans have obviously been ”wiped off” ?
Sara (Debt Camel) says
It would have been better if you had taken a copy of your credit record before you started this process.
Take one now! And you can then argue that X, Y and Z have been deleted and would have shown at the time.
Amiller says
Hello so I was over the moon this week finally getting paid out by L2G
I got £19,288 after a historical case went in my favour from the ombusman
But my happiness has been cut short as NatWest has closed my bank with £17,200 remaining in it
They have closed my bank and now said I have to open a new bank and wait for details on when they will transfer my funds over does anyone had this done to them and actually got there money back as I am reading horror story’s of people waiting over a year for there own money back
Sara (Debt Camel) says
Why have they closed it?
A miller says
They said they don’t have to give a reason
And if I make a complaint it won’t speed up process
I have to open a new bank account and wait for them to send a fund release form to send the funds to my new bank
So that money is now trapped I cannot have access to it until I receive this letter in 4 weeks then they have 60 days from that letter being sent bk to them for them to release funds
It’s a joke only thing I can think of is that I’ve had that large deposit into my account as the reference was just my complaint code
Sara (Debt Camel) says
If this was completely out of the blue, then they may think this large deposit is money laundering. No one has ever had this problem before!
I suggest you talk to your adjudicator urgently this morning and ask if FOS could speak to NatWest about this. That wouldn’t normally but this is such a ridiculous situation….
But you do need to get a new bank account urgently.
Scott says
Hi,
Were you having problems with the bank prior to receiving your refund? The remaining balance trapped suggests you were overdrawn.
I would assume that the payer would show as loans to go limited and not a random deposit.
I would ask them for a cheque for the balance and get a new account opened ASAP.
Scott
Amiller says
No I didn’t have any problems with my bank before hand I was in credit no over draft or overdrawn I’d actually been on the Fne to NatWest that morning to do a transfer and they did it then sent me a text
I am on a Facebook page at the min and its got
5,000 members all struggling to get there funds back
Some have been waiting for months with no explaination just a text and told to wait for the form to be sent out
I’ve opened a new account with Santander ready so I’ve got a new account for my money to be transfered to
Sara (Debt Camel) says
Which FB group?
I have sent you an Email.
Max says
Hi Sara,
Rather like London buses, just a week after winning the first round of my battle with NewDay (as per my post on the relevant thread), a FOS adjudicator just called to say my complaint against Likely Loans (LL) for three loans that totalled around £9,000 has also been upheld.
The loans were taken out 2-3 years ago in the absolute depths of a payday loan cycle. LL refused to refund earlier this year, but the adjudicator has given a very lengthy explanation as to why all three should never have been issued, so fingers crossed LL agrees with the decision and I get redress in the not too distant future.
All three loans were repaid in full, having been taken out for a period of 12-18 months each, although the amounts grew each time. I’ve not worked out the refund amount yet, but back of the envelope calculation is £4,000-5,000.
Will give exact details once I know the final outcome as not counting my chickens yet, given I missed out on large Wonga, Peachy and Satsuma refunds due to their respective administration.
Couldn’t have done this without this brilliant site and excellent info from you and contributors.
Assuming I get the money, I’ll be making a donation to CAB on your behalf.
Regards,
Max
Max says
Hi Sara,
Quick update, LL sent further information/excuses to the adjudicator following the latter’s recent decision in my favour.
But it hasn’t changed the adjudicator’s mind, so LL now has another few weeks to decide whether to send it upstairs to an ombudsman.
The adjudicator noted LL failed to verify my income and outgoings for any of the three loans, and that my credit card utilisation remained close to 100% throughout the two years between the three applications.
Reading between the lines of the adjudicator’s decision, it appears LL didn’t bother to check my credit report at all, but just glanced at my score (well below UK average).
I’d like to think this claim will now be done and dusted as the evidence for irresponsible lending appears really strong, but let’s see.
I’ll update this post again as and when the case is finally settled.
Max
GH says
Keep us updated!
I myself put a complaint regarding irresponsible lending to LL. They dismissed it so was looked at by an adjudicator. The adjudicator sided with LL. I disagreed with the adjudicator so asked for my case to be passed to an ombudsman. Last week I received email to say that the ombudsman has made a provisional decision to uphold my complaint and are giving LL the opportunity to submit anything
Max says
Hi Sara,
Some good news: I received confirmation over the weekend that LL has (finally) accepted the adjudicator’s decision and a redress figure should be on its way soon.
I’ve calculated the refund at around £3,500 once the taxman’s had his bite, so I’m hoping that rough figure matches that of LL.
Won’t be 100% happy until the money is actually in my account (I think they have 28 days to settle?), but very relieved it’s not going upstairs to an ombudsman for a second look and a further delay.
The whole process to date is just under a year. Have been very impressed with the adjudicator – who I never actually spoke to weirdly enough, just answered some questions via email.
I’ve also had some direct success (no FOS involvement) with another lender not mentioned much on here; will start a new post once that small refund hits my account in the next 10 days.
I’ll be making a donation to CAB in your name very soon. Thanks for all your excellent insight and contributions from posters.
Cheers,
Max
Max says
Hi Sara,
Two quick questions, if I may?
1. How long from the date of acceptance of an adjudicator decision does a company have to calculate redress and then pay it?
2. I’m sure you replied to some posts around 12-18 months back with the name and email address of someone high up at Likely Loans (Oakbrook Finance) but am struggling to find it, so are you still able to share it, please?
Start of next week is 28 days since they accepted the decision, so I’d like to sharpen my pencil for a Letter Before Action if they delay further as an ill family member needs private surgery sooner rather than later and the refund would go a long way to meeting that cost.
Thanks.
Max
Sara (Debt Camel) says
An adjudicator decision is not legally binding. You would therefore have to make a money claim, which could take a very long while if they defend it for some reason (possibly because they dispute your calculations.) This us not a sensible way forward for you.
When it gets to 28 days, phone them up and ask what is happening.
Max says
Thanks as always Sara,
Funnily enough, woke up this morning to an email from someone at the FOS who is now handling this matter (perhaps previous adjudicator has left?) so will give it another week and then get on the blower.
Regards,
Max
Max says
Hi Sara,
Am very pleased to say this sorry saga has now been brought to a conclusion following LL’s redress payment of circa £3k in the past 24 hours.
From original complaint to LL to payment – after they accepted adjudicator’s decision – was almost 11 months; although it appears the FOS sat on their offer letter for three weeks due to my adjudicator leaving in late September.
There was then a further delay in payment due to LL “migrating” to a new system in late October/early November, something they disclosed during my rant down the phone at them last week.
It’s been a good 24 hours actually, as 118 118 Money have also accepted an adjudicator’s decision for four loans/top ups and want confirmation of my payment details for a similar redress figure to that of LL.
However, 118’s figure looks about 10% too low so I need to go through my bank statements again and check exactly how much I paid them in case they’re pulling a fast one.
Max
Sara (Debt Camel) says
Excellent. Your 2022 should be better than 2021!
Wb says
How many 118 money cases seem to get upheld by the FOS? Mine has just been picked up by an adjudicator. After a year and some.
Max says
Hi Sara,
What is your/forum contributors’ experience with Hitachi Personal Finance and affordability complaints? Are they likely to accept or reject as the circumstances are ridiculous.
Have just learned a family member borrowed nearly £17,000 a few years ago, despite having only started a part-time job two months earlier.
The repayments were more than 50% of their net income and the loan term was five years, with nearly £5,000 paid back in interest alone.
To me, that sounds like a strong case, do you agree?
Said family member is not in good heath and might not have the stomach for a lengthy fight, but I’ve said I’d taken up the baton on their behalf should the need arise.
Cheers,
Max
Sara (Debt Camel) says
Not that many comments about them.
You can make the FOS complaint on their behalf if they authorise this.
Do they have other debt problems at the moment? Are they buying or renting?
Max says
Hi Sara,
I spent a couple of hours looking over my relative’s paperwork today and I’m absolutely staggered such a large loan was granted given brevity and low pay of new job, not to mention no assets and lack of UK employment history. They were renting at the time and still are.
I doubt even I would have been able to get such a loan even prior to my descent into the abyss, so I’ve no idea how they managed it.
Looking at their bank statements, it seems while they made all the payments on time, it was only because they borrowed from elsewhere, so I’m going to suggest they complain to the lender and see what they say.
I’ll keep you in the loop.
Cheers,
Max
Max says
Hi Sara,
An update on this Hitachi Personal Finance loan, and it’s a very positive one – that didn’t require the FOS.
They have acknowledged the £15,000 loan that was repaid over four years should not have been approved – applicant had only been in a part time job for five weeks – and have now refunded all interest, plus 8% simple interest. Total back (once tax is reclaimed) is nearly £5,000.
They took nearly two months to conclude the case, but once resolved, the money was paid within a week.
My relative is over the moon with the outcome as they were a few months over the six-year deadline and worried Hitachi would go down the “time-out” route, but they’ve actually been very, very pleasant to deal with compared to some of the loan providers I’m currently dealing with.
A donation to CAB will be made later this week.
Regards,
Max
Sara (Debt Camel) says
Very good news that this wasn’t dragged out.
james says
Has anyone dealt with TM advances? The Adjudicator has found in my favour. Has anyone else been in this position? Do the accept of decline and send it to the ombudsmun?
Megan says
4 X 118 loans dating back to 2017, total of over £6000 paid in interest alone.
Response from 118 today from my affordability complaint:
‘In addition, as part of the application form you completed to apply for the loan with us, there is a statement just above the button you clicked on to submit the application which states “If false or inaccurate information is provided and fraud is identified, details will be passed to fraud prevention agencies…” Similar wording is contained within the loan terms and conditions.’ is this a normal response trying to put off taking further action?
Sara (Debt Camel) says
yes… several lenders say this but no-one has reported any problem when they have ignored this and sent a rejection to the ombudsman.
wj says
Just received this from the adjudicator at the FOS:
‘Thank you for all the information you’ve sent over. I can confirm that 118 118 Money has also responded to my request and they’ve now sent over their file. From reading through the documents I can see it was noted that your loan with them was to consolidate some existing debts but it isn’t recorded what exactly was to be consolidated by the loan.
Do you still have a record of what exactly was to be consolidated by your loan with 118 118 Money and if so would you please be able to confirm this information? I’ve reached out to 118 118 Money to see if they still have this information as well.’
i have no information on any of the loans that i consolidated with this loan, if any actually were. ive gone through my bank statements and there’s a lot of gambling transactions, after the money was deposited. (also was loads leading up to the acceptance of the loan.) Shall i tell the adjudicator the majority had probably gone towards a gambling addiaction?
He’s seen the gambling transactions on the 3 month prior bank statements he’s requested. So it was happening prior to the loan being accepted.
Thanks
Sara (Debt Camel) says
Do you remember saying the loan was to consolidate debt? I ask because sometimes people say they just saw through ClearScore or another credit report that they are eligible for a loan and they applied and they don’t recall being asked what the pourpose of the loan was.
How large was the loan? Did you have a lot of other debt at the time?
web says
i can’t really remember, i do remember my credit score had just started to improve due to getting back on the right track, but my bank statements still showed multiple gambling transactions which should have been red flags.
The loan was for £3000, think i had to pay around £7000(odd) back which im still paying now through lantern.
I feel as though if they had looked into it, they’d have seen i actually took out a couple pay days loans a few days before, granted they wouldn’t have shown on my credit file that quickly but they’d have noticed on a statement along with the gambling. having seen my credit history they’d have seen i did have issues in the past so should have checked deeper.
But ye im not 100% sure what i said during the loan application was surprised i got it especially after all the months of struggle.
Just unsure what to reply to the adjudicator, say i can’t remember, which i can’t, but obviously according to my bank statements a chunk of it was to continue my gambling habit.
Thanks
Sara (Debt Camel) says
Then you could reply that you don’t remember saying the loan was for consolidation. Say you were surprised to be given it as your credit history was poor so you think they should have looked more carefully at your situation and seen your gambling.
Wjb says
Thank you.
Do you know the success rate against 118 when sent to the FOS?
Sara (Debt Camel) says
71% for the last half of 2020 – the data for the first half of this year isn’t published yet.
Wj says
The adjudicator has agreed in my favour that the loan was unaffordable, they have until the 2nd September to respond.
They seemed to send over requested information quite quickly through the investigation, wonder how long they take to respond now.
Andrew says
Hi
Is it possible to put a complaint in against a credit union for unaffordability I have has several loans 3 grand plus when my score was poor multiple issues, gambling and payday loans
If I can is there anyone that has put one in I just feel looking at the situation with a clear head if I had gone bankrupt I would have been in a better place as I couldn’t pay my debts and by lending me albeit at a lower rate it was delaying the inevitable
Sara (Debt Camel) says
How large was the loan? And were the repayments affordable or did you keep having to borrow more or get behind with bills?
Andrew says
I think it was 3, 5 then 8 grand, it’s been paid every month because its a deduct through wages but I was still borrowing payday loans yeah to live through the months all the applications they had my baking statements so could see all this information
Sara (Debt Camel) says
Then I think you should complain about this to the CU and send it to FOS if the CUS rejects it. Ask for the normal refund of interest paid.
Technically CU’s do not have to apply the same sections of the FCA’s CONC handbook that list the affordability requirements. But they do have to follow the fundamental FCA principles, one of which is “Treating your customers fairly”.
And in your case, the CU should have seen you had problems at the start and that these were not solved by the first loan. So why did they give you a larger loan? And then why given a further top up?
As they could see your banking statements, they could see that your situation was not improving (I assume – you are the one that knows what happened, you need to make sure your complaint reflects that.)
You should point out in your complaint that the FCA’s Principle 6 says a lender should have “due regard to the interests of its customers and treat them fairly”. Point out that their first loan did not improve your situation, they could see this from your bank statements, so they should not have given you the next two top ups.
Also point out that Matt Bland, Head of Policy at ABCUL (the Association of British Credit Unions) said that “While most credit union lending is exempt from t[the FCA’s CONC 5 reqiorements] they should always be looked to as best practice” but in your case your CU failed to make adequate checks that the loans were affordable, despite seeing evidence from your bank statements that you were in trouble. (See https://www.abcul.coop/blogs/patrick-thorpe/2019/01/28/fca-publishes-review-of-high-cost-credit.)
Let me know how this goes? There have been very few complaints about CUs – that doesn’t mean you can’t win this one.
Andrew says
I sent the complaint to voyager alliance at 11pm, by 3 pm the next day they had responded it was very abrupt and dismissive so looks like they really looked at it properly off to Fos I go
Jan says
Hi,
Anyone having trouble with 118 money…
Been emailing the complaints department for weeks now yet no response or acknowledgement of my complaint…tried the email above and also customer services email to forward on… but nothing…
Took the loan out in 2015 and eventually paid after CCJ years later
Any ideas if it would be still able to claim? But with no responses back I’m not sure?
Sara (Debt Camel) says
How long ago did you complain?
Yes you can complain about a loan from 2015 – the Ombudsman will look at complaints about loans that are over 6 years oldif you have only found out in the last 3 years that the lender should have checked it was affordable.
And yes you can complain about a a loan that went to a CCJ and was eventually repaid – you should ask for the CCj to be “set aside” so it is off your credit record as well as the interest refund.
Jan says
Hi Sara,
I sent the first email about 4 weeks ago…and then about once a week since then but the seem to be ignoring or even acknowledge my complaint.
My son had a loan at same time which he sent email within a day got a acknowledgement email and said they have 8 weeks to investigate which they did on very last day and upheld his complaint and paid out soon after.
Sara (Debt Camel) says
I suggest you phone them up and ask why you have not had an acknowledgement
Tom says
Hi Sara,
Do you have any contact details for senior people at Moneyway (Secure Trust Bank)?
I’ve posted on here before about the Moneyway/Alpha Credit Solutions nightmare I am facing. The FOS today, after two months of wrangling, has said that he thinks it perhaps should have been Moneyway after all and not Alpha – but he is not sure.
They are essentially both blaming each other and saying the same things. I have sent an email off to Alpha and would like to do the same to Moneyway.
Thanks
Sara (Debt Camel) says
try compliance@securetrustbank.co.uk
Sara (Debt Camel) says
and you could try DavidMcCreadie@securetrustbank.co.uk which is a guess at their new CEO’s email adresss
Dave says
Hi Sara hope your well I am not sure if you remember me but I was one of the first people to take on brighthouse and win against them twice with nice big payouts for irresponsible lending practices before they went bust.
I had some further great news today which has again taken nearly a year and a half to get to but I won my complaint with the financial ombudsman on yet another irresponsible lending claim. This time against another very high APR home credit/car finance company who again prey on poor people just like brighthouse did
I stupidly took out car finance on a £8999 car back on the 28th December 2014 over 55 months at £285.55 a month total amount repayable £15,662.35
I was struggling financially with the repayments and ended up selling the car privately and clearing off the finance in full in January 2017. The company gave me a rebate of £2230.70 off the £15,705.25 for paying it off early
So it works out that on top of the £8999 purchase price I ended up paying £4432.65 in interest by the time I’d terminated the finance agreement in January 2017 so I made 24 monthly payments in total
How would I now get a rough idea on what the 8% simple interest would be on the figures and dates above please ? The company have been advised to now get in contact with me to discuss remedial action but I wouldn’t trust a thing they say with figures so any further help would be fantastic
Thank you again for all your hard work
Sara (Debt Camel) says
As you paid so much of the money in settlement in Jan 17, the 8% will probably be coaculted from then so about 35%. Less 20% tax deducted.
Who was the lender?
Lee says
Hi Sara,
Avant got in touch with me via email on 23/8/21 with their final response. Had 2 large loans with them in 2015 and 2017. The second one I struggled to pay and went into a reduced payment arrangement 2 times before a family member cleared the outstanding balance of £760. Avant upheld first loan of £1000 in total. However said no to loan 2 of £3500 with double the monthly payments and stated was affordable.
They then emailed me on 25/8/21 to say they were refunding me 100% for loan 1 interest including the 8%.
I therefore sent a clear reply back saying I am going to refer the complaint to the FOS. As although I agree with loan 1 redress calculation. I don’t agree with loan 2 not being upheld at all. I therefore said this complaint isn’t settled.
They then emailed me back to say do you want the loan 1 payment that you are happy with processed now.
I replied back again saying clearly yes as long as this doesn’t affect me going to the FOS to complain about loan 2 as I haven’t agreed this complaint is settled.
I’m just worried now avant may say I’ve settled. Is this ok?
Sara (Debt Camel) says
I think you have been quite clear that you are not accepting the lown 1 refund in full and final settlement of your complaint about your two loans.
Laura says
Avant success story. I had one loan with them for £1000 that I defaulted on (those who have seen my comments on other pages will realise I was not in a good place financially and I am still digging myself out of that hole through hard work and no more credit).
Avant disagreed with my complaint so it went to the FOS. It was quickly picked up by an adjudicator who upheld the complaint and gave Avant until yesterday to respond.
I was fully expecting a fight and a long wait for an Ombudsman review but I have just heard from my adjudicator that Avant have agreed. Just waiting for confirmation on next steps now but I am forever grateful to Sara and this site. I would never had the fight to take this forward if it wasn’t for the advice and support that exists in this community.
LH says
Just wanted to add, I complained to 118 118 money and Avant Credit. Both complaints upheld and redress figures given. £988 from 118 and £2317 from Avant. Just waiting on the refunds to hit my bank. Both complaints I used the template letter, huge thanks for all the information and help this forum provides. Thank you Sara.
Jade says
Hi Sara,
Just a couple of questions if possible?
I have put affordability complaints in about a number of companies relating to loans and credit cards from July 2020 to May 2021 and the first one for 118 has been reviewed and they have been given to the 12th Sept to response. Have you heard of occasions where one adjudicator would look at all my complaints together due to the same information been shared for all or is it based on random selection?
Also with 118, has anyone had experience with them refusing the decision of the adjudicator?
Sara (Debt Camel) says
You can ask your adjudicator if they can pick up other cases. But often credit cards are dealt with by different people.
Tom says
Hi Sara
An adjudicator has (finally!) given a view on my complaint and upheld it.
By way of remedy, he has suggested that they refund the interest and charges (plus stat interest) but has made no mention of removing negative marks from my credit file.
I will go back and ask him to ask that they are removed, too, but I just wondered if there was any reason he wouldn’t have already suggested this?
Presumably having found that the loan was irresponsibly lent, this shouldn’t be a contentious request?
Thanks in advance.
Sara (Debt Camel) says
That is a standard part of redress, just ask your adjudicator.
Who is the lender?
Tom says
Thank you.
It’s the Moneyway/Alpha/Target saga that I have posted about a couple of times.
Sara (Debt Camel) says
Oh fingers crossed then! Who is the decision against?
Tom says
It’s against Alpha via Target. So the Adjudicator’s document says “complaint about Target” but in it he tells Target to tell Alpha to refund the interest and charges!
He’s also suggested they pay £50 for first claiming it was out of time and then claiming they weren’t liable anyway.
I will be astonished if it doesn’t need an Ombudsman but I will let you know!
Tom says
Hi Sara,
The saga continues!
Target/Alpha haven’t responded to the Adjudicator’s decision.
Whilst they are only a week late so far, if they persist in not responding, would the next step be for me to ask for it to go to an Ombudsman?
Given how they’ve frustrated at every turn, it seems unlikely that they’ll accept the Adjudicator’s decision and I don’t want to spend ages waiting for them to respond, only for it to have to go to an Ombudsman anyway. Even the Adjudicator has said to me that he’d be astonished if they agreed with his findings given their behaviour to date.
I’ve already told the FCA. I copied in the bods from Target but they didn’t acknowledge it!
Thank you so much for your help with this one.
Sara (Debt Camel) says
If they don’t reply, the adjudicator can send it to the Ombudsman. They normally give the lender an extension first.
Tom says
Avant Credit has agreed with my adjudicator, so I should be in line for some fairly healthy redress!
What has people’s experience been of their timescales for payout etc.? I am pleased that they have agreed with the adjudicator, but now just want to make sure that it gets actioned!
Mel says
Hi Tom,
How long did you have to wait for adjudicator ? I am waiting to go into battle with everyday loans but I have been told to expect 3-4 month wait time for my case to be looked at
Sian says
We waited 1 year from when we put in our complaint to the ombudsman, to getting an outcome from the adjudicator. They found in our favour and now we are just waiting for everyday loans to reply to them. They are currently 2 weeks over the time they were given.
Tom says
Hi Mel
It took an adjudicator a year to get in touch on this one.
I’ve got/had a few matters with the FOS and am finding that an adjudicator tends to get in touch around month 12. The quickest contact I’ve had is six months so three or four months would be a result!!!!
Mel says
Oh god! I will try and forget about it all until next year then ! :( that was the latest email I had from FOS regarding another matter…
LH says
I also had complaint upheld, although Avant sold my debt to Asset Collections. They’ve advised me they have sent all details and figures over to Asset who will process the refund, which is over £2.3k.
Trying to get this confirmed by Asset is proving difficult though.