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?
Neil says
Hi Sara
I Just had my final response from likely loans rejecting my complaint for unaffordable lending for £3700 over 18 months back in september 2016, They stated it is not a requirement for them to request bank statements as part of their lending assessment for the small loans they offer. Do you think £3700 is small? Even if this was my first loan with LL should they have requested bank statements as this was for over 18 months.
Also they quoted the below
1. Affordability checks
“This included a review of your income, outgoings, information that we obtain from the Office of National
Statistics s and information obtained from yourself to assure ourselves that you could afford the loan and the
repayments would be sustainable”
Not sure what the office of national statistics is but if that showed my outgoing they should have seen I had a serious gambling problem and most of my income went on gambling. My statements would have shown that. I did not mention my gambling outgoings or paydays loans on the application but do you think they should have done a more through check that would have revealed my situation.
Sara (Debt Camel) says
It’s a small loan if you earn 80k a year and have a clean credit record… but I’m guessing you didn’t!
That is a large loan for a bad credit lender to give – LL know that many (most?) of their customers are in some financial difficulty so they should make proper checks on your actual expenses.
And if those checks suggest you should have a lot of spare money every month but they can see from your credit record that you keep borrowing more, then they should ask why, what are they missing.
ONS just says things like the “average single person” spends £125 a month on food. Nothing at all about what you spend on anything.
I think you should send this to the Ombudsman straight away.
Also read https://debtcamel.co.uk/gambling-refunds-loans-cards-overdrafts/.
Have LL sent you the SAR information you will have asked for if you used the template letter in the article above?
Neil says
At the time I was earning £67000 so would you suggest what they lent me was a large loan.
I have requested SAR information which they said will be sent to me via email.
They also quoted the below in there response
We gather information from the credit reference agencies to ensure we have an accurate view of your
financial history, and the pattern of historic lending is included in our credit underwriting assessment.
If they stating pattern of historic lending they would see I would have had payday loans all the time for the past 3 years. I think they only check Experian and not the other 2 CRAs which would have showed more loans that are not recorded with Experian.
Sara (Debt Camel) says
I think LL should start from the position that anyone applying f0or one of their expensive loans much be in some difficulty… so they should investigate carefully and it seems they didn’t. Send this to FOS now.
Neil says
Thankyou so much for your help Sara. Will keep you posted on the outcome.
Neil says
Hi Sara
As my complaint was not upheld i went back to Likely loans to say they should have carried out more through checks as there product is a high cost loan. I provided them with 3 months bank statements. They came back changing there decision and upheld my complaint. They are offering to refund all interest paid plus 8% and all negative markers removed.
Thanks again for your invaluable advice. Could not have done this without this site.
Sara (Debt Camel) says
Very good result for you.
Liam says
Good morning Sara,
I was just wondering if you could do some calculations for me from everyday loans as I have had my response from the FOS back in my favour:
Loan 1 taken 01/10/2018 – £3,010 £195 a month
Top up loan 2 – 22-08/2019 – £6300 total £2,909 settle loan 1 £3,390 balance – £333 a month then settled on 09/2020 with a payment of £5546.81
Just wondered if you could give a rough idea of how much I should be expecting as I don’t trust everday loans one bit !
Sara (Debt Camel) says
How much did you pay to EL in monthly payments on the first loan? And on the second loan?
I can’t work these out from the date, you need to count the payments you made.
Liam says
Of course apologies
Loan 1 – £195.39 X 11 months then settled with the top up loan which was £2,909
Loan 2 – £333.38 X 12 months then settled this with a payment of £5,546.81
Thanks I’m advance
Sara (Debt Camel) says
that looks like a refund of c £6290 in interest paid plus very very roughly c £650 in 8% interest
Have EL accepted this decision?
Mel says
I would sit tight for a long wait, they don’t seem to accept adjudicator decisions. Mines now in a long queue for the ombudsman as they have fought it on every front!
Good luck 🤞
Liam says
Typical horrible company to deal with, how long have you been waiting since it got sent to ombudsman after they rejected adjudicator decision ?
Mel says
About 3 months now so not that long but no sign of it being picked up as yet…
Liam says
Hi Sara,
Not yet ombudsman have agreed just waiting for EL response
fusion says
Liam did you get a response from EL ?
Colin says
Re Avant Credit, I found them incredibly easy to deal with…I complained directly to them, they accepted my redress complaint in under a week and paid me 6 grand within that month.
I was amazed….it was the first redress complaint I made after coming across this site..
PM says
Hoorah! Ombudsman decision has arrived after I escalated last week and they’ve upheld the decision against Bamboo. I’m due a refund but haven’t a clue how much it will be or when the payment will be made, I’m just happy there will be a significant marker removed from my file. Over 2 years to get to this point, but the final escalation seemed to get my complaint allocated, investigated and a final decision reached within a week. Huge relief!
Laura says
I’m so pleased you have finally got your decision, especially as it’s worked out in your favour! Everything crossed they pay you quickly!
PM says
Thanks Laura! I hope your case works out too. Worth a “complaint” mail to the customer services if you feel it’s warranted, it certainly helped my case. Good luck!
Laura says
Great tip thank you.
I’m going to give it a couple more weeks and then I will follow up again. My case first went to the FOS in December 2020 so it is dragging a bit now.
All the best PM! Make sure you do something worthwhile with your redress!
Tracy says
Good morning sara
i had a virgin credit card which defaulted in May 2014 and sold on to a debt collection agency. I paid a token payment for years and then offered them a full and final settlement in 2019 which they accepted. My question is im in the process of another irresponsible lending claim for the credit limits. I assume that all redress will come back to me if im successful? Thankyou in anticipation.
Tracy
Sara (Debt Camel) says
is this claim against Virgin? or another lender?
Tracy says
Its against MBNA who provided the credit card. Idem bought the debt and who recieved full and final settlement.
thanks
Sara (Debt Camel) says
ok then what will almost always happen is that the amount you paid Idem is taken into account in MBNA’s calculations.
To take a VERY simplified example.
You got a card with MBN and bought some things worth £400. You paid MBNA £300 before you stopped paying and the balance including interest and charges was £250 by the time they sold your debt to Idem. You then settled this with Idem for £150.
Overall you have paid 300+150 = £450. So you have paid £50 in interest overall and that would be refunded if you win the case.
fusion says
Hi Martin, out of curiosity? was the offer the amount you’re due or a reduced number? how long did they take to reply to adjudicator?
Matthew says
Hi Sara,
I have just been made aware through ombudsman that Drafty have partially upheld my complaint and will reduce my “loan” with them from £1,200 to £483 but I have a direct debit payment of £125 scheduled for tomorrow with Drafty.. do I still pay this money? Or shall I stop the payment as, surely my new monthly payment will now be a lot less?
Sara (Debt Camel) says
Are you happy with this offer from Drafty? Do you know how much you have paid them in interest?
It is probably too late to stop a payment that will be made tomorrow.
Matthew says
I am happy with the offer and the ombudsman has informed me that she thinks it is a fair offer,
I believe it’s very close to the interest I paid etc,
Drafty have also said they’ll remove any adverse marks from my credit file for the duration of the loan.
I was going to cancel the direct debit from going out of my bank account tomorrow, but will that damage my credit score if I do so? Will Drafty chase me for the £125 if I do this? I can afford the payment but as it’s quite a lot, I would like to not pay it.
Sara (Debt Camel) says
Drafty should agree to accept a lower monthly payment from you without it damaging your credit score.
You can talk to your bank – as I said it may be too late to stop tomorrow’s payments.
Matthew says
Ok thanks very much for the advice on this and everything you do on this page! You’ve helped and offered advice to me a few times and I really appreciate it :)
Jade says
Hi Sara, following on from a number of successful affordability complaints dating back from June 2019 – Sept 2020, I have had one not upheld by an investigator for November 2020 on these reasons:
As explained in my previous emails a credit check varies and can provide different levels of detail but ultimately a full credit check was completed by Likely Loans. And as mentioned before, some of your other commitments would not have been visible as you had taken them our very recent to your loan applications.
Likely Loans verified your income, considered the rent payments declared by you (which they are entitled to rely on in good faith) but also relied on national statistics to determine your living expenditure which is permitted.
I’ve mentioned it is extremely concerning that they apparently did a full credit check which of obviously would’ve shown my recent application and credit accounts and their national statistics that they follow don’t cover childcare or any of my existing financial commitments?
Do you think I should escalate it to an ombudsman?
Sara (Debt Camel) says
This was the £4000 LL – I think it should go to the Ombudsman. That is a very large loan for someone with a poor credit record. They cannot rely on national statitics being accurate in this sort of situation.
Jade says
Thanks Sara, I will ask them to escalate and downloaded the whole resolver file with all the responses when I have additional information, just find it bizarre that they haven’t upheld this one where they’ve upheld five that were before this date and this was the largest amount!
Lou7 says
Hi all,
Can I put a complaint in to likely loans for a loan of £2,000 which is now with StepChange?
Sara (Debt Camel) says
yes if it was unaffordable at the time you took it out.
Lou7 says
I only made about 8 payments before I put it on my DMP. I also had the overdraft, credit cards and catalogues at the same time
Lou7 says
If a loan was taken from a credit union could you complain to them about irresponsible lending or not?
Sara (Debt Camel) says
yes – the rules for CUs are slightly different but you can argue that it was not fair to give you an unaffordable loan.
TF says
So today I had an email from the adjudicator who was assigned my case, she had found in favour of everyday loans so I asked for it to be sent to the ombudsman, this was in April 21, the ombudsman has provisionally found in my favour and inteneds to make that his final decision but has given everday loans 4 weeks to submit any further evidence, has anyone had a similar situation to this? I hope they reply within the 4 weeks I just want this over with now
Sara (Debt Camel) says
This is what always happens when the Ombudsman reaches a different decision from the adjudicator – both parties can again make comments.
TF says
Do you know if it usually takes longer than the 4 weeks given by the ombudsman before the final decision is made? Also is it likely the ombudsman changes his mind and finds in favour of edl? I know it would depend on the further evidence they would supply but going on what he’s said he has based his decision on I don’t think they have much to dispute it
Sara (Debt Camel) says
I am sorry but all these cases where the Ombudsman has reversed an adjudicator decision are very individual.
TF says
Ok thank you for your help, I’ll just try to be positive and hope for the best outcome, will post an update once the final decision has been made
David says
Hi Sara can I ask please when a financial ombudsman states on a irresponsible lending case that all interest fees and charges are due to be refunded would that include early settlement charges ?
I’m having issues with a case I’ve just won against NatWest bank on a irresponsible and loan but for some reason the bank haven’t refunded a set amount which they are saying was a early settlement charge
Im confused on why that wouldn’t be included so was hoping for some advice please
Thank you
Sara (Debt Camel) says
is this early settlement charge a small amount added or was it the whole amount you paid to settle?
David says
Thanks for the quick reply Sara To try and explain a bit better I had a £20k loan taken out in June 2018 and made 19 payments in total i then made a £14,077.79 as a early settlement payment as requested by NatWest at the time. The monthly interest payment transaction list I was sent today shows the missing amount i questioned which was £435.51 but it’s listed as interest to close on the transaction list. I questioned the adjudicator today on why that’s not been refunded like the ombudsman has requested. He then asked NatWest but they replied simply saying it wasn’t a interest charge but instead a early settlement charge.
Thank you again and I hope that makes sense
Sara (Debt Camel) says
I think that should be refunded. All interest and other charges should be refunded.
David says
Thank you 👍
fusion says
So everyday loans still have not replied to the adjudicators decision despite him giving them an extended period. I am curious as to what happens next when he submits for final decision.
I do know it then becomes legally binding but if everyday loans are not even talking to the ombudsman,
what can be done to get them to refund me. I am assuming once it’s given final a decision I can go to them and say hello where’s my refund.
anyone had similar to me?
Sara (Debt Camel) says
If you get a final decision from an ombudsman, they will pay. (Unless they go bust – which I am not saying is likely.)
fusion says
thanks Sara, I wrote a big email to to adjudicator outlining reasons as to why this needs be given priority due to debt and financial situation worsening etc, he is in agreement and wants to ask them to consider further on that basis.
I’m not holding my breath! but he has said he’ll also ask for escalation with the ombudsman if that fails.
thanks for the help!
Lottie says
Morning Sara,
I have finally had my case upheld by an Ombudsman for three loans with Loans 2 go. I believe this is now legally binding and no further steps to go through. From their website I can’t see they have gone in to administration, as they are still proving personal loans but not logbook loans. They were given 4 weeks to make contact with me, following the ombudsman decision to uphold the complaint in all three cases.
I suppose my question is, do you know if anyone has had any complaints upheld by the actual ombudsman and if so did they actually pay out? Or will I likely have to go down the legal route to recover the redress. ?
It’s been only 7 days , so they still have time to get in contact as they should. But I just wondered if anyone has actually been paid out from them and if I likely to see any money. It should be a nice amount if my calculations are correct.
Many thanks
Lottie
Sara (Debt Camel) says
Unless they go into administration (and I have no reason to think this is likely at the moment), they will pay out.
Lottie says
Thank you Sara,
I am just praying they don’t. On my last hurdle now. It’s been such a long time to get to this position.
Thomas says
Hi Lottie,
When did you go into que for ombudsman please? Iv been waiting since June 21
Eve says
Hi.
Did any of you dealth with Progressive Money?
Adjudicator rule in my favour, and I am wondering is progressive tend to agree with it?
Thank for any reply
Dave L says
No they were really awkward and it’s now gone to the ombudsman who’s made a provisional decision completely at odds with the adjudicators decision, I have provided further evidence so am hoping he will reverse his decision
Eve says
Thank you for info.
Let’s see what they will do in my case.
Dave L says
I’ll let you know when I have an update
Dave
Eve says
Hi Dave
Hope you are OK.
The same had happened in my case. It was with Ombudsman very quickly, different decision to Adjudicator, I am about to provide some more info to her now and see if she can change her decision
Lou7 says
Hi all,
I have put in a complaint to likely loans about irresponsible lending. I sent it a week yesterday but I haven’t even received an email or letter to say they have got the email. Is this normal? Any information would be greatly appreciated.
Ross says
Did you send it via email? If so, keep a copy as this proves you complained, with the date, and you can take to the FOS after 8 weeks.
Lou7 says
Hi Ross,
Yeah I have the email I sent. Will send it after 8 weeks then. Thanks for the info. Much appreciated
Caroline says
Hi
I had a loan about 5 years ago with Bamboo and then another top up in 2019. The last loan I paid back 5k in interest for a 3.7k loan. The first loan I was working and had my 25 year old son as guarantor. The second time I was not working, I needed the loan so just used same details as before to get the loan as I was struggling to pay as I had no income. However the first loan my details were not checked properly as I had ticked mortgaged home in error but I did not have a mortgage and my outgoings were left blank for some reason and this was never questioned. The top up again not checked or theyd see I had no income. I have complaint but they say they verified my details and I had ok credit history. Clearly not or I’d not be at Bamboo with my son as a guarantor. Both times nothing was appropriately verified. They more or less said they took my word that I could afford the loans. I have struggled severely this last 3 years as I had little income and did not want to get my son blacklisted. He helped me pay the loan of £230 per month. 5k is a ridiculous amount of interest to pay back for a loan for less than 4K.. And to give without appropriate checks is ridiculous. Should I push towards Financial Ombudsman as the have offered £500 good will gesture. Thank you
Sara (Debt Camel) says
That sounds like a good case and very poor offer.
Bamboo will sometimes compromise – if you would be happy with a refund of less than £5k, this is the time to tell Bamboo you would be prepared to accept £35,00 [or whatever] to resolve the case quickly, otherwise you will be sending it to the Ombudsman.
But if you want to try to get all the interest back then there is no point in wasting any time, send it to the ombudsman now.
PM says
Just to try and offer you some context from a similar perspective, I have a case with Bamboo and they’ve dragged it out as long as possible. Declined my complaint, went to an adjudicator who provided a decision after 15 months, they declined again, so it went to an Ombudsman who ruled in my favour after a further 9 months. I’m now in a 4 week waiting period for my case to be paid out and they told me they intend to take the full 4 weeks.
£500 is an easy way out for them, they’re banking on you not riding it out. That said, if they had made me an offer, I would have tried to negotiate as Sara suggested.
Louise says
I want to make an unaffordable claim to blue motor which template is best to use
Sara (Debt Camel) says
Do you still have the car?
Louise says
Hi Sara no and paid the last payment last year
Sara (Debt Camel) says
That makes life simple. Use the template on this page.
Blue Motor have been losing a LOT of complaints at the Ombudsman. They often seem to have relied on what the broker told them and sometimes havent been able to produce the credit checks they say they carried out. You are the one that knows how difficult this loan was to repay. So if your complaint is rejected, send it straight to the Ombudsman.
Louise says
Thank you so much :)
Vickie says
Hi Sara
Just got my final decision from the ombudsman this morning for easy logbook loans and she has upheld my complaint. Thank you for all your advice.
Do I need to make contact with them or should they make contact with me? They have not been helpful in the slightest so far so I just hope they do actually pay out.
Thanks again
Tom says
Hi Sara,
I’ve been waiting some time to add this comment and I am so happy I could cry!
My last complaint against HSBC for a £25k loan has just been upheld by an ombudsman. It was with the adjudicator for SIX months whilst HSBC threw the kitchen sink at defending it. We finally gave up and sent it to the ombudsman last month – remarkably they issued their decision in less than three weeks!
After everything spiralled out of control in 2015, I am now entirely debt free, have a squeaky clean credit record and have had every complaint upheld, receiving refunds where the lender is still in business. It has been a sometimes torturous fight that has taken me two years but what a good feeling it is today – perseverance is the key.
I am so tremendously grateful to you for the advice that you provide on this website, and also the advice you have provided in response to my (numerous!) queries. I couldn’t have done it without you – and nor would I have done.
A million thank yous!
Sara (Debt Camel) says
Very good to hear this!
fusion says
So everyday have finally agreed with the adjudicator – they are going to make an offer which I am a bit sceptical about, I haven’t seen the numbers yet. but I am hoping to get some help here working it out. I’d like to also know what i should expect back in terms of simple interest.
(Loan 1)
09/03/2016 borrowed £5,000.00 total payable £8,996.04 for 36 months Consolidation (paid) £249 month
(Loan 2)
06/02/2017 borrowed £11,000.00 total payable £21,990.00 for 60 months Consolidation was paying £366 a month
(Loan 3)
26/09/2019- 03/03/2022 borrowed £10,000.00 total payable £23,096.16 for 48 months Consolidation (consolidated loan 2 into this loan. ) paying £481 a month until July 21
remaining balance on my account shows £12,777.37
based off of the adjudicators recommendation
all loans add up to £15000 in total.
I believe I’ve paid around 28k minus total amount borrowed 15k – this should also clear off my current balance
am I wrong in thinking my refund should be around 13k + 8% simple interest? what should the interest be?
your assistance would be appreciated.
Sara (Debt Camel) says
You need to say for each of the three loans how many monthly payments you have made. And for loans 2 & 3 how much of the loan was used to repay the previous loan and how much you got in cash.
fusion says
Hi Sara, thank you for your help and input : )
loan 1 5000 total – paid early with another loan 4798.39 loan ran for 7 months @ 249.91
loan 2 The total amount required was a combination of around £10,302 received £688.24 advance. – 31 Months @ £366.50
Loan 3 The total amount required was £10,000 (£7,412.01 consolidate Loan 2 + cash £2,587.99 29 months @ £481
advance)
remaining balance is £12,777.37
Sara (Debt Camel) says
so loan 2 didnt clear loan 1?
for loan 2, what does this mean “The total amount required was a combination of around £10,302 received £688.24 advance”?
fusion says
correct loan was 1 – was cleared by a loan from zopa around 7 months after I got it, because it was a cheaper interest rate .
loan 2 – believe the full loan was 10k it was a consolidation loan i had to pay off other debts and I think £688.24 is what was left after I had paid all debts off.
sorry it’s very confusing, but it does highlight how much of a mess I am and was in.
Sara (Debt Camel) says
So if I have understood that correctly (please check these numbers) you have paid the following interest:
– loan 1 4788 (settlement) + 1750 (monthly payments – 5000 (principal) = £1558
– loan 2 7412 (settlement) + 11346 (monthly payments – 11000 (principal) = £7758
– loan 3 13949 (monthly payments – 10000 (principal) = £3949
so that is a total of c £13,255 plus 8% interest and of course the balance of the last loan to be cleared.
the 8% is hard to guess. About £650 possibly
fusion says
Thanks Sara, I think that matches up with what I have. which is nice – means I can put that lumpsum into clearing the rest of my dmp off
it will free up about £1600 a month of payment each month for me.
I have a few more complaints on going so ill see how they go along – I’ll update here
Sara (Debt Camel) says
how long has your DMP been running? Have many debts been sold to debt collectors? Because you may be able to make settlement offers to clear debts, so £2000 may (for example) be able to clear a debt of £4000…
fusion says
Hi Sara, that is my plan I owe around £14000 after I remove everyday loans from my plan.
of 20 debtors left , 9 are with debt collectors.
LOWELL FINANCIAL LTD £3,000.98 – plan to offer £1000 live lend loan
LOWELL FINANCIAL LTD £1,284.36 – offer £500 very account
DEBT MANAGERS LTD £856.27 – offer £400 JD williams
CABOT FINANCIAL £722.72 – Offer £400 -Aqua credit
CREDIT RESOURCE SOLUTIONS £629.92 – £300 drafty
C.A.R.S LTD £524.79 – offer £250 -118 118 loan
CABOT FINANCIAL £418.74 – offer £200 – Aqua Credit card
BW LEGAL £333.47 – offer £150 118 118 credit card
PRA GROUP (UK) LTD £243.46 – offer £100 Barclays credit card
original amount before offers £8,164.69
plan to make offer £3300-3500 to clear the above debts (optimistic) but can only ask.
if accepted continue my dmp plan paying off the remaining debtors at the current amount I am paying now which is £1600 a month. which I believe should be £5,835.31 I can likely have the rest cleared off in 3 months.
I currently also owe tax bill £4500 +rent arrears £451 + gas electric arrears £681. so these needs to be cleared away before the debt as priority bills.
additional remaining 5k – used to other items for house. car repairs, start a savings pot. Computer needed for my Job.
–
Sara (Debt Camel) says
sounds like a sensible plan.
PM says
Finally reached closure with Bamboo. They’ve paid my redress despite saying it would take 4 weeks after the Ombudsman decision (it actually took 15 days). Around 26 months total from the day I first emailed my complaint. Good luck to all those still fighting their cases, and thank you Sara for this incredible site.
Heidi says
Hi sara I’m considering making a complaint against bambooloans . I am a homeowner with no mortgage i work part time and earn around 150 a week . I have car finance which is 120 a month overdraft and credit cards etc. I borrowed 4k with a good credit history but my bank statements are pretty much all gambling transactions which is what I sent them , I didnt think I’d get the loan to be honest because of that but I did . The total to pay was over 8k which is crazy so anyway I’ve taken another loan now to consolidate everything as I’m on such a low wage . I’ve paid off bamboo. I took it out in 2020 paid them a 170 a month for over a year and then paid them 3900 to clear it with another loan. Do u think its worth me putting in a complaint as I had such a low income plus all the gambling transactions on my statements and the excessive Interest ? To be honest it was a massive struggle to pay 170 to bamboo then 120 to car finance plus 100 to vanquis electric oil food petrol daily living on 600-700 a month.
Sara (Debt Camel) says
So before they gave you the loan they saw bank statements that showed a lot of gambling?
Heidi says
Yes on every page
Sara (Debt Camel) says
In that case you should definitely make a complaint to Bamboo.
But I am concerned about your current position – if you have been struggling so far, April may be much worse. I think you should aslo talk to StepChange about a debt management plan (see https://www.stepchange.org/how-we-help/debt-management-plan.aspx, where your monthly payments can be reduced if your bills go up. You can do this as well as make the complaint to Bamboo – it may take a very long time for the bamboo complaint to be resolved is it has to go to the ombudsman and a DMP will get you into a safe financial position.
Heidi says
Ok I will make the complaint will it definatley have to go to ombudsmun?
Sara (Debt Camel) says
well not definitely… but you are less likely to get a good offer directly is my guess as the loan has been repaid.
Helen says
Hi Sara,
I took out a loan with Every Day Loans in August 2017 for £1,500 over 2 years. I quickly fell into arrears. Because of my financial situation at the time and ended up signing up to a DMP, which they then managed to get my payments down from £161.90 to £28.24.
I am still paying this loan back 5 year later on, I requested a settlement figure (£1,301.77) and I would be paying back £3885.60 which was originally agreed.
Am I right in thinking because of how high the interest rate is 114.9% (199.6% APR) I shouldn’t be paying anymore than double the original borrowed amount back? Not really sure what to do about this as Everyday loans will not accept anything less!
I did go to the Financial Ombudsman about the affordability but they ruled in favour of Every day loans.
Also this is my only debt.
Sara (Debt Camel) says
Am I right in thinking because of how high the interest rate is 114.9% (199.6% APR) I shouldn’t be paying anymore than double the original borrowed amount back?
No, that is the payday loan price cap which only applies to loans of 1 year or less. Not to Everday Loans.
Are the £28 payments to the DMP affordable? Taking into account all the bills and price rises, especially those coming in April?
Helen says
Ah! Now I understand why I couldn’t find much on it. I tried to make them a settlement offer as the debt hasn’t defaulted but at the currently rate would take over 4 more years to pay off.
To be honest, I’m not completely sure. When I tried to counter offer, I did explain about rising costs and pressure of heating / fueling my car or eating and having a roof over my head.
But Every Day Loans being who they are dismissed this and then tried to turn it on me as if I had more disposal income!
Are there anymore avenues I could possibly explore?
This debt is actually causing my anxiety and stress levels to the point of panic attacks unfortunately, just because of how rude and relentless they are!
Sara (Debt Camel) says
So you said you had a DMP – which firm did you use? or did you just make a payment arrangement with EL?
Are you expecting your energy bills to rise next month?
One option would be to just pay this months money and then in a months time talk to NAtional Debtline and ask them to help you draw up an income & expenditure sheet you can show to EL to get the payments reduced.
They arent offering you any discount, so I suggest you keep the money and use it to pay your bills!
Gareth says
Hi Sara, I have a question about payable Interest on a loan I took out with likely loans.
Loan amount 6500
Interest 6192
Over 60 months 211.55 per month
I’ve made extra payments so far totalling 4300 and In total I’ve paid 6571 in the 1st year(which is up tomorrow)
So correct me if I’m wrong here all the company is due now is interest only? And the interest due should be 1167.40 is that correct?.
I’m asking here because the company quoted me almost 1500 to settle my loan I’m sure that that figure is wrong but I’m working it out as 6192÷5 because only 1 years interest is due. Could you clarify please because its very confusing talking to them on the phone.
Thanks in advance
Gareth
Sara (Debt Camel) says
what was the interest rate on this loan?
Gareth says
Hi Sara it was 34.9%.
Sara (Debt Camel) says
So you can’t take the total interest and divide that by 5 to say what intereat is charged in the first year. Because in a loan the interest is front loaded, so at the start you are mostly repaying interest and ver little capiatl and at the end, you are paying mostly capital with very little interest.
What the correct figure is will depend on when you made the overpayments and how LL treated each of these. They have obviously been reducing the principal left because your monthly payments have dropped as you have only paid 2271, instead of 2538.
The settlement figure you have been given will include an extra 28 days interst (as it is valid for another 28 days, so they are entitled to assume you will pay on the last day) okus and early repayment charge which is often another month’s interest. This will be in the loans T&Cs you should have been sent.
Gareth says
Nope payments are still 211.55 the extra payments have been put aside by them ‘incase’ I have payment problems in the future 😆 I requested that they be taken off the principal balance but my account still states that I have still 6125 left to pay lol so I’m still being charged full interest when it’s should be 70/80% lower now.
When I made the payments I did so online 24th feb and then rang in the afternoon to ask what was left to pay.
I was told I shouldn’t have made extra payments online I should have called, then I was told after I had asked for a settlement quote that I would need to my direct debit to go out 28th Feb or I would have to pay 1870 to settle lol.
By that point they had been paid around 6360.
Sara (Debt Camel) says
the extra payments have been put aside by them ‘incase’ I have payment problems in the future
when were these extra payments made?
Gareth says
There were 3 (159, 80 and 5.70) paid in 2021 and then the 4000 on the 24th of Feb 22 I’ve asked them twice to apply them once via email and then over the phone on the 24th. Just feels off that they can and would do that given that the amount I’ve oringally borrowed I’m no longer liable for as I’ve repaid almost 4300 back to them so from the 24th I should only be charged interest on 2200 not the original 6500.
Sara (Debt Camel) says
It was a bad idea to make overpayments without knowing how they would be treated.
As I said, most of what you have paid in the first year would be interest – you can’t divide the interest being charged in 5 years by 5.
I can’t say their numbers are wrong, there isn’t enough information. I suggest you ask for statement of account for the loan and an explanation of how the settlement amount has been calculated.
Gareth parry says
Hi Sara, after alot of calls i was told this… the person who made the early settlement offer on the 23rd of feb was wrong and had calculated it incorrectly, I have since made a contractual payment of 211.55 (28th of feb) and paid them 1428.73 as requested from what I was told during that call.
I’ve been told through numerous calls that the offer given on that date would be honoured, I’ve been promised manager call backs ( which I never had) and to be told today that I still had to pay a further 460 quid to settle my loan. I thought that early settlement offers are legally binding and I have repaid both amounts the 211.55 and the 1428.73 but they are now telling me I have to pay a further 460 to settle my loan, and they still haven’t applied my extra payments of 5743 to my account even though I’ve asked 3 times. Likely loans a shocking company.
Sara (Debt Camel) says
I suggest you send them a complaint, say you have not been treated fairly and you want them to honour the offer they made to you.
Gareth parry says
I tried explaining this over the phone today to them and I was told that I wasn’t listening and I was talking over the operator, I asked to speak to a manager and I was told that it was not possible and 1 would give me a call back in 24 hrs. Because of my frustration during the call the operator informed me that he would end the call if I did not listen and let him talk, even though I wasn’t allowed to express and explain what I was previously told and before the call ended I asked for a 4th time for them to apply my extra payments totalling 5743 to my account and he told me he couldn’t and wouldn’t do that. After 8 mins he ended the call charming right? This company are holding 5743 in extra payments in credit and are refusing to apply them to my account. This is so wrong and they are no adhering to the guidelines set out by the FCA, I’m completely worn out just trying to communicate with them all they have done is stall me all I want to do is close my loan and they won’t do it.
Sara (Debt Camel) says
Send them a complaint in writing about this. Email is fine. these phone calls don’t seem to be working.
Gareth parry says
My main concern is that in a few days the payment for march is due. I’ve cancelled my DD already and informed them that I have done so but because they won’t apply my extra payments to my account they will just deduct it from that and then I will have to pay even more again.
Sara (Debt Camel) says
put your complaint in writing. It doesn’t sound as though are taking it seriously.
Mel says
Hi, the ombudsman has upheld my complaint with everyday loans. Does anyone know if they actually respond to the ombudsman within the required timescales? (4 weeks) and pay up – they were awful with the adjudicator.
fusion says
Hi Mel, I’m with you. they accepted the findings Last Friday 4th Feb – I emailed today to ask what’s going on outlining the ombudsman’s recommendation.
they replied they have 4 weeks from point of acceptation – So they have till around the 30th march of this month to sort it out. .
I’m waiting on tender hooks – as they keep on wording it as “offer” of settlement. I’ll see what the come back with in my opinion and I am biased I wont accept far off what the ombudsman has recommended as a resolution. why should, I did call everyday on Monday was told that I’ve paid my balance off by a large amount.
I cancelled my DMP payment to them as I know I’ll chasing that money too if it gets taken at the end of the month.
Mel says
Hiya, yeh I paid the loan last year but they have been difficult all the way through. I will be pleased when all of this is over with. I thought they had to settle to the terms set out by ombudsman – it’s a bit too late to start to negotiate!! ? I think I am owed around £8.3k so I am sure they won’t be quick about paying out
fusion says
Hey Mel, Well that’s what I thought but a guy back in Feb said the following
Hi Fusion,
Took over a year to reply to the Ombudsman – they kept saying the delays were due to Covid-19. Then this week I received an email from the Ombudsman to say EL had made an offer, which I accepted as it has been going on for way too long
which really makes me think they are just going to try and low ball me.. specially as I keep seeing this Offer word appear from them.
but as far as I am concerned I’ll see this the whole way through. if they’ve accepted the adjudicators decision then that’s an admission of yes we should not given the loan.
I am expecting 13.6k back and my current loan to wiped off as I’ve already paid the amounts I have borrowed.
I’m thinking because mine as has not gone to the ombudsman but just the adjudicator stage. This is a way to reduce their pay-outs. I’m not sure if that is legally binding at that stage.
Ombudsman site says the following.
You may be asked to confirm that you are accepting any compensation recommended by the case handler in full and final settlement of your complaint. Accepting any compensation may mean you won’t be able to the pursue the business in court for the same complaint. You may want to consider taking independent legal advice if you are unsure about accepting.
Sara (Debt Camel) says
At this point it isn’t legal binding so you can’t take the decision to court and enforce it by sending in the bailiffs.
But I don’t remember EL messing people around with a low offer I understand it’s a huge amount of money for you but I would expect this is properly sorted.
(The exception would be if they are about to go into administration and although that can never be totally ruled out there is no reason to think it’s likely at the moment.)
Dean says
hi sara, how long do 118 take to refund after being upheld. thanks
Katie says
Hi,
My loans were upheld on 22 Feb and the Ombudsman gave 118 until 4 March to respond and they came back to me on 6 March resolved :)
James aylwin says
Hi, can someone help me. I am trying to work out how companies calculate the 8% interest when refunding a loan. I had a loan 1500 pounds
It was issued on 8th Feb 2017 until the complaint was resolved and refunded on the 23rd December 2021 is 4 years and 10 months and 15 days. I have be questioning them on the interest refund and they will not provide me with the calculation. Can anyone help.
Sara (Debt Camel) says
Who is the lender?
Was the car finance still running, did you owe a balance? What was the refund decision?
Rob says
I won my case at the Ombudsman for a £30k finance agreement that was unaffordable and here is the link to the Ombudsman judgement, https://www.financial-ombudsman.org.uk/decision/DRN-3261172.pdf My case was against Moneybarn who happily loaned me a large finance agreement over 5 years, even though I was in debt. They only appeared to have used my Bank Account Information to verify my income and didn’t bother to look at the outgoings and recent defaults. Interestingly in almost all the Moneybarn cases I can see on the Ombudsman – Moneybarn never provide copies to them of the credit checks they say they complete. Anyways I am over the moon and it is def worth fighting if you think it was unaffordable
Sara (Debt Camel) says
oh well done!
For other people reading this – Rob’s adjudicator rejected his complaint so he asked for it to go to an Ombudsman and then won the case.
fusion says
Amazing, I read the case note from the ombudsman – I do find some adjudicators to be obtuse and almost a blocker but that’s the nature of complaints someone always disagrees! They do have a tough job filtering though and I can’t knock them.
but I do question some of the decisions I have had. I had over 50k of debt and multiple payday loans in the 10’s of thousands and credit accounts around 30 debtors some of the adjudicator decisions around store accounts and even credit cards have favoured them
my issue is I work in a better paygrade – but I’ve had historical debt and money issues, so I’ve never been able to escape it.. so it always you earn this much money. I earned say 3.5k a month but was paying 2.5k in debt, before rent and priority bills.
it just spiralled and spiralled
decided to put my self into a DMP – Even then I was kind of stuck due to guarantor loans. I was trying to protect my family from being hit by my money issues. I was a guarantor on a loan for the person who was my guarantor also Amigo and buddy loans! definitely put me in a tough spot.
after complaints against lenders I’ve gone from 50k down to 13 k in 2 years with complaints and repayments via DMP. best thing I could of done.
Dave L says
Now that’s interesting in my case I found the ombudsman to be obtuse and they seemed most put out that I was rejecting their decision
Fern says
Hi, has anyone had luck from MY jar.
Dave L says
My experience just got better . So they admitted they shouldn’t have sold off one of my loans to Perch / ACI and were recalling it so it could be offset. ACI were made aware of this and in the meantime have gone go StepChange and told them I owe them to set up a repayment plan through my DMP . I have reset their amount to £0 , made a formal complaint and am thinking of making a criminal complaint of fraud against them through action fraud.
Sara (Debt Camel) says
I don’t think a fraud complaint will get you anywhere. But take your complaint to the Ombudsman if it isn’t sorted in 8 weeks and ask for compensation.
FOS won’t look at complaints about Myjar in administration, but Perch/ACI can be complained about.
Sara (Debt Camel) says
have you made a complaint to the administrators?
Dave L says
Yes I’ve copied in the IP who’s been sorting it out for me. I appreciate what you’re saying regarding fraud but technically they are committing an offence under the fraud act 2006 of fraud by false representation. I’m hoping they will resolve this complaint sooner rather than later. If anything I’m
more flabbergasted by their cheek.
Sara (Debt Camel) says
The police will do nothing and you can’t bring a private criminal prosecution (well in theory you can, but you would need to know what you are doing and plan for 5 or 6 figures worth of legal costs…)
Better to quote the FCA’s CONC rule book at them:
CONC 7.5.3 A firm must not ignore or disregard a customer’s claim that a debt has been settled or is disputed and must not continue to make demands for payment without providing clear justification and/or evidence as to why the customer’s claim is not valid.
and go to FOS if they persist.
Dave L says
IP from Harrisons is contacting ACI / Perch. I confirmed with StepChange that they set up the repayment after they had received an email that it was recalled by Harrison’s and that it would be off set. I am absolutely disgusted with ACI, put in a complaint this morning and waiting for them to phone me back
Sim says
Just a question I wanted to make a complaint to 118118 for unaffordable loan in my transunion report it says that it is settled but they send me a letter that they sold my remaining balance. So is my account settled or still have to pay to the one they said they sold my account?
Sara (Debt Camel) says
It isn’t settled, if they have sold it, you now the balance to the debt collector that bought it, who they would have named in that letter. the debt collector either doesn’t report to TransUnion or hasnt yet started to report the balance but will.
This doesn’t change your complaint to 118. If you win the complaint, they should arrange for the default to be removed and for the debt collector to do the same.
fusion says
Just popped here to say everyday loans have offered my full refund this morning via email.
accepted my complaint the 4/03/2022 – settlement letter received 14/03/2022.
little less than I thought however the number is around the right mark.
I’ve cleared a debt of over 25k.
Mel says
Hi, thats really good news. I hope my settlement letter won’t be long now then, there is no need for them to respond to ombudsman decision so I am told. I am always on tender hooks incase they go bust but hopefully will be okay.
Have they advised of payment date on settlement letter ?
fusion says
Hi Mel, they advised up to 2 weeks of signing they sent a pdf file, which i signed electronically using adobe pdf reader and emailed it back the same day.
It’s taken roughly 10 months to get to this point.
they acknowledged it pretty fast so I am hoping it’ll come through soon. it’s so nice seeing the balance of 27k debt chopped in half! my dmp can run for a few more months and I’ll be at 0 debt by Christmas if not sooner! the first time in my adult life.. that’s a scary thought!
I have a few more loans I am complaining about such as zopa, my community bank, Live Lend, credit cards, such as aqua vanquis marbles. all replied saying they don’t believe it was not suitable so I’ll come back here and update etc.
good luck.
@sara, not sure you’re aware I don’t seem to get email updates to the site even though I select the option.
Sara (Debt Camel) says
Have you checked your spam file?
Did you get the email which asked you to confirm you wanted to get updates?
Mel says
That’s good – I hope you get your money back soon 😃
I don’t expect to hear anything from them soon, they have fought mine from the very beginning up to the ombudsman and so I don’t expect anything less from them to wait it out until Day 28. They have been awful to deal with and I am looking forward to never having anything to do with again !
Rahim says
Hello Sara.
I’m new to this I didn’t understand about loans and had taken a loan from Barclays borrowing £6000 and to pay back £ 9878 odd with a 21.9 Apr rate. I had no clue of what Apr meant and took the funds to purchase a car. I was already in debt on my credit card at the time of £6177 which then after the loan became near the credit limit of £7500. I have so far paid half the loan and have half left do I have a valid claim as I was not explained the charges or rates or any other product and was given the loan within a hour of applying.
Sara (Debt Camel) says
Was the credit card with Barclaycard? Did you also bank with Barclays and did you have an overdraft?
Have the repayments to the loan been affordable, or have they caused you to get deeper into debt? Do you now have any other debts?
Will you be able to keep paying with energy bills, national insurance, council tax, mobiles, broadband going up next month and petrol and food also going up?
Rahim says
Hello the credit card was with barclayclard and I had to use the barclays card to put money into my current account to pay for the loan at times which increased the barclayscard debt to £7500 it was a struggle. I have now cleared my barclaycard and still paying this loan. At the start it did get me deeper into debt with barclays card but I got married and Mrs helped me out to pay it off as I wouldn’t have been able to myself. The loan payments are paid but does leave me with minimal amount left in my current account. I won’t be able to with everything going up.
Sara (Debt Camel) says
Then I suggest you send Barclays a complaint saying the loan and Barclaycard together were unaffordable, Barclays should have realised this and not have given you the loan and ask for a refund of the interest on it.
Vickie says
Has anybody not been paid after a financial decision? I’m 2 weeks after my final decision with my complaint against easy logbook loans aka Christian Gachet. They have blocked emails from me and have been as awkward as possible from the start of the complaint’s process. Just wondering what happens if they decide to just not pay. I know they have 4 weeks but not feeling very hopeful.
Thanks
Col says
Hi,
How long are people waiting for an Ombudsman decision?
I am coming up on 6 months next week, but all others that have went to Ombudsman have been no more than 3 months.
Just curious to see if anyone else having similar waiting times.
Thanks
Col
Sara (Debt Camel) says
who is the lender?
Col says
Hi Sara,
The Lender is Zopa. Adjudicator ruled in my favour back in September which zopa disagreed with so it went to Ombudsman.
Had an email since from a new Adjudicator saying the one that was dealing with me had now left and assured me the case was still in the que for the Ombudsman.
Whole process will be just coming up on 2 years shortly. Very frustrating.
Col
Sara (Debt Camel) says
sorry i haven’t seen many Zopa ombudsman decisions. Good Luck.
Lee says
Been waiting since 6th December when referred to the Ombudsman my New Day Aqua Marbles complaint. Still waiting over 3 months on. My nationwide overdraft case in Feb only just sent to ombudsman started this complaint back in May last year and originally submitted to Ombudsman in late August last year. So could be waiting another 5 months with that one.
I am hoping the new day /aqua picked up soon as my biggest one by far. And have lots of strong evidence submitted.
TF says
Mine was in the queue for the ombudsman since April last year and only just go picked up a few weeks ago, adjudicator found in favour of everyday loans, I sent it to the ombudsman who told me he intended to find in my favour and was giving everyday loans 4 weeks to provide any further evidence, I received an email from them yesterday with my redress offer, so 2 years later it is finally over just waiting on amigo now
Zoe says
My last complaint is for Vanquis it’s been waiting for an ombudsman since June last year
Thomas says
Mine has been in the line for ombudsman since June last year. The lender was 1+1 and I know i have been reading peoples been picked up far more quickly. What ever system they use is not one of understanding. I do understand some people are on a priority list. But i dont understand how the people that are not have been seen ahead of mine. And there have been Many!!! We keep in touch with this site we get to know the names….. So we watch with interest Col and thats all we can do.
fusion says
1+1 are someone I’m going to start complaining against. I’ll see how it goes my wife earned 500 quid a month and had defaults and they still accepted her as my garantaur for 3.5k 187 a month. Not a very good company to deal with either when I told them I was going into a dmp. They carried on trying to take the funds in full despite me telling them no. They tried using Cpa in which I informed them I withdraw my consent. They didn’t like that and sent me some rather snotty phone calls and letters. I went to my bank and said I did not authorised the DD and had cancelled it.. they lost their minds on a phone call where I challenged them and their tactics.
I’ll put my complaint inand see how long it’ll take had a big one just won started in August last year and resolved march this year.
Jax says
Bamboo are a joke. I made a complaint to them last year which they quickly upheld and removed the interest from the loan as it was clearly unaffordable. I made my final payment for the capital borrowed on 29 January 2022. They have confirmed that there is no balance outstanding but the online account shows the loan as open still. I have emailed them and they have said it takes a while longer for the account to show as closed on the online account and this should be sorted within the month. Absolutely ridiculous! I’ve kept my side of the agreement. I’ll give them 2 more weeks and then a further formal complaint will be heading their way.
Ryan says
I have a loan of 8 k with Bamboo taken in 2021 at £296 a month . I quickly realised this loan was unaffordable my income is £1200 a month and I have existing car finance three credit cards . bamboo didn’t ask for any wage slips or Bank statements at the time . I tried to do an irresponsible lending complaint to them and they offered me £800 off of the total loan amount .I am struggling to pay this and having to make payments out of the loan money itself . Can I still go to Ombudsman ? I don’t really know what I am doing so would appreciate help
Sara (Debt Camel) says
You accepted their £800 offer?
Do you still have some of this loan money in the bank?
I think you probably need to talk to StepChange about a debt management plan for all of your debts except car finance. One affordable payment a month and interest frozen on your debts.
Ruan says
I accepted it but I feel this was a mistake and yes I have some loan money in the bank
John says
How long did bamboo take to reply to youre complaint and did they phone you
Sara (Debt Camel) says
Then I am afraid you can’t change your mind.
And things will get harder next moneth with energy bills, council tax, broadband, mobiles, national insurance etc all going up.
I suggest it may be best to use the remaining money to pay off as much as possible of the car finance which is a priority debt and talk to StepChange on 0800 138 1111 about a debt management plan. for your non priority debts including this Bamboo loan.
Ryan says
I have saw on other forums that people have been able to contact the Ombudsman even after taking offers so unsure about the can’t change your mind comment ?
Sara (Debt Camel) says
which other forums?
It depends on the case. If you have a final decision that did not tell you you had the right to go to the ombudsman, or told you but did not mention there was a 6 month limit, then you can go. But this is not VERY unusual.
If there was a good reason why you could not go to FOS – you were in hospital or prison or had some other major problem – FOS may agree to take a late claim. But just deciding you made the wrong decision before – no.
Ryan says
https://forums.moneysavingexpert.com/discussion/6293807/bamboo-loan-refund
This is the forum I saw . I took the loan out in November 2021 .
Sara (Debt Camel) says
well that poster was pretty vague. It wasnt clear how long ago it was that he accepted the offer, if it very soon after, then you have a chance to say you were wrong.
Also he was just being told to try to go to FOS, not that FOS would definitely take the complaint.
Ryan says
Hi Sara I have been continuing to make the payments
Sara (Debt Camel) says
yes, sorry i wasn’t clear.
If you “change your mind” very quickly – the same day, or next day, it can be OK.
But you haven’t.
Lenders have to be able to say that complaint has been sorted. They can’t have people making tthe same complaint again or changing their mind.
I am sorry you didn’t stop and think if £800 was enough and at that point ask for some advice. But I think if you go to FOS now it will be rejected. You can try – but there is no point in me encouraging you to think this is likely to work.
Martin says
Hi All,
I had a loan with Avant in 2015. I put in a complaint last year and an adjudicator had upheld my complaint to refund all interest and 8% simple interest. No reply from avant and deadline passed. Now it is with the ombudsman and they have agreed with the adjudicator. I’ve not heard a peep from avant other than the orginal complaint reply. Just wondering if after an ombudsman decision do avant pay? Just thinking about what I need to do next if I don’t hear anything. Thanks
Martin
Sara (Debt Camel) says
they have 28 days to pay – how long has it been?
Martin says
Hi Sara, thanks for the reply. I just got it today, but I read a few comments on here I was just checking. I will wait the four weeks and fingers crossed it comes through.
Thanks for all your help.
Martin
Sim says
Hello Sarah
Can I ask some advice. I made an unaffordability complaints to bamboo and this is what they say
The offer, which is made in in full and final settlement of this complaint in relation to Bamboo loans
referenced GC6F5S and GC7QBS, is to reduce your balance by £1,305.60. This is equivalent to all of the interest
on the (current) loan.
and my loan details are.
Loan Reference: GC6F5S GC7QBS
Agreement Date: 14/05/2019 25/10/2019
Loan Advance: £2,000.00 £629.09
Settlement Amount (to be used to
clear any existing Bamboo loan): N/A £1,781.38
Interest Amount: £1,483.68 £1,305.60
Total Amount Payable: £3,483.68 £3,716.07
Repayment Term: 24 months 18 months
Monthly Repayment: £145.15 £206.45
Total Repaid by Customer: £725.75 £2,529.76
Status of Loan: Closed Open with TBI
Should I accept the offer.
Thanks in advance
Sara (Debt Camel) says
what is the current balance?
Sim says
Equivalent to their offer
Sara (Debt Camel) says
So their offer of all the interest on the second loan just happens to be the balance remaining? That seems a huge coincidence.
Those numbers are set out in a really confusing way. Can you ask Them what interest was paid on the first loan? Also how large the second top up loan was, not the cash you received, not the loan with interest added, but the amount borrowed.
Also can you add up how much you have paid to this last loan?
Sim says
Hello Sarah
What are the chances if I go to the FOS. I just don’t want to make a complaint to FOS then it won’t be uphold then I will loose my chance for Bamboo’s offer.
Thanks
Sara (Debt Camel) says
Bamboo will sometimes negotiate.
It’s worth asking for these numbers as otherwise you don’t have the information to make a decision, you are Just guessing.
Of course if all you wanted was the balance cleared then they have offered that so you can accept the refund on the second loan.
If it’s correct that they are refunding the interest on the second loan – and by a coincidence that just happens to be the the balance remaining – then if this goes to the Ombudsman, FOS normally takes the lenders offer as the starting point and looks if you should get more. As they have agreed to refund the second loan.
Sim says
Hello Sara
This is Bamboo’s reply
The table within our Final Response provides a breakdown of the amount borrowed and show how much interest you have paid as well. However, for ease of reference, please see below:
Interest paid on loan 1 GC6F5S: £507.13
Amount borrowed on loan 2 GC7QBS: £2,410.47
Amount paid for loan 2 GC7QBS: £2,529.76
I hope this answers your questions, however if you require further clarifications please do not hesitate to email us.
If you are happy to accept our offer to reduce your balance by £1,305.60 in in full and final settlement of this complaint in relation to Bamboo loans referenced GC6F5S and GC7QBS, then please confirm your acceptance by replying to this email and we will then ask TBI Financial Services Ltd to update your account accordingly.
Natalie says
Hi Sara,
I had a loan for car finance from MoneyWay, which started in 2014. I managed to voluntary terminate the agreement in 2018 because I couldn’t afford it anymore (was pregnant) and the payments were £300pm. I read around what I could/couldn’t do and was so happy to read about the VT option if you’d paid 50% of the balance.
My question – the interest was very high and realistically the loan was definitely unaffordable when I took it out – does the VT mean I can’t put in a complaint?
Many thanks
Sara (Debt Camel) says
No you can still complain.
Assuming the Ombudsman agrees that the finance was unaffordable, the typical compensation in a situation where the lender took back the car, either through a VT or repossession, is that they have to refund you all the payments you made LESS an amount which the Ombudsman say is a reasonable per month amount for use of the car.
This is almost always less, often a lot less, than what you were paying per month.
Vickie says
Hi Sara I had a complaint lodged with loans at home. They were email back and forwards asking questions and looking into my complaint but I never received an actual response from it. I have since received an email to say that administrators have been appointed. Does this now mean my complaint will not be looked at and I will still be liable to pay the loan and the interest entirely? Thanks
Sara (Debt Camel) says
your complaint should now be handled by the administrators.
Do you have a current loan? can you afford the repayments?
Vickie says
I do have a current loan and unable to afford the payments.
Sara (Debt Camel) says
ok, how many other loans did you have from them before this?
what is the rest of your current financial situation like – do you have a lot of other debts? are you behind with rent, council tax, energy or other priority bills? presumably everything is going up in price in April?
Vickie says
Hi I only had 2 loans with them but was furloughed at the time as shielding. They also knew that I was going back to uni to finish my course so knew my income would not improve. I am behind in council tax and utilities. Rent is up to date. I have other debts which I am in the process of complaining about unaffordable lending also.
Electric is doubling in April and council tax going up 4% I think
Sara (Debt Camel) says
Then I suggest you tell the administrators that you cannot afford the repayments and need a payment arrangement.
It may be simpler if you talk to StepChange on 0800 138 1111 and put all your non priority debts like this one into a debt management plan. They can then communicate with Loans At Home. You can still carry on with your affordability complaints, this just gets you into a safe place while they go through.
Ml says
Hi all,
I made a complaint to the Financial Ombudsman about Avant Credit. My complaint was upheld and Avant agreed they’d refund all interest and charges plus 8% interest. The FOS adjudicator said Avant now have 4 weeks to contact me – this was almost 6 weeks ago. I’ve emailed them and had no response. I’ve emailed the adjudicator who has sent them a ‘nudge’.
Has anyone had any dealings with Avant? It’s taken since October to get this far and it seems this process isn’t going to be ending soon!
Any advice welcome
JC says
I’m in the same predicament. Have you had your final ombudsman decision or was this at the adjudicator stage?
Avant just didn’t reply to the adjudicator and I’m now waiting on their response from the ombudsman. Which again I can see them not replying!
If your claim has now been resolved, did they eventually reply?
Lee says
Hi
I raised a complaint to FOS regards 118 loan they have today come back to me not upholding my complaint. response below:
I think the lender should’ve taken steps to build a more detailed picture of your financial situation. This could’ve included asking you for more information at the time of lending – for example, payslips, bills, or bank statements that showed your income and expenditure. I can’t see that it did this.
I’ve looked at the information you sent to us and considered whether 118 118 Money would’ve done anything differently had it seen this information before lending to you. But based on this information, I haven’t seen anything which suggests the lender would’ve concluded that you wouldn’t have been able to have sustainably repaid this loan”.
my credit report showed : Balance to Limit Ratio (Revolving Credit/Budget): 114 %
Payment Status of 3 or Worse in Last 24 Months
Worst Payment Status in Last 12 Months: Default
Worst Payment Status in Last 36 Months: Default
Number of CIFAS Cases/Filings: 2
finally my bank statement shows that before pay day each month my balance dropped to between £45-90
118 loan was for £2000 over 2 years @£133 per month so this would’ve taken me into minus balance each month based on my monthly outgoings
any thoughts and help?
Sara (Debt Camel) says
I suggest you go back to your adjudicator and make those points. Ask for it to go to an Ombudsman if the adjudicator doesn’t change their mind.
X says
This is very interesting because mine was also about 118 and it was also not upheld by adjudicator. Please respond in this thread to let me know what was the outcome of yours in the end?
Elle says
Hi all I feel so deflated I’ve had so much success with all my complaints but bamboo are the only ones not to agree with adjudicator and now it’s being passed to ombudsman.
They have delayed at every avenue always leaving their responses until the last minute.
Adjudicator has upheld both loans as not being affordable. How long will it take for ombudsman process? And are they likely to agree with adjudicator?
Thanks everyone for the support as always
Sara (Debt Camel) says
They agree with the adjudicator in 90% of cases.
Are you currently making payments?
Elle says
Yea I’m currently making payments :( £270 a month- I can afford it as I’ve paid all my other debts off if just hoped it would have been resolved and not have to wait months and months again
Vickie says
Hi Sara
I had my final response from the ombudsman who upheld my complaint against easy logbook loans they have been awkward from start to finish they have until the 29th of March to pay but I received a response to my email today which says “
On 17 Mar 2022, at 4:10 pm, Gachet wrote:
Dear Vickie,
Sorry for the delay in responding but we are currently awaiting for a solicitor’s opinion/ advice in this matter as we view the decision as a matter of concern .
Does this suggest that they are going into administration or that they just don’t want to pay? They had a initial decision where they had a month to add any comments which they failed to respond to and a final decision was made. I am getting very anxious now as it has taken over a year to get to this point. If they are going into administration I assume I will not receive anything, do I have to wait 4 weeks before bailiffs can be instructed? Thanks
Sara (Debt Camel) says
I suggest you send this email to the Ombudsman and ask them what is happening.
Yes you cannot instruct bailiffs yet.
Vickie says
I have forwarded this onto the ombudsman so will await their response. Can the company come back after this time and object to it and not pay? Do you have any experience with them? I can see there is 6 other decisions on FOS website 3 were upheld. Thanks
Sara (Debt Camel) says
Can the company come back after this time and object to it and not pay?
They can decide to take the Ombudsman to court for a Judicial Review. They are VERY rare. Since 2016 I have not seen one about an affordability complaint.
Elaine says
Hi Vicky
Hope you get a positive result. I had a loan with them for £1250 and ended up paying £3000. Sent a complaint email and came back undeliverable.
Good Luck
Elaine
Vickie says
Hi Elaine
Send your complaint to this email it works gachet@btconnect.com I’m still waiting for them to pay. Even though they still don’t agree with the Ombudsman decision
Elaine says
Hi Vickie
I sent the email. Thanks
I have my fingers crossed for you
Elaine
Ossie says
Hi, so I had by dispute with everyday loans upheld then ombudsman (thank you Sara for this website !)
I had 3 loans with the last 2 being rollover loans and I’m trying to calculate how much refund I’m due
Loan 1 £3000 borrowed I made 6 payments of £241 –
Loan 2 £4225 borrowed however I only received £1,125 as rest was paid to repay previous loan I made 11 payments of £295
Loans 3 £6415 borrowed however I only received £3315 – this loan is current and I have made 31 payments for £300
So the ombudsman has told them to refund the interest on loan 2&3 how do I work out what’s due back to me ?
Sara (Debt Camel) says
I make the interest paid:
on loan 2 £2101
on loan 3 £2885
so a total of £5005
Mack says
Hi
I’ve had 2 118 loans 2 bamboo and 1 likely loans.
At one point I had all 3 at once with a £2k maxed out overdraft and a couple of payday loans.
Would this be enough to make a complaint?
Many thanks
Sara (Debt Camel) says
oh you can complain about only one of these large high cost loans!
Steven says
Hi Sara,
I sent an affordability complaint to Loans2Go, they at first sent me an outright rejection / final response.
I then sent them my prior 3 months current account and credit card statements before taking out the loan and I got a response which read as follows:
“However, further to reviewing the additional information which you have provided, as a gesture of goodwill and in order to bring your complaint to a satisfactory closure it has been agreed to refund you all of the interest which you have paid on the borrowing”
My main concern is that I really want the derogatory marks removing from my credit file, the missed payments and arrangement to pay is affecting my credit report.
If I respond requesting this, I have a feeling they might not accept it, but I feel they wouldn’t offer me this “gesture of goodwill” if I didn’t have a case.
What should I do in this situation?
Thank you
Sara (Debt Camel) says
Can I just check the numbers? As that Loans2Go offer is slightly weasely worded, it may be good, it may not be.
How large was this loan? How much have you paid so far? What is the current balance? and what is l2G proposing to reduce the balance to?
Steven says
Of course!
I took out a loan for £250, my repayments were £57.14 for 18 months so in total I would have paid £1028.52 but because from the get go I was struggling to pay it I ended up in a DMP by April, having only paid £100 at this point. I paid 2 x £5.78 under the DMP before paying £575.93 to settle the debt as I was essentially drowning in debt and Gambling a lot!
I’m also wondering because I then took a Loan out with Everyday loans for £1000 over 18 months (I’ve put in an affordability / irresponsible lending complaint into them as well) if loans2go were to admit fault could I use that as proof that they shouldn’t haven’t given a loan as well?
But as I stated before I want all of the bad markers removed as well. Not sure if this would happen or not?
Thank you for your response.
Steven says
Sorry I failed to mention I took the loans2go loan out in earlier November 2019 and the Everydays Loan toward the end of November, the £100 was paid to Loans2go in December.
Sara (Debt Camel) says
So you have paid £688 in total and they are offering a refund of £438?
That is fine.
Yes you can ask for the bad markers to be removed. If they refuse, it’s your choice whether to go to the Onbudsman to try to get this. That will take some time. And the results can be a bit random with just one small loan. Up to uoi if you want risk this.
Whatever is decided on this loan will not have any bearing on the chance of winning your Everyday Loan case.
Caroline C says
Hi there. Put a complaint in to Bamboo as I had a loan with them , my son guarantor. I then got a top up loan which took it to 3.6k and I’ve just finished paying it off total 8k. When I did the top
Up I was no longer working and had more credit.. Bamboo did not ask for any evidence of my income other than me saying my circumstances were the same. I made a complaint to bamboo, they said they did nothing wrong, did all appropriate checks and offered me a good will gesture of £500. I refused saying clearly they did no checks to see if I could afford to pay.. I did pay because I did not want my son to get in trouble as the guarantor. Even he didn’t earn a lot. They have now offered 1750. Wondering if I should just accept? Or do you think I should go to FO about it? They really didn’t check at all as I have bad credit and if I had decent credit I’d not have gone there plus I had stopped working so they didn’t check my income for the top up loan which I got as I was struggling. Just not sure? Thank you
Sara (Debt Camel) says
Do you know how much interest you paid on the last loan? The total of your payments after the top up?
Caroline C says
Hi there. Sorry the loan was for 4.6k and I paid
3457.29 Interest. It was just over 8k in total over 36 months.
Sara (Debt Camel) says
ok so they have effectively halved the amount of interest there was on the second loan.
If your other credit had increased since you took the first loan, Bamboo should have seen this as a warning sign and looked closely at your situation.
Double checking that the second loan was for 4.6k and the total you paid to that second loan (not the payments to the first loan)was just over 8 k?
If that is right, then you could go back and say you think the second loan was clearly unaffordable, your credit record had got worse and it should not have been given. You also think the first loan was unaffordable, but in the interest of a speedy settlement, you would be happy to accept a refund on just the second loan, although you think both are likely to be refunded if you take the case to teh Ombudsman.
Caroline C says
Hi,
So yes the second top up loan( They haven’t mentioned the first loan even though I complained about both) was for 4.6k and in total I paid back just over 8k in 36 months.
I used a complaints company, can I ask them to request another offer despite Bamboo saying the £1750 is a final offer? They did say the £500 was the final offer.
Many thanks
Sara (Debt Camel) says
Yes you can go back again and say it isn’t acceptable.. also ask why haven’t said anything about the first loan, which was equally unaffordable.
Shame you are wasting money on a claims company. They should be talking to you about this, but they never do.
Do you have any other high cost loans you can complain about yourself? Any credit cards or catalogues where they increased your credit limit too high while you were just making minimum payments? Have you been in your overdraft all month for a very long while?
Caroline C says
Hi again,
So the company I’m used asked them to up the amount but Bamboo have come back today saying they are withdrawing the offer and for me to go to the FO.
Pretty shocked, thought they’d just say no and I’d probably have accepted it. 😱
They clearly think they are in right if doing that?
Caroline
Sara (Debt Camel) says
I don’t think they offer £1750 if they think they have a good case…
Jake says
I took out 2 personal loans years ago with Santander whilst I had multiple other debts, it was an unsecured personal loan. I have put in a complaint that it was irresponsibly lent to me as I already had many other debts at the time. Santander have rejected and said UPL cannot be missold as they are non advisory products. And it is my fault for not divulging all the information. Is this a fob off response and should I take to FOS?
Sara (Debt Camel) says
Yes straight to FOS. Santander did not have to give you advice on whether it was suitable but they should have checked that it was affordable and not offered it if it wasn’t.
Rebecca says
I have a complaint ongoing. The caseworker has found in my favour with creation finance. They have given creation 2 weeks to reply, and ive been told if they dont reply the caseworker will send a reminder and give a further two weeks. Mean while i will have another loan payment due (if this were to be resolved ive already paid the original sum borrowed over a year ago) i was just wanting to know. If in another two weeks they still havent replied does this mean the caseworkers decision is final or does it then go to the ombudsman to agree with the caseworker. I read that this would only happen where someone disagrees? And what is the timescale for this? I am anxious to stop paying if i no longer need to? Hope this makes sense
Sara (Debt Camel) says
If they don’t reply, it will have to go to an Ombudsman.
Can you afford the repayments or is this proving a problem with energy bills and everything else going up?
Rebecca says
Fortunately my bills arent rising as much as to be an issue for the next few months at least. Would you suggest pushing this with the fos caseworker?
Sara (Debt Camel) says
well see how it goes? Creation may accept, or your case may be picked up soon.
jt says
Hello, I had a complaint upheld for 118 118 money on 8th March, how long do they usually take to process payment. Thanks
Sara (Debt Camel) says
have they accepted it?
Jt says
Yes they said to me your account details have been pasted on to the customer relations manager.
Sara (Debt Camel) says
ok well it should be within 28 days.
Matthew says
Hi Sarah
I made an affordability complaint to Moneybarn around 18 months ago and forgot all about it, They didnt reply in the initial time frame and sent a message saying could refer to the regulator if I didnt want to wait for them to complete their investigation. At this point i just left it and expected to hear no more.
Last week they sent me a response and agreed to repay my interest and statutory interest of 8% a total of £8760
I am delighted and only sent the complaint because I saw this article and used your template.
Thank you for your help.
Sara (Debt Camel) says
That is surprising & very welconme!
Harry says
Hi Sara and Matthew
I also have a current car loan with Moneybarn. I have around 2 payments left. At the time of taking out the loan, my financial situation was awful. Is it worth me waiting for pay off the loan before making a complaint?
Many thanks,
Harry
Sara (Debt Camel) says
With only two payments left, it is best to complain immediately. Take a copy of your current credit report and download and keep it if you don’t have any older ones. Also set about getting copies of your bank statements for the 3 months before and 3 months after the finance application. Don’t delay getting these until you are asked for them – they can take some time to get so do this now at the same time as making your complaint.
Marissa says
Hi Sara,
I too have used Wonga, QQ and Moneyshop, and like everyone else on here am awaiting the redress from QQ.
The other day I saw someone mention Safety Net. I Used your template and was told my email was being sent to the complaints team and someone would be in touch.
My reason for coming on here today is to ask a few questions for my daughter.
She took out car finance with Moneybarn that was riddiculous, and one they knew from the start would make it difficult to pay each month despite her living at home. The car was £8000 and they were making her pay more than double that back. This would never have happened if I had been with her on the day!
This was despite all the debt she already had with Payday loans, Credit cards and Catalouges, leaving her with very bad credit.
She was recently taken to court, because she took the payment holiday re Covid, which was 3 months. With all the interest they still added she could not afford to pay it all at once, and was late with payments and missed payments. They took her to court, forcing her to pay even more each month than she was already paying.
Can she request a refund of all the interest?
And If so, she still has over £7000 to pay. What will happen to her car? Will she have to find finance elsewhere?
You have been so helpful on here, any advice would be much appreciated.
Thank you in advance.
Sara (Debt Camel) says
So her payments have already added up to more than the £8000 that was the cost of the car?