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.
Claire says
Hi I got this reply from administrator about my NatWest loans
• Miss W raised her complaint on 28 May 2024. This is more than six years after the first three of four loans were opened – the dates being 7 June 2016, 19 July 2016, and 30 June 2017.
• So, I’ve then gone on to look at when I think Miss W should have been reasonably aware that NatWest may have done something wrong. NatWest has said if Miss W was unhappy about the debt, then she should have raised her complaint when she refinanced her loan for the last time in June 2018. But I don’t agree. Miss W has also provided testimony on what happened. She explained that she knew she was struggling but blamed her own “bad money management” rather than the bank. It was only last year when she saw adverts on Facebook that she learnt that the bank should have undertaken a proper affordability assessment. And as she didn’t think they had, a complaint was raised. So, on the back of this I think Miss W only ought to have become reasonably aware that that the bank may have made a mistake in 2023. And as this is within the last three years that means the complaint was raised in time and that this is a complaint we was raised in time and that this is a complaint we can consider.
Does this mean NatWest can still contest
Sara (Debt Camel) says
yes they can object to this decision. In which case it will go to an Ombudsman for a final decision.
HX says
Hi Sara / the mystery of the first Shawbrook complaint… FOS have found the copy (so I think I can’t go back and argue any case?). I didn’t know how to handle the complaint back then and just accepted their final response unfortunately…..
Subject title: irresponsible lending – loan unaffordable complaint
Shawbrook did not assess my affordability for the loan. My debt has accumulated and I ended up borrowing more to pay borrowing. By Sept i calculated I was -£750/month.
Sara (Debt Camel) says
Ok so you cant progress that old one, it is out of time. Good job you won the one about the much larger later loan!
Al says
Sara,
I’m in a tizz. So, what happened is – long story not short – I went off travelling, did well for 6 months budgeting and then went off the deep end mentally and subsequently with money. I was maxed out of one overdraft, Monzo Flex and two credit cards and applied for a loan of 5k with NatWest, who I have a current account with that I don’t use much. I currently have breathing space. I didn’t update my employment details – which I know is lying and a crap thing to do. I was travelling and wasn’t honest about that. In fairness, I made all my contractual payments whilst out of the country, it was only when I returned home to the UK that I stopped making payments/sought help. The main issue is I think the loan was unaffordable. I didn’t really understand the interest, and just saw 5k and thought that I would pay everything off with it and only have one payment going out each month would feel more manageable. At the time of the loan, I was maxed out on two credit cards at 1k each, had a 1k overdraft with consistent high utilisation, high on both cards as well and only making minimum payments. I had a couple of missed payments as well on CC’s.
I’m just wondering whether it’s worth still complaining about the original affordability of the loan when I wasn’t honest about my income at the time? They’d be able to see from bank statements if I send them from my other accounts that I wasn’t in the UK at the time of taking out the loan.
Just to confirm my current status. I’ve got the 5k loan on hold. I paid off one credit card, so I only have one left with Lloyds. The balance is just under £900. I’ve managed to reduce my Monzo overdraft to £500, and I’ve got £760 on my Monzo Flex to pay off.
Sara (Debt Camel) says
How long ago was this? what was the interest rate on the loan?
Al says
I took out the loan in April 2023. I’m not sure of the interest, they’ve taken the loan off of my account since I defaulted and asked for help. These are the details I could find:
Loan amount: £5,000.00
Loan term: 60 months
Monthly repayment amount: £147.83
Sara (Debt Camel) says
that looks like about 25% interest.
You say you didn’t update your details – did NatWest already have them? Were you a NatWest customer?
Al says
Yes – that sounds right. I think I just filled in my previous employment details, or left them the same. I was a NatWest account holder already. Current account. No overdraft. Previous student account. Don’t use the current account anymore much at all apart from a few transfers.
Sara (Debt Camel) says
So you should have updated the details. But it may have been easy to apply without updating them.
Do you remember what you said you wanted the loan for?
Al says
Yes, I wasn’t honest about it which is on me and the reason for my query. I did put debt consolidation as the reason, which it initially was. I thought paying everything off and having one payment a month instead would be more manageable and it wasn’t in the end and ended up just adding it as more debt.
Sara (Debt Camel) says
So it’s very unusual for making an affordability complaint to lead to any problems because you didn’t update your old employment details.
It is possible that complaint may fail if the Ombudsman thinks Natest made as many checks as they should have. If your credit record was great, say, then the Ombudsman is unlikely to say that they should have looked in great depth at a loan of 5k.
But it sounds as though NatWest should have realised something was wrong, as you didn’t have 5k of debt to consolidate. And you had missed payments on the cards. And they must have realised that you had some problems or they wouldn’t have charged you 25%… If they had tried to verify your income, it would have been clear that they shouldn’t lend.
It’s your choice about whether to complain. If you win, you still have repay the amount your borrowed from NatWest
Bc says
I sent off an affordability complaint to customer.relations@vanquisbank.co.uk two days ago and have not received any response from them, how long should I wait for a reply, I’m unable to call them as I have had a stroke and still in recovery but I struggle with telephone conversations, could you advise please.
Sara (Debt Camel) says
It could be weeks. They have 8 weeks to reply.
Are your current payments unaffordable and you are hoping for immediate help?
Have you informed Vanquis about your health problems and that you would like all communications to be by email?
Bc says
I’ve added the information to the email, the loans have been paid off but I’m currently making claims to others and these fall into the same time frame so I thought I’d give it a try, all the others are communicating via email and I have sent the others the bank statements they requested, I have put complaint in with better borrow one paid off and one open it was them who wanted statement for the paid off one so that pleased me, others are with lendable, Hastings and novuma, if I can get some success it would be a great help as I’m already on a payment plan, but I have made it clear that the loans should not have been given and on checking the bank statements they wanted there were a number of other loan payments and going into overdraft each month, thanks for your assistance, as said if I could get a few successful complaints upheld then I will be in a better position and thought I can’t change the past, I can take control and be responsible for a better future.
Thanks Bc
Andrew Walker says
Hello iv won a case against lendable using your wonderful page, I’m getting intrest and over payments made back with 8% interested added, is the 8% per year or just flat line 8% overall, also anyone have quick refunds paid out or do they usually take the full 14days like they state to issue it.
Sara (Debt Camel) says
Well done!
The 8% is per year from the point the overpayments were made.
Has his loan been repaid already? If so, when?
Andrew Walker says
First loan was paid on full in 2019 and second one is nearly paid but paid over 3,000 in intrest on that loan too. Currently got another against loans2go they’ve offered getting rid of £400 worth of intrest but I’m going to take.it to finical ombudsman as it was £500 loan but paging nearly over 2,000 in intrest.
Bc says
How long did you have to wait until lendable replied with your outcome, as I’ve got 2 paid off loans I’ve put affordability complaints in almost 3 weeks ago.
Thanks Bc
Jamie says
Hi there, glad I came across your site. I’ve recently used your template to go to the many lenders I’ve been using over the last 5 years near enough constantly. All payday lenders with lots of loans to each. Hoping to get some good news back to get me sorted out.
My finance club- I’ve had lots of loans with them and lots of the time new loans the same day of repaying one.
Lending stream- 20 loans between 15/11/18 and 17/09/21 ranging from £50 to £210 each time.
Fernovo- similar thing used over the years sometimes paid of early to take out more money.
Cashasap, quidmarket, fundoursleves,moneyboat and drafty credit line. using all these regularly. I didn’t really miss payments as I have a steady job, this stemmed from gambling if I’m honest and I’ve stopped now but the rut is hard to get out of I’m lucky I have my job. Meanwhile I’ve had an overdraft of £1300 with my bank.
Surely this can’t be allowed? I understand I’ve paid on time but it’s clear it’s not sustainable? Any help would be appreciated if started a complaint with almost all of the above with the help of your template for a lot of loans. over the last few years.
Sara (Debt Camel) says
Complain about them all. Separate template for payday loans you have used several times here: https://debtcamel.co.uk/payday-loan-refunds/
your overdraft – how many days of the month are you in it? Were any gambling transactions showing on your bank statements?
Jamie says
These days my income is £1730 per month and my overdraft is £1300 so after my 4/5 payday loan payments I’m well into it from day 1 of being paid. And there definitely would’ve been I gamstopped but was transferring people money to place bets. Then I was using crypto sites that weren’t regulated in the UK. For example one time I applied for a loan and they said the gambling transactions including crypto means they can’t lend. So they should’ve known that for sure. I’ve used the template and sent them too all. Got a good few emails today acknowledging the complaints. And moneyboat sent me the 13 loans I had with them showing all the interest etc as requested in your templelate. Thanks again for ongoing help
Sara (Debt Camel) says
You should consider asking the open payday loans for payment arrangements to repay the current balances. These hurt your credit record, but it isn’t doing you any good, is it? You need to get out of this borrowing spriral. Talk to National Debtline on 0808 808 4000 about this debt option.
Jamie says
Now I’m not gambling I’m planning on just paying these off but was just looking at the compensation side of it due to the checks not being in place. Just to check… I won’t be hurt for asking about being compensated will I? I haven’t missed any payments really and my credit score isn’t actually bad considering…. So I’m planning on just paying what I have left hopefully and being compensated for the loans that I can. Thanks a lot for the help really appreciate this.
FF says
Hi I had a loan with The AA in 2021. I couldn’t find an email address for sending my complaint to. They are underwritten by the Bank of Ireland. I did see an email address on the credit cards page for the AA to jaja legal (?) but i am not sure that would be right? does anyone have the email address for the AA loans complaints team or should i go on their website and find out that way? Thanks so much.
Sara (Debt Camel) says
try foscomplaints@boi.com. And put “complaint about AA loan” as the email title
Claire says
Hi I put affordability complaint to my community finance I took loan out in 2021. The administrator has come back to me wanting 3 months bank statements which I have rough estimate what I paid for utility bills
Then the below questions can you help with below
were the checks done by Brent Shrine Credit Union during the lending assessment proportionate?
if the checks weren’t proportionate, what information should they have considered?
was their lending decision fair given what they either knew, or should have known?
did Brent Shrine Credit Union act unfairly or unreasonably in some other way?
Sara (Debt Camel) says
Get the bank statements and send them in. even if the bank account has been closed, you can still get bank statements fro 2021.
Those are the normal questions the investigator looks into. It isnt up to you to answer them
Claire says
Ok thank you the last few months before taking the loan my bank balance showed I had about 500 to 600 left before I got paid this is because beginning of year I had received some money from a family member if I hadn’t received this I would been over drawn should I explain this to administrator
Sara (Debt Camel) says
How much was the loan payment a month?
Was the bank. Balance at the end of the month tending to go up or fall?
What was the loan for and what was the interest rate?
Claire says
88 pounds month yes it was falling loan was to pay credit card off apr 28.58 loan for 3000 payable back to them 5426.87
Sara (Debt Camel) says
what was the minimum payment on the credit card?
Claire says
I was paying about 138 month but I had more cards and loans on than this one
Sara (Debt Camel) says
so the interest question is whether the payment to the car you wanted to clear was less then the payment to the loan.
you can point out that you only hade any money in the bank because of a gift from a relative, and that thour bank balance was falling each month. That suggests it would be hard to afford the new loan unless it was clear a debt that cost you more a month.
Claire says
Ok thanks well I will go back and send my statements see what happens will keep you posted
Dave Smith says
Got £257 refund from Drafty who caved straight away. They did however say they were keeping 20% of the interest as they had been instructed by HMRC to do this for tax reasons. Never heard of this before? And I thought to pay tax on interest it would have to be over £1000 a year. Trust me, if I had the amount of money in the bank that would generate a grand of interest I wouldn’t be claiming charges back from credit companies. Can I ask the HMRC for this tax back?
Sara (Debt Camel) says
how long had you been using Drafty? Is that a good offer?
Yes you can ask HMRC for a refund of any tax deducted. See https://debtcamel.co.uk/ppi-payday-refund-get-back-tax/
Jamie says
Hi there. Done a fair few unaffordable payday loan complaints. Fernovo have come back to me already. This was the reply.
In Conclusion:
This complaint was partially upheld
However, because you always repaid in time all your loans before the last one, and you have decided to file for an affordability complaint, we are ready to reduce the interest on the last loan, if you withdraw your complaint, as a gesture of goodwill we are happy to reduce the open balance to £0 instead of £397 and refund £271.65 on the interest and erase all your loans from your credit file.
In summary, there is no indication from a fair reasonable, and unbiased perspective that you were unable to afford the sums that Quidie had lent to you when you needed Quidie to help you bridge your momentary cash flow issue till payday. We strongly feel we have done nothing wrong,
Sorry for the big email had to cut lots of it out – is this a win ? What should I do. Thanks
Sara (Debt Camel) says
how many loans did you have from fernovo before this one and over what period? How large were these loans and wheat were the gaps between repaying one and taking the next one out?
Jamie says
Hi there, I had 10 loans from £200 to £350. At the start first few had a gap of some months last year or two has been paying off a long and instantly taking out another. Recently paying one off early and applying and getting a new loan right away “same day” fernovo got back to me working 5 days with this offer. Just wondering what I should email back? Thanks for the help
Sara (Debt Camel) says
Do you know how much interest you paid on the other 9? Because this may not be a good offer.
Jamie says
From the other 9 loans I paid a total of £809 interest all in.
Sara (Debt Camel) says
can you list the loans in time order:
loan 1 – 300 – interest 128
loan 2 – 500 – interest 290
etc
Jamie says
Loan 1 – £250 – interest – £91.36
Loan 2 – £200 – interest – £90.12
Loan 3 – £250 – interest -£134.76
Loan 4 – £300 – interest – £97.96
Loan 5 – £300 – interest – £181.95
Loan 6 – £ 300 – interest – £21.60
Loan 7 – £300 – interest – £93.06
Loan 8 – £200 – interest – £89.76
Loan 9 – £200 – interest – £21.30
Above paid early to then take out the ongoing £350 one.
Sara (Debt Camel) says
“we are happy to reduce the open balance to £0 instead of £397 and refund £271.65 on the interest ”
I am not quite clear what this offer is.
If you borrowed 350 and the balance is now 397, then clearing the balance is just removing the interest on it. Here if you went to the Ombudsman you pay get the interest refunded on some of the later loans. But as the land were pretty small it’s very unlikely you would get 1-4 refunded and loan 5 is doubtful.
If they are ALSO offering to refund to £271 in cash as well as clear the balance, then they are effectively refunding the interest on loans 6-9 and a bit of 5. It’s very unlikely that you would not get more than that from going to the Ombudsman.
you may want to clarify what there offer means before deciding whether to accept it.
Whether you accept it or not, you should IMMEDIATELY download a copy of your credit report showing these loans, as you may need that for other claims. You don’t want to wait until these loans have disappeared to do this.
Jamie says
Thanks a lot I’ve responded and asked if that’s what they meant. I’ve got my TransUnion credit … however I can’t seem to see where I download this to PDF etc? Is there a way I can do that to keep it before they wipe the loans. Thanks a lot for the help I will be back when I get more offers. I used the lending stream complaint on there website, and emailed the rest of the lenders however they’ve all shown acknowledgement apart from lending stream is this due to me not emailing lending stream and just having to wait up to 8 weeks for them with no acknowledgement ? Thanks again
Sara (Debt Camel) says
You have a TransUnion statutory credit report?
Jamie says
Hi there I had 10 loans from 12/04/22 to 22/07/24 and lowest was £200 and highest was £350. First few loans had gaps of months then recently it’s been taking out new loans same day or day after repaying. And even paying early and taking out another at higher amount. They’re saying because I never missed a payment but clearly them saying they’d wipe all from my credit file means they are at fault? Also is that them saying they’ll repay the latest loan and refund £271.65 interest to me? Or is that included in making my balance £0. Thanks
Fred says
A company I have multiple loans with that I am currently complaining to the ombudsman have sold the debts on to a collection agency.
I have not yet had a decision on my complaint. But should be coming soon. But it’s really stressed me out as I have not missed one single payment on my loans and can’t have collection agencies on my credit file. Shall I inform the ombudsman or should I do a new complaint. I can’t believe they have done this.
Sara (Debt Camel) says
Who is the lender? How many loans do you have from them?
“can’t have collection agencies on my credit file”
why not? they wont show a default or a payment arrangement?
Fred says
I am very worried about it as if I have that and payments on my statements to them it would have a negative effect on mortgage applications and would negatively affect my personal life. Even if I I have a explanation I know it will cause problems
It’s with Duologi. Strangely so far they have only transferred the last ones I took out. I am really hoping the ombudsman agrees with my complaint. If it’s upheld I assume I can argue the fact of these transferred ones shouldn’t be on my file.
Sara (Debt Camel) says
Looking on their website it looks as though they may be exiting some types of lending. In which case they are probably selling a lot or all of their loans and this has nothing to do with your complaint.
This sort of sale of an up to date loan does happen and should not impact a mortgage application.
Fred says
Thank you. That has reassured me.
Out of curiosity if my complaint is upheld would whoever they sold it too have to adhere to the ombudsman’s decision? Or would they ask them to take the account back?
Sara (Debt Camel) says
It is up to the lender how they sort out loans that have been sold.
What were these loans for?
Clara says
Hi – I am kind of going through a crisis of borrowing to repay borrowing and just in a financial muddle overall. I had a DRO back in 2020 and financially I was coping until I was hit with a personal (not finance related) crisis which has sent me spiralling.
My main concerns are the 2 credit cards (£1300 and £250 limits) with 118 118 and also 2 loans of £2000 (total £4000) which are pushing me to breaking point. The repayment for these 4 products is £400 per month.
I’ve also stupidly took out 2 (payday?) loans with Tick Tock (£300) and Cash Float (£500) earlier this year as I had an emergency to deal with.
I can’t afford to repay any of these debts at all.
Would an affordability complaint be the way to go.
The 2 credits cards were taken out in Jan 2024 and the loans in May 2024 all at the same time. I already had credit card debt totalling £6,000 at this point as well.
I am 100% to blame because I knew I couldn’t afford to repay them and have no excuse other than bad decision making.
Sara (Debt Camel) says
I suggest two things.
First talk to StepChange about a DMP. You can make affordability complaints but they take many months (expect them to have to go to the Ombudsman) and anyway winning will only remove the interest, so there will still be a lot to repay. So you need to be in a safe financial space while they are going through – winning any complaints will really speed the DMP up
Second make affordability complaints to all the lenders – even the payday loans as they should have seen you have just borrowed a lot in January. If you have a loan and a card with 118, make a single complaint for both of them.
David says
Is it possible to complain I had two loans with Likely loans but they have been passed onto another company now called Cabot Financial?
Sara (Debt Camel) says
yes it is. Your complaint goes to Likely Loans. If its upheld (it may well have to go to the ombudsmnan) LL will sort out the debt to Cabot.
Natalie says
I sent an affordability complaint to Bamboo Loans about two consecutive loans I had taken out. They emailed me to say that they did not uphold the complaint but offered me £150 to settle. I emailed back to say I would be referring the complaint to the Ombudsman. They then sent another offer of £450 stating this would be their final offer and that they still did not uphold the complaint. I referred it to the Ombudsman and have today received an email saying that even though they have not fully investigated, Bamboo have offered to repay the interest on both loans plus 8%! What a win!
Sara (Debt Camel) says
well done for not settling cheaply!
Kimberley says
Hi Sara, I’m wondering if you’d know whether it’s possible to put an affordability complaint into credit unions too? I was given two loans quite close together to consolidate other debts, but I feel I definitely should not have been given the second loan, as they had their own hesitations about it before they sent me it.
Sara (Debt Camel) says
yes you can. Just use the standard template letter.
Let me know how this goes!
Jane says
Hi! Sara,
do you have an email address for loans taken out with RateSetter?
Thank you
Sara (Debt Camel) says
it is a trading name of Metro Bank. Use customerrelations@metrobank.plc.uk and out COMPLAINT ABOUT RATESETTER LOAN as the email title
Jane says
Hi! Sara,
is it still possible to make a complaint against older RateSetter loans that existed before the Metro Bank takeover?
Thanks,
Sara (Debt Camel) says
The only way to find out is to try
JH says
I raised a complaint about 3 Lloyds loans back in September. Lloyds messed about and “couldn’t find” the loans (even though the investigator looking at my overdraft complaint saw it straight away on my file).
I complained 2 more times and Lloyds didn’t investigate/closed my case. I complained to FOS who then said that Lloyds should be given a chance to review again, and they objected as the original loan was outside of the 6 years (by 30 days), but the two top ups were within the timeframe. I argued that I only knew within the last 3 years etc etc.
The Ombudsman then contacted me in June to say: “ In October 2023, the Supreme Court clarified the law regarding how time limits work with regards to unfair relationships (S.140 of the Consumer Credit Act) and we’re required to take the law into account when reaching our decisions. With that in mind we’ve been looking closely at the clarification and how it affects our work across various complaint types, including irresponsible lending. It may take a little more time, but it is important that we carefully consider all of the arguments in this area, in order to reach the right outcome in each complaint.” and I’ve had nothing since. Are others seeing this?
Sara (Debt Camel) says
Yes this is affecting quite a few cases. Hopefully this will be resolved soon – it may well help your case.
Bc says
Hi Sarah, had a response from one of my complaints I sent off, this is from Novuna, so do I need to add up all the repayments, will that be used to reduce the outstanding balance.
We’ve now completed our investigation into your complaint and can confirm we are upholding your complaint.
As per our uphold process you will not have to pay any interest and will only have to pay the capital of the loan (£4,000.00). In addition to this we will also refund an 8% compensatory interest and remove any charges and any negative information applied to your Credit File for this agreement.
At this moment I have no figures for you as I have requested these from our Finance Team and once, I have these I will be in touch.
Sara (Debt Camel) says
That sounds great! Yes add up all the repayments to Novuna, ignore whether they were interest or principal just add up the cash paid.
Then take that away from £4000, what you borrowed. That should be your new balance. So if you have paid 7 lots of £150, that is £1,050 and your balance will be reduced to about £2950.
Bc says
Thanks for the update, confused why they’re adding the 8% even though there’s going to be a balance, Will update you when I get the figures
Thank you
KJ says
I am confused about the 8% as well, I have had exactly the same response from them on an 8k loan that began in Fen 23 where deducting payments I have made leaves around £2500 still to pay. Do I get 8% of the interest paid annually (interest rate was 27.7%), I cant do the maths on this? Is that paid to me or deducted from my outstanding balance?
Sara (Debt Camel) says
it sounds like a bank error in your favour (as the Monopoly card used to say).
EP says
Hello Sara
Some good news.
My loan and credit card claims were dismissed quite quickly by the FOS investigator without them providing much reasoning behind their decision.
I asked for it to go to the Ombudsman explaining why I didn’t agree with the investigators decision. The ombudsman has come back with a provisional decision which is now in my favour.
If the final decision remains the same, this would mean my loans and credit cards will be paid off and I should have something left on top.
Thanks for all of your help, and for others it is well worth asking the ombudsman to reconsider the initial decision if it doesn’t go in your favour.
Bc says
I have had a reply from lendable on the two closed loans and they’ve not upheld, strangely they have listed various things that I called them in August and said I was going into an IVA and that I never responded to them regarding a payment plan set up, also that I have told them I’m suffering from mental health issues.
So I’ve emailed back with the email that is from march this year that’s got the information on that my loan is paid in full and nothing outstanding, so I’ve added that they’ve either replied to the wrong person or used a standard template with copy and paste.
I’ve given them 3 days to respond before I send to the financial ombudsman
Sara (Debt Camel) says
Sounds like you got someone else reply. I would phone them up. And give them a week to respond
Bc says
Hi Sara
I didn’t get a response to my email to Lendable regarding getting a reply to someone else’s claim, so I called them today and they have raised another complaint and I asked them to look at my complaint, the girl said I should hear from them in the next few weeks as I have already been waiting four weeks, then about an hour later I got an email apologizing and to confirm that they will not be upholding my complaint, due to the speed of the response I have sent it over to FOS, I now have 3 complaints with FOS over the last 3 weeks I have received the usual email reply but none have been assigned yet, so I haven’t been issued a case number, how long do you think I should wait before I contact FOS.
Thanks BC
Sara (Debt Camel) says
Another few weeks
Bc says
They have raised another complaint due to recieving the wrong details and I have told them I’ve sent the complaint to FOS and looks like they’re re looking at the original complaint, but not holding my breath.
Katie says
Hi Sara,
I really hope you can help me because I am now completely lost.
I had an investigator go in my favour regarding three NatWest loans. Long story short, NatWest finally agreed to avoid it going to ombudsman.
They have calculated the refund different to me. The investigator directed them to ‘recalculate the total amount of money I received have been given the loans. The repayments I made should be deducted from this amount. If I paid more than I received any overpayments should be refunded along with 8% interest.
I’ve calculated a higher figure than NatWest. The reason for the difference is that I used say £6000 of a £10000 second loan to pay off the difference for loan one. They said they don’t count that as a repayment even though I borrowed it and paid it?
Can you please let me know your understanding.
Thank you so much!
Sara (Debt Camel) says
They are wrong, you are right. Go back and tell your investigator that NatWest’s calculation doesnt make sense, and why.
Katie says
Thank you!
They just kept repeating ‘ The consolidation funds were bank funds, not your funds, so they cannot be included in payments you made towards the debt owed.’ But i still had to pay back all of the loans in full and those payments were made from loans I paid back.
Definitely feel like I’m going crazy, hopefully the investigator can help
Sara (Debt Camel) says
let me know what the investigator says
Claire says
I’ve had a response from the administrator who thinks NatWest haven’t done anything wrong the response is to big to detail some parts of it
So, I’ve looked through the information NatWest had access to. I will say I think it’s a concern that this was the third refinance in under two years. And whilst all were termed re-finances each loan granted significant amounts of extra funds each time. But having said that, from the information available to me, there is not enough to show that the lending was either unaffordable or unsustainable.
I’ve reviewed Miss current account statements for the three months leading up to the lending decision. Income is £1,679 vs the credit turnover through the account of just over £2,000. So around what NatWest took to be her income. Again, there were regular repayments to the likes of MBNA and Vanquis, but these all look to be managed satisfactorily.
Whilst Miss account was mainly in credit, it did go overdrawn for a couple of days at the end of May 2018 before her salary returned the account to credit. Whilst not ideal, the overdrawn balance was only £64 and it returned to order very shortly after. And there was no other indication that Miss was struggling financially.
So I just accept the decision or do I send it to ombudsman
Sara (Debt Camel) says
Were the refinancing as your card balances had grown?
were all the payments to cards the minimum amounts? Were you using those cards for more borrowing to help you get through the month?
Claire says
Yes the balances were growing I had 3 credit cards and I paid the minimum payments. Do I sent copy of my credit report to administrator explain this
Sara (Debt Camel) says
yes- say the fact you weren’t missing payments to cards isn’t relevant – say with the two refinancing loans, NatWest should have looked closely at what was happening as the previous loans didnt seem to have helped. Point out you were not able to repay the cards sustainably, you were only making minimum payments and were having to use the cards for living expenses 9if that is true).
AND send a copy of your credit report.
Claire says
Thank you I will respond and keep you updated
HX says
Hi Sara / the 2nd Shawbrook loan whereby they said they would make it interest free, is still not resolved. I sent the complaint in 7th May. Can you advise if I should ask for compensation for the delay. Today they have said the following:
Please accept our apologies for the lack of updates on the processing of the resolution that was agreed on your account.
To restructure the loan account in the way that’s necessary involves many steps and stages for us to complete and while it does take some time to execute, we acknowledge that there are ongoing delays and we have not provided you with updates along the way as we progress the amendments to the loan account.
We would like to assure you that the matter is being dealt with and once in place, we will review the actions and time taken and consider if you have suffered any detriment as a result.
Could we please ask that you bear with us for a short while longer while we seek to complete the changes and in any event, we will endeavour to keep you updated more frequently from here until conclusion.
Sara (Debt Camel) says
what date was the resolution agreed? Do you expect there will be a remaining balance when it is sorted? Are you still making payments?
HX says
It was agreed 10th July.
Still making payments and there will be a balance after the loan is reworked. Because of salary rises, I am in a position to keep paying what was agreed as the monthly payment.
Sara (Debt Camel) says
then I would just reply saying this is extremely stressful as you are trying to sort out your finances and you would like to ask for some compensation for the delay.
Also tell your FOS adjudicator that Shawbrook still haven’t come up with any figures.
Samuel says
Good Afternoon,
I won an affordability complaint against 118118 money back in 2022. I still had a balance so a payment plan was set up. I have however not paid towards the payment plan for 2 months, I’ve now re-set up a payment plan, but I’ve received an email from 118 saying a default has now been added to my credit file and the full amount is now due.
I’m just wondering are they allowed to add a default considering the affordability complaint was upheld by the FOS? The whole loan was removed from my credit file when the complaint was upheld but will it now be added back on? I did contact them to ask but they weren’t sure and have had to raise my query as a complaint.
Just wondering if there has been any previous cases where a default has been removed due an affordability complaint then added back on?
Sara (Debt Camel) says
I don’t remember this happening. But what is the rest of your financial situation like if you could make the payments for 2 months? Did you tell them or just not pay?
Stacey McIntosh says
Hello
I want to complain to my bank TSB regarding 2 loans and a credit card however i think when i applied they will say i mislead them.
It asked for my income and any child maintenance payments etc. My childrens dad gives me money which is arranged between us not through an agency.
Also it asked how much i pay for my share of the mortgage which is £0 as my childrens dad pays.
Would any of this effect my claim?
Sara (Debt Camel) says
None of that sounds a problem to me.
Jamie says
Hi there- just wondering if I have a case here- had issues for years with gambling and payday loans etc. just won a case with fernovo- thanks ! Anyways last year I had 8+ ongoing loans with different lenders + £1300 overdraft, managing them but not really- (paying and not missing payments) but in a cycle. Desperate for another loan I was on comparison sites- only place that would accept me was salary finance- so I jumped and took £1000 out. This comes of my wage each month at £58 or something. Only 1 loan with them however unlike my other company’s where there’s sometimes 10+. Is it worth a complaint ?
Sara (Debt Camel) says
Yes it is – £1000 is a large loan and they should have seen all your credit history with payday loans.
Have you complained to all the others? Do you have enough money to pay your bills, your current debts and for essential living expenses or are you short most months?
Jamie says
Hi- I’ve complained too all- fernovo were very fast and efficient and you advised I take the offer which I did- paid 2 days later into bank. I’m into overdraft every single month- claim with bank ongoing too- it’s just because this loan comes direct from my salary before I see it, wasn’t sure if this effected it or if it’s worth a complaint- I just remember using a 3rd party for loans and salary finance was the only option that came up because my company had started with them and I had lots of loans with other lenders.
Claire says
I’ve had response from administrator said look back at last 2 loans but my credit file only gone back to June 2018 asked if I can get it before how do I do this? Also asking for balance on my mbna card before June 2017 so it can show balance before I took the 3rd loan. I don’t have mbna credit card no more so not sure how to get this. Would it be from credit report?
Sara (Debt Camel) says
are these Natwest loans? I though you said FOS had agreed it could go back and look at all 4?
Claire says
The first 2 were granted correctly it’s been last 2 loans that I feel need more investigation as my finances got worse. I have contacted mbna asked to send all my statements from July 2017 to when it was closed said it will take 7 to 10 days so this will show balance of when I took the 3rd loan. Hopefully this will help
Kimberley says
Hi Sara, just wanted to thank you for this template and all your advice. Recently complained to Capquest (who now own my Koyo Loan) about two loans I took out with Koyo. One was settled and the other still being paid back. Capquest came back to me and upheld my complaint, giving me £737 interest back on the first loan, plus the £4000 interest on my second loan, reducing the amount I owe and stopping all future interest. All amazing news and means I can now be in more control of my finances. Thank you again!
Ems says
Hi Sara,
I have had a response from Bamboo regarding affordability complaint. They have not upheld my complaint saying that they have done nothing wrong. They have offered me £300 to settle the complaint within 7 days if I don’t take it further to the ombudsman. I believe lending was unaffordable as I was left with no disposable income after servicing my debts and essential bills. Should I take this further. It just seems odd to me that they are offering me money when they say they have done nothing wrong? Thanks
Sara (Debt Camel) says
That sounds unaffordable to me. How large was the loan and how much interest was added?
Ems says
Hi Sara,
I had 3 loans in total.
Loan 1 was for £1500, interest was £722.25 so a total of £ 2222.25. Then 6 month later they allowed me to top up my loan. So I was loaned a further £ 932.47 and £1267.60 was used to settle original loan. So a total of £3540.35 for second loan ( 1340.28 interest) and then just over a year later they allowed a further top of £ £1956.02 settling loan 2 with £1654.93 a total of £ 7557.95 for loan 3 ( interest 3947.00)
Loan 1 I had repaid £ 555.54 before top up. Loan 2 I had repaid £ 1376.76 before too up and then Loan 3 I settled with a repayment of £5735.25 by using further borrowing from else where. Not sure if this all makes sense and how much interest I have actually paid. By loan 2 and 3 I had no income left after bills and debt repayments was living in my overdraft and from credit cards. What do you think? They are saying that they don’t uphold my complaint but offering me £300 to settle for the inconvenience? I feel that if they had done nothing wrong why offer £300? Thanks
Sara (Debt Camel) says
I would definitely send that to the Ombudsman.
Also look at complaints about your other debts.. eg the loan to settle the last Bamboo loan
Ems says
Thanks Sarah. I have made a few complaints. Nationwide have rejected, shawbrook have also rejected so I have forwarded them on to the ombudsman. I will go back to Bamboo and say that I’ll forward complaint to ombudsman too.
John says
Hi Sara
Was looking for some advice if possible to see whether I had a valid complaint
I took out a loan with updraft in January 2023 for £7000 at 18.90% interest at £180 a month , I already had 4 loans on the go before taking this out
I then took out a further loan of £8000 with updraft in august 2023 at 22.90% interest at £225 a month , at the time there was a lot of gambling on my bank statements but this wasn’t checked by updraft , I used the money to pay off some debts and the rest went on gambling , I already had 3-4 open loans before taking this out
In March this year updraft offered me another loan which I took out for £7200 at 24.90% interest at £235 a month , again there was a lot of gambling on my statements but this wasn’t checked , I used some of this money to pay off debts and the rest went on gambling
I’ve kept up all payments for these loans but as a result I’m constantly in overdraft and borrowing at short term loans as I’m paying in total £640 a month to updraft
If I do have a valid complaint would it be against all 3 loans ?
Thanks in advance
Sara (Debt Camel) says
Short term loans – do you mean payday loans. Very high interest?
John says
Mainly loans like credit spring where you pay a yearly fee and then borrow over 6 months .
Also maxed out with 2-3 credit cards
Thanks
Sara (Debt Camel) says
Yes I suggest you complain to Updraft about all three loans.
But these complaints take time and you also need immediate help to reduce your payments and stop interest being added to the credit cards. So I suggest you contact StepChange about a debt management plan for all your debts. See https://www.stepchange.org/. Winning an affordability complaint will speed up the DMP a lot.
Also read https://debtcamel.co.uk/gambling/ and think about getting help to stop gambling
Bc says
I contacted vanquis on 30 July with affordability complaint regarding two loans paid off, but still not received a response, what date should I wait till before I forward to FOS
Thanks
Sara (Debt Camel) says
so its been about 5 weeks? You have to wait until 8 weeks. Have you had any acknowledgement from Vanquis?
Bc says
No nothing not been acknowledged, I used the email address you had listed.
Thanks
Sara (Debt Camel) says
ok, when it gets to 7 weeks, ask them to confirm they have your complaint.
R smith says
Hi,
In July 2020 I applied for a HSBC loan of 7k which was approved at the time I already had one other 5k loan with admiral from January.
At the time I was betting a lot and this was showing on my bank statements.
Later in July I applied for another loan with Halifax of 17k which was approved again.
In September 2020 I applied for a top up loan with HSBC of 12.5k to pay off my original loan with them and have some left over.
Again I was betting a lot and spending on average 1k a month from my HSBC account alone, this is linked to my loan account.
In May 2021 I applied for a second top up loan with HSBC of 21.5k which again was approved, I was clearly spending a lot each month and by this point had borrowed over 40k within 12 months.
In January 2022 I missed my first Halifax payment and later defaulted on this loan.
I’ve gone back to both Halifax and HSBC about irresponsible lending, HSBC have come back to me and said they don’t believe they did anything wrong and that my betting wasn’t an issue because my account was always in credit and I argued that was because I had so much money from loans at the time. I also explained within two months of my final loan with them I was maxed out on my credit cards and overdraft.
Do you think I have a case for irresponsible lending?
Still waiting for Halifax to respond.
Sara (Debt Camel) says
yes. Send this to the ombudsman.
R smith says
Amazing thank you, I’ll do it straight away
Sara (Debt Camel) says
I’m not saying you will win, but it looks a good enough case to to go to FOS!
R smith says
Thank you, I also got my mortgage in May 2020 so my borrowing at that point was extremely high
Jamie says
Hi there- fund ourselves the 2nd out of 10 payday lenders to get back to me- fernovo paid back all interest and wiped al loans from credit file – fund ourselves said this – Conclusion – partially upheld
Based on our investigation and the information you have provided us with, we are satisfied that the loans
were affordable. However, we partially uphold your complaint as we believe additional checks should have
been completed to ensure affordability prior to loan 7.
In order to put things right, we offer to waive the interest on your active loan totalling £127.35. We will
also refund the interest paid on loans 7-8, totalling £410.31.
There is an outstanding balance on the active loan of £155.66, which is the principal amount borrowed,
minus the interest and the amount paid towards your loan of £94.34. This amount will be deducted from
the overall refund due, which will settle your balance on loan 9. Therefore, the refund amount totals
£254.65. All adverse information will also be removed from loans 7 – 9. If any. I had 10 loans
Sara (Debt Camel) says
I assume you are asking if this is reasonable.
Can you list how large the fund ourselves loans were in order, so 200, 300, 400, 250, 300 etc…
Did you ever have more than 1 loan at a time from them? Were there ever any breaks of more than a couple of months between repaying one loan and taking your the next?
Jamie says
Loan 1- £210 – 5/8/22 repaid – 13/10/22
Loan 2- £200- 29/10/22 repaid -8/12/22(early)
Loan 3 – £100 21/2/23 repaid 2/3/23(early)
Loan 4- £150 14/4/23 repaid 16/4/23 (early)
Loan 5- £150- 31/5/23 repaid 14/9/23
Loan 6- £250 15/9/23 repaid 7/12/23
Loan 7- £410 19/12/23 repaid 29/2/24
Loan 8- £400 29/2/24 repaid 20/6/24
Loan 9-£250 31/7/24 paid 1 payment of £94 so far
May I add, I had 7/8 other payday loans ongoing while they were lending to me. They said I never declared this but they can now see from my credit file ? Surely that’s their job to check? A bank statement check or credit file check would show them this. Thanks again and hopefully you can advise next move with this one
These loans were sometimes repaid early due too gambling wins. But this was not affordable even though I never missed a payment.
Sara (Debt Camel) says
A lender only has to make reasonable checks.
You could argue that after 3 loans they should have checked more, but the loans were small, not increasing and were being repaid early.
I can’t predict exactly what the Ombudsman would say here. But I would be surprised if FOS thinks any of the first 5 loans should be refunded.
And they have offered to refund 7,8 and 9.
That just leaves loan 6 – it was larger and was taken just after the previous one was repaid, not early. You could say at that point The lender should have made more checks and seen your other payday loan. FOS may agree with that. Up to you if you think its worth going to FOS for that loan.
Jamie says
Hi there can I complain via email to them before going to FOS? As the interest paid on loan 6 was only £170 might be worth asking them before as may not be worth going to FOS.
Sara (Debt Camel) says
Yes you can try. Say you will accept it if they add loan 6 as you think FOS would uphold that one. This occasionally works
Bc says
Could you help please, what is the 8% that will be added to a £2100 interest, how much would it be when refunded for the £2100 and I assume they’ll take off the tax just waiting on the figures but this is the amount of interest I was charged for the loan that’s been paid off.
Thanks
Sara (Debt Camel) says
Who is the lender? When was the loan paid off?
Bc says
Better borrow paid off February 2022
Thanks
Sara (Debt Camel) says
Well you should get at least 20% added (2 and a half years of 8%).
Bc says
Thanks, will wait for the figures and come back
Bc
Stuart Hancox says
Hi Sara
My complaint against Specialist Motor Finance has been upheld finally after it was escalated to the Ombudsman from an investigator. My queation is about the 8% interest, I am due around £2800 which is the difference between the payments I made minus a fair usage charge set by the FOS. In terms of the 8% interest is it worked out from the start date of the car finance or is it different? Many thanks
Sara (Debt Camel) says
What happened to the car?
Stuart Hancox says
I handed the car back to the finance company
I made £9400+ in payments and FOS have said £6600 is fair usage leaving £2800 + interest
Sara (Debt Camel) says
Ok when did the finance start? When did you hand the car back?
Did you put down a deposit, how much, and is that included in the 9400?
Stuart Hancox says
The finance started Jan 2018 I handed car back 30 months later. There was no deposit the actual figure was £9447 in payments and fair usage is £6600. Thanks
Sara (Debt Camel) says
you have just over 4 years of 8% interest since the car was headed back , so about about 940
then you should get some credit for the overpayments during the 30 months. They built up from 0 to 2800, so its the equivalent of 15 months interest on 1400, which is about another 140
less basic rate tax deducted, but you may be able to reclaim that from HMRC, see https://debtcamel.co.uk/ppi-payday-refund-get-back-tax/
Stuart Hancox says
Thanks for the info Sara its really appreciated. I have used the site quite a few times now and has been invaluable.
Sara (Debt Camel) says
very pleased to see a win against SMF!
Stuart Hancox says
I hope I am allowed to say this but I started a claim by myself which they rejected. I then escalated to an Ombudsman that after delaying all information requested to the maximum time for every request by the FOS they initially accepted they didn’t carry out the necessary checks (this was when the initial ‘putting this right’ was worked out incorrectly meaning they had nothing to pay), after your advice and going back to the FOS they then retracted their decision at SMF and basically made no contact at all. The FOS then upgraded my case from investigator to an actual Ombudsman and again after months of delays they have now finally accpeted the findings with the updated figures for putting this right. I am just waiting for them to make contact and payment which I guess they will take the maximum 28 days. So to anyone making a claim against then stick at it as they delay and deny as many times as they can.
Rachel Day says
I am currently paying a 118 118 loan, i want to put in an unaffordable lending complaint, do I continue paying my monthly instalments ?
Sara (Debt Camel) says
Can you manage to pay them? Or does it leave you short so you have to borrow more?