UPDATE – in March 2024 the administrators announced they are no longer collecting any payments for the remaining loan balances. Also any more affordability complaints must made in the next few weeks. See SafetyNet & Tappily loans are written off for details.
Indigo Michael Limited (IML) went into administration on 9 January 2023. It had two lending brands – SafetyNet Credit (SNC) and the much smaller Tappily. In this article, I just talk about SNC but this all applies to Tappily too.
I’ll start with the background – how SNC lending worked; why they have been losing so many cases at the Financial Ombudsman (FOS); and the recent restrictions that the Financial Conduct Authority (FCA), SNC’s regulator, has imposed.
Then I’ll look at what normally happens in a payday lender administration and whether SNC’s may be different.
Contents
How SafetyNet Credit lending worked
“Rolling credit” and the payday loan trap
SNC gave borrowers a credit limit, a bit like a credit card. This is called “rolling credit”. If you have a limit of £500, withdraw £400 then repay it, you can immediately take out up to £500 again.
Where SNC is totally unlike a credit card is that they choose the repayment they will take from your bank account, after checking how much is in your account using Open Banking.
Although there was a minimum payment set, SNC frequently took much more. It said this was to minimise the interest someone paid. Often this left the borrower with so little money that they had to borrow again from SNC. That is the classic payday loan trap.
SafetyNet Credit’s quoted APR was misleading
SafetyNet Credit’s website said:
interest is charged at 0.8% per day only on any amounts you borrow, capped at 40 days. No extra costs, no hidden charges.
Now 0.8% per day interest rate is the maximum rate payday lenders can legally charge. And they quote APRs of 900% or more… But SNC quoted a representative rate of only 68.7% APR.
It seems that in calculating that APR, SNC assumed that the borrowing is repaid within 40 days and that no more was borrowed. But that wasn’t what happened and it isn’t the way a rolling credit facility is expected to work.
The true cost
In this FOS case, Mr P borrowed £37,000 and repaid £41,000 over a period of three years. SNC told the Ombudsman this was cheap borrowing. But as the Ombudsman said:
I think it’s somewhat misleading to use a figure of £37,000 in any interest comparison as Mr P never had access to £37,000 from SNC. He only ever had access to a maximum of £800.
The Ombudsman’s conclusion was:
SNC collecting Mr P’s payments in the way that it did meant that Mr P paid a high amount of interest for access to a relatively small amount of funds… in reality the amount of interest paid in proportion to the funds Mr P had available is very similar to interest payable on a high-cost short-term credit product [the regulator’s term for a payday loan].
Debt Hacker estimated the true interest rate in Mr P’s case at 942%. Just like a payday lender.
Why SNC has failed
The administrators will give their summary in a few weeks, but at the moment SNC seems to have had three interlinked problems.
1) Losing a lot of affordability complaints
Affordability complaints against SNC were some of the easiest complaints to win:
- SNC could see what was in your bank account so it should have known you were in difficulty;
- repeat borrowing most months suggests that you are not using the facility for a one-off need, but have become dependent on it.
Many cases were settled directly by SNC when people complained. And 75% of the complaints sent to FOS were won in the first half of 2022.
To stem this tide, SNC tried to make it hard for a customer to use a claims management company. FOS dismissed SNC’s excuses for rejecting or ignoring CMC complaints, with the following wording being used in several cases:
I’m not persuaded there is any reason why the Financial Ombudsman can’t consider this complaint. It is disappointing that SNC has taken the stance that it has in relation to this particular jurisdiction issue considering that, in my view, it is patently incorrect and is therefore simply delaying the resolution of this complaint.
2) Restrictions from the FCA
In July 2022, the FCA brought in restrictions on Indigo Michael (IML) affecting the amount it took as repayments and its attempts to halt CMC complaints. After some immediate changes it restarted lending but by mid-September it stopped lending to new borrowers.
In late 2022 new FCA restrictions were imposed. These include:
IML must not use a CPA to take repayments from any existing customers where IML has reason to believe there are insufficient funds in the account, or that taking payment would leave insufficient funds for priority debts or other essential living expenses, leading to the customer borrowing further from IML or another firm, or entering their overdraft facility to meet such expenses.
Before taking on new customers or offering credit limit increases to existing customers, IML must, when conducting its creditworthiness assessment assume that repayment of the full capital balance plus interest will be collected, without the customer having to borrow to meet repayments.
3) A funding problem
IML’s last published accounts showed a debt of £50 million to its parent company, Account Technologies Ltd, that didn’t have to be repaid until at least January 2023.
With the additional FCA restrictions the business may no longer be profitable. And increasing numbers of complaints have been made after the FCA stopped SNC rejecting claims company cases – there must be several thousand claims outstanding now at SNC or with FOS.
If the parent company doesn’t see a future for IML and now wants its loan back, that may have dictated the timing of the administration.
What normally happens in a lender administration
I’ve written quite a few of these “payday lender fails” articles over the last few years – and Safetynet Credit was effectively a payday lender. Most have followed a similar pattern:
- lending stops;
- administrators halt any refunds which are in the process of being paid – customers owed refunds have become unsecured creditors and it won’t be known for some time how much cash there will be to pay out, if any;
- existing complaints are put on hold. New complaints arriving are put on hold. FOS returns outstanding cases to the administrators to settle – FOS has to do this in an administration, it doesn’t legally have a choice. . The administrators develop a means of deciding whether to uphold complaints or not;
- unsecured creditors are only paid a percentage of any cash refund and that after a year or more. This has varied from 50%+ to nothing.
- people with a complaint and an outstanding loan will first get a reduction / write off of the balance. This happens in full, then if there is any remaining refund to be paid in cash, they are paid a percentage of that;
- outstanding loans after any balance reductions are usually sold to a debt collector.
What will happen in the SNC administration
Some lending continues… for 5 months
Unlike most lender administrations, the FCA has agreed to the administrators carrying on some lending:
- there won’t be any loans to new customers;
- no loans to customers who have a current balance but haven’t borrowed from it in the last 30 days;
- a customer who has borrowed in the last 30 days can borrow again but has had their credit limit reduced to the amount they borrowed;
- SNC has emailed affected customers telling them what their credit limit has been reduced to and warning that credit limits are likely to be reduced further in the future.
The Statement of Administrator’s Proposal published on 10 March 2023 say that lending is being wound down over a period of five months.
There may be no money for cash refunds
This is because repaying the very large secured loan takes priority over paying unsecured creditors, which includes customers owed refunds.
The administrators initially warned that “there is very little prospect of recoveries for unsecured creditors“.
This means they do not expect to pay any cash refunds. This includes cases where a refund has already been offered by SNC or agreed via the Ombudsman as well as any new complaints that are made.
The Statement of Administrator’s Proposal says the only money available for cash refunds would be small and the amount may be less than the cost of assessing the claims.
What should previous customers do?
Update – it is now expected that customers with upheld complaints may get a small pay out, see SafetyNet & Tappily loans are written off for details
If you have already made a complaint, then there is likely to be nothing you can do to progress it. If your complaint is already with FOS, they have put up a notice saying what will happen – basically FOS won’t be taking any new complaints and will be returning existing complaints to the administrators.
What should you do if you currently have a loan from SNC?
Update – these loans are now being written off. See SafetyNet & Tappily loans are written off for details
Another regulatory failure
Before the administration Sky News said that SNC may be about to fail, describing it as the latest victim of an FCA clampdown on high-cost credit providers.
But it seems to me that the customers are the real victims here. They have suffered from SNC’s lending practices and they have also been let down by the FCA’s failure to supervise SNC effectively:
- the FCA allowed the misleading APR to carry on being advertised;
- it allowed a firm who was losing a large number of complaints to carry on without considering a redress exercise;
- SNC was allowed to trade with a level of capital that was inadequate to settle complaints.
Can’t pay your bills & debts?
Card or catalogue limit too high?
Can you get an overdraft refund?
Karol says
What does this mean for a Tappily customers? Do I still need to repay my balance? Is there a possibility that they will take money and I won’t be able to lend it anymore from them?
Sara (Debt Camel) says
Everything I have written about SafateyNet Credit in the article above also applies to Tappily.
Your debt still legally exists. Have you borrowed any money from it in the last 30 days?
karol says
I did borrow the money in December so it will be in the last 30 days.
Thanks for the article.
Sara (Debt Camel) says
OK, you need to assume that your credit limit will be reduced down to zero over the next few months. How long do you think it will take you to repay this?
karol says
My credit limit is £1440, usually they took around 450 a month from my account I did top up each month to cover my bills. Dose this means that they will take the money at the end of January and I wont be able to borrow again?
Sara (Debt Camel) says
So do you top up to your credit limit? How long has this been going on for?
Do you have other high cost debt, debt you have defaulted on or arrears with bills?
karol says
I do top up every month, what they take this is going on for several months now – I do have manage credit card debt and other bills among Tappily.
Do you think they will take all the outstanding credit on the payment date or only the minimum what they agreed? And if they take the minimum, will I be able to still top up?
Sara (Debt Camel) says
I don’t know what their plan is for this wind down. They say “It is currently anticipated that lending for eligible customers will continue for a number of months into late Spring 2023.” Whether late spring is April, May, June I do not know – and they can always change their mind.
What is your credit rating like?
Karol says
My credit rating is very poor. I wonder if there is a way to stop them to take money from my account ( I don’t know how the system works ) do you think there is an opportunity to speak with my bank ( nationwide ) and tell them to declined the payment so I can just arrange the repayment plan with them, just the fact that I really struggle.
Sara (Debt Camel) says
Yes, you need To phone your bank up and say you want to cancel the Continuous Payment Authority. And then offer SNC an affordable low payment. They can only add interest for 40 days so this is frozen very quickly.
Karol says
Thanks, Sara
I will call my bank tomorrow and cancel this continuous payment authority and arrange the payment plan with Tappily. I hope they are unable to take money when I cancel this payment authority?
John Roberts says
“Administration” seems to be the best way lenders can escape the rules and regs, as per Buddy loans, administration takes them out of the FOS/FCA/FSCS virtuous triangle and hurls the poor borrowers into a world of hurt. Now what is Gummint going to do about this because their pet regulators allow these lenders to stich up the borrowers with impunity.
Sara (Debt Camel) says
Sweet FA probably.
Ryan Abram says
Hi Sarah, my complaint was passed to the FOS in May 2022 and was currently under investigation and assigned a handler just in the last month. I take it that this will not matter now even though the complaint was lodged pre-adminsitration.
Thabks for your help.
Ryan
Sara (Debt Camel) says
No it won’t make a difference I am afraid. FOS cannot legally make decision when there is an administration.
FOS has just put up a notice about this: https://www.financial-ombudsman.org.uk/news-events/information-customers-indigo-michael-safetynet-tappily
Carl says
This is horrific. Months and months and months of effort, only for it all to collapse now. £5,000 I was to receive. The FCA have clearly failed in every way. How can I claim against the FCA’s ineptitude?
Sara (Debt Camel) says
This https://www.fca.org.uk/about/how-we-operate/complain-about-regulators tells you how you can make a claim against the FCA. I am not aware of any claim like this succeeding :(
Karen says
Hi had a default notice of safety net saying I need to pay £634 today
Sara (Debt Camel) says
You are in arrears?
Can you say how long you have been borrowing from them?
karen says
i sent a complaint via revolver and my account was put on hold until sorted but received the letter this morning
not sure what to do
Malcolm says
Great work Sara. Payday lending is dangerous.
Jack says
Thanks for this Sara.
Why is it they only pay a percentage of the refund amount once they go into administration, if anything?
I raised an affordability complaint directly to safety net just over two weeks ago, they acknowledged the complaint straight away and said they’d aim to reply within 4 weeks. Is it worth still sending the compliant to FOS incase any of the complaints are upheld/there is money left after paying the secured creditors?
Thanks
Sara (Debt Camel) says
Why is it they only pay a percentage of the refund amount once they go into administration, if anything?
Because the administrators almost always have more liabilities to settle than there is money.
First call on the money there is is the employees owed wages, then any secured lending (I am simplifying).
Customer refunds are treated as unsecured lending which comes bottom in the pecking order. There is almost never enough money to pay them all.
In this case there is a very large secured debt and the administrators are warning there will probably be no money left for refunds.
Carl says
Out of interest, who is the large secured debt owed to? Still cannot fathom how the fca have allowed this to continue for so long
Sara (Debt Camel) says
Account Technologies Holdings Ltd
Carl says
Amazing. The director of the secured debtor is…………. The director of Indigo Michael. Mr Robert John Ashton. Tell me the fca aren’t corrupt :(
Sara (Debt Camel) says
It’s common for a subsidiary to have directors in common with its parent company. My point is that the FCA should have made sure that the subsists that it regulated had adequate capital to pay refunds. I’m not suggesting corruption, just incompetence.
RobM says
Probably the cynic in me, but they probably just started accepting all claims once they knew they were going bust, means they just go away once the administration is over and there’s no money left to pay out.
Debbie says
I have borrowed in the last 30 days. Only a very small amount. I pay the minimum payment each money. I do this before they take a lot more out of my account each month. Its a race against time each month. Will they still do this. Be able to take funds?
Sara (Debt Camel) says
yes they can. Can you afford to make these repayments or are you in a very difficult financial situation?
Krzysztof says
Well, I also have an insurance offer from snc and I see that I will never see the money again
RobM says
Something I’ve always wondered, in these situations if someone buys them out of administration as has happened in the past can you then pursue the new owner of the loan book for a claim?
Sara (Debt Camel) says
Normally a loan won’t be included in the book to be sold until an outstanding claim has been resolved. If the entire business is bought out of administration then I think the claims can then be made against the new owner but I have not seen that happen.
Krzysztof Szczepankowski says
17:28
The claims department has informed us that your compensation/refund will be transferred to your bank account as soon as possible. We’re sorry, but we can’t give you an exact time frame. Please access the FAQ on the website for more information. That’s what they told me in the chat and that they will continue to pay the complaint
Sara (Debt Camel) says
It would be great if they paid people who currently have an agreed refund. It is not what normally happens in an administration. I hope I am wrong and you get paid.
Krzysztof Szczepankowski says
And the best part is that tomorrow is the deadline for payment
RobM says
Hate to be the bearer of bad news, but my deadline for payment has passed 3 times now since I was initially given the 8th Dec as one.
Mike_p says
I’m glad to see the back of them, absoultely terrible company. I got into a nasty trap with them, I’d pay some money in to cover upcoming bills and they’d take all but £50 forcing me to borrow again.
Sara (Debt Camel) says
and again and again…
dyonne says
I made a complaint about SCN to FOS and they agreed i was due a refund, FOS emailed me a day before SCN announced they were going into administration. My question is am I unlikely to get this refund now? I did not owe SCN and it feels like they agreed to the complaint knowing full well they were not going to pay any refund.
Sara (Debt Camel) says
I think you should assume you won’t get any refund. Check back here in a couple of months to see if anything has changed for the better.
Jennifer says
Not sure this has gone on right post but wanted to thank this group for pushing me to pursue another mortgage lender ..I did and we move into our dream home next month .. huge thanks x
Gergo V says
I made an affordability complaint at SNC (used your template, just slightly changed it, thanks for that) and it seems I was lucky because they cancelled my outstanding balance and they paid me £1200 on top. This was approx 2 months ago.
Matt says
My refund was accepted 28/12/22 I called yesterday they promised I will get my refund confirmed by “manager apparently” can’t see how that would be given what the website says didn’t want to argue with the guy on the phone not his fault n guess he is losing his job but still feels like he just lied to me
Krzysztof Szczepankowski says
Buddy, I accepted their offer on December 15, they sent me an e-mail that I will pay in 14 working days, today in the chat they wrote to me what I pasted above from
Krzysztof Szczepankowski says
They cheated everyone and no one is responsible
Simon says
So I still owe them £570, they take £300 a month off me (even though I have the cap on at £100) and then I always have to borrow that amount back the same day and have done this for the last 12 months. I didn’t know all this was going on until this morning otherwise I would have complained ages ago.
I’ve worked out over the last 12 months I’ve paid over £500 in interest.
Will I just keep paying them as normal?
Sara (Debt Camel) says
I’m sorry you got caught in their trap.
Are you saying that SNC took more than the cap amount that shows on your dashboard? Or did you choose to repay more and then borrowed it straight back?
What are the rest of your finances like, do you have other high cost debt? arrears on any bills?
(I need to know to answer your question.)
Simon says
Hi Sara,
Yes when I got the £250 Credit limit, it had a £50 cap on for repayment but they always took £100 and then when it went to £500 the cap says £130 but they take between £300-£340 every month.
I am in a DMP and have loans etc, I am hoping to have it all paid off in the next 7-8months but I still feel I have been pushed and paid too much interest by them.
I’ve put the complaint in using your template and put down how much interest I have paid and they have sent the generic email about 8 weeks to reply and that so I guess I just have to wait and see.
I am not holding my breath with what’s going on right now. I think they company will go under in that time
Sara (Debt Camel) says
They have already gone under. As you are in a DMP and therefore already have a poor credit record, I suggest you ask SHC if you can repay the current borrowing at say £10 a month. And you tell your bank to cancel the COntinuous Payment Authority.
They don’t add any more interest after 40 days, so this will freeze the debt very quickly.
The othe4 alternative is to ask your DMP firm if you can add the debt into your DMP.
Simon says
I can afford to pay them off in full with bonus I have coming at the end of this month.
I don’t want to default on the account and get another mark on my credit record as I already have 4 default on my credit file dating back from 2018
Sara (Debt Camel) says
well this is your choice.
That bonus could be used to make settlement offers to debts in your DMP and perhaps clear £1000 of debt for £500.
It sounds to me as though you have a good claim, especially as they appear to have broken the T&Cs by taking too much money each month. If you stop paying them anything now, and make a claim your balance may be cleared and your credit record cleaned.
Luce says
I put in an affordability complaint and it got upheld on 5th January. They said they would write off £1079. Will this still be upheld?
Sara (Debt Camel) says
A write off of a balance should still be applied. I hope you will be ok – let me know if you have a problem?
Luce says
Hi Sara,
I will let you know. Thank you!
Luce says
Hi Sara,
Just to update you, my redress came through and it’s all been sorted!
Best wishes,
Lucy
Ryan says
I won a redress claim in dec22 and accepted it ,waiting on payment ,just rang and been told Complaints Department will pay but not given a date ,which doesn’t look good
Sara (Debt Camel) says
Well I hope they do pay out! But it would be unusual in an administration.
Gemma says
Hi I spoke to you the other day about the snc refund.i used a company called charterhouseclaims to help to complain about a Mis-sold Loan complaint from snc.
I was due a refund of 1000.49 for snc buti accepted this offer and was told I would receive refund by 3rd of Jan 23 this did not happen and then they went into administration on the 9th.i know they is no chance of getting this refund back now I’ve expect that but today I received a letter from charterhouseclaims saying that they are pleased to say that saftey have agreed to pay out refund and that it will processed in 14 days and that their fee (charterhouseclaims) is now due in 10 days but this letter was dated 5.1.23 and the fee due is £379.43…..
I have contacted charterhouseclaims several times by email to explain that snc is in Administration and that I’m likely not the recieve the refund from snc now but charterhouseclaims are now ignoring my emails and I don’t know what to do now as they is no way I can pay this fee.
do I still pay fee if I don’t recieve the refund?
I suffer really bad mental health issues and this complaint situation is making me worse…. I’m on universal credit also and have hardly any money in bank
Any advice will be appreciated thanks
Sara (Debt Camel) says
send them a complaint to Complaints@Charterhouseclaims.com saying you have no idea if you will be apid any refund from Safetynet Credit and you will not be paying them their fee until you receive the refund.
Are they dealing with any other claims for you?
What other debts do you have and are you behind on any bills?
Gemma Middlemass says
I will send them a complaints email now.
I do have one more claim with charterhouseclaims its for a shop very direct finance its just been acknowledged by very yesterday about the affordablebilty claim as the kept using my credit limit with out my constant.
I have a few others debts which are with lowell and link financial but I have contacted them already and they are aware of my current situation and have set up monthly payment plans which I try and keep up to date with.
The only bill I behind on is my 02 phone bill by 145.00 but I rang them the other day and they have put my account on hold till I able to pay bill….so that one less worry.
I just spoke to safetynetcredit live chat below is what was said
Abdirahman 16:03
I can confirm your account has been sent to our complaints department to process the redress however there is no time frame for the redress and you should receive email when is due to be send to you.
miss gemma l middlemass 16:04
But I thought that the company was in administration??
Abdirahman 16:06
Your redress is still to you as per your final response if you have any more questions please see the FAQs on our website for any further information
Abdirahman16:12
“Thank you for your enquiry, as per the above message your redress still in process, please see the FAQs on our website for any further information
Sara (Debt Camel) says
I’m sorry all you can do is cross your fingers.
How much are the monthly payments plans for? Many people on UC can’t reasonably manage more than £1 a month.
Gemma Middlemass says
Monthly repayments are just £5 each its all I can afford at the min but its nearly paid off .im on uc cos i have limited capacity to work due to my mental health ..I just don’t want to get in anymore debt
Hopefully something good will happen soon
Gemma Middlemass says
Hi I just received this email from charterhouseclaims about the complaint I raised with them yesterday
I am writing to confirm we have received your email of complaint and will be investigating the points you have raised.
A written response will be issued to the address held on file within 56 days of today’s date, in line with our Complaints Handling Procedure.
If you have received an invoice for the above listed case(s) you will not be contacted for payment until a complaint response has been issued. Please allow 48 hours for the ‘hold’ on your invoice to take place and disregard any correspondence you receive within this time frame.
If you have not received any invoice against your case(s) please ignore the last statement.
If you have any questions regarding the foregoing, or require any assistance, please do not hesitate to contact..
So hopefully they realise safteynet credit have gone under and that I probably won’t see any refund from them so that I don’t have to pay the fee to charterhouseclaims.
Thankyou for you advice yesterday much appreciated
John Roberts says
From their website: “These fees are only due once you have been paid.”
carlos says
Hi Sara,
I’ve just tried to send an email to complaints – If you already have made an affordability complaint or you make a complaint now (email it to customer.services@Safetynetmail.co.uk), then it is sensible to assume that the maximum you may get is for your debt to be cleared.
You will get bounce back email , I’ve just spoke to SafetyNet, the email address is complaints@safetynetmail.co.uk
Hope this is ok.
Sara (Debt Camel) says
Thanks! I did give the email they suggest on the website, but I will update the article with the one they have told you to use.
J says
Separate from Safetynet.
I am trying to argue with 118 re an irresponsible lending complaint.
I took a loan out in 2019 struggled to pay it off then took a further loan out from Everyday who paid 1st loan off direct to 118 I then took a second loan out with 118
I was also forded to take said loans out by my ex partner
Aside. From go to the Ombudsman cam anyone help or advise how I argue this as they are just saying their checks were satisfied
Sara (Debt Camel) says
I am sorry but send this straight to the Ombudsman. Not many lenders will change their mind if you try to argue and 118 is not one of them.
I only suggest going back to 118 if it appears that they have confused your case with c=someone else’s eg the dates and loan amounts are just wrong.
Also make a complaint to Everyday loans!
Sara (Debt Camel) says
I am sorry but send this straight to the Ombudsman. Not many company will change their mind if you try to argue and 118 is not one of them.
I only suggest going back to 118 if it appears that they have confused your case with c=someone else’s eg the dates and loan amounts are just wrong.
Also make a complaint to Everyday loans!
Gemma Middlemass says
I read that too…..surely charterhouseclaims are aware of SafetyNet credit situation
But they are ignoring my emails so I’ve had to put in a complaint against them so hopefully get a reply back from that tmoz.
Other ppl I spoke to who also filled complaints through company’s like charterhouseclaims have said that their company’s have withdrawn their fee as refunds are not going to happen now.
Just wish charterhouseclaims would get back to me I wish I never used this company now
Dave R says
I was a long time borrower from SNC over the years and thankfully they settled with me directly and are long since gone from my credit reports. Good to see another business with despicable lending practices go under. Would love to see Moneyboat sink next…
John says
Hi,
I knew they were circling the drain when they abruptly stopped lending back in July or whenever. Looks like there are some really useful replies from someone at Debt Camel. I’m in a bad spot, but dare-I-say this admin could be good for me… I’ve had a Tappily account since December ’21 and have used them every month since. I will work out how much interest I’ve paid, but it will be a lot with me using most, if not all, of my £1000 balance every month since. I’ve been dreading paying it all back as my current job is being evasive with money they owe me. However, I now intend to be in an affordability complaint (for obvious reasons) and tell them I will not be paying anything until it’s resolved (I hope they don’t default me). Naturally, I can’t expect any money out of them, but hope they’ll reduce or wipe my current balance with them (approx £1300).
Hannah says
For anyone waiting redress from an upheld FOS complaint, I’ve just received the following in a chat ..
Thank you for waiting Hannah, unfortunately due to the recent change in the business, you will not be receiving your redress. I do apologise for any inconvenience caused. Please look at the FAQs on our website for any further information
Sara (Debt Camel) says
Thanks for sharing – at least they are now being honest about this :(
Carl says
So the gyst of it is, the FCA have allowed Robert Ashton to keep going until all that was left was his own secured debt.
simon says
so for the people that owe money like me, should we just pay them back what we owe?
like i said i owe them £550 and can pay them off at the end of the month but feel like they owe me but in reading the previous comment it just doesn’t look that way
Sara (Debt Camel) says
If you can afford to pay it back, you have to choose:
either pay it back and give up on the idea of getting the balance wiped. In this case you should repay as rapidly as you can so no more extortionate interest is added.
or stop paying (cancel your Continuous Payment Authority by phoning your bank so they cant take the money), and make a claim for unaffordable lending. This will harm your credit score in the short term but that will be cleared if you win your claim.
If you can’t pay it back without borrowing more elsewhere, then it is probably more sensible to default to SNC and make a claim rather than run up more high costs debt. SNC stops adding interest after 40 days.
RobM says
The most infuriating thing is they will just reappear in a few months with all the same practices under a different name and all the people they owe money to will left out in the cold.
Krzysztof Szczepankowski says
Same thought the director will get his money back and start a new company similar to snc under a different name
Daniel Quinn says
Whilst I’m glad to see such a shady business go under this is very frustrating. I just received correspondence of their administration from Clear Legal Marketing who processed my original claim 10 weeks ago before I found this site.
The deadline to my claim passed 2 weeks ago and SafetyNet said they are still investigating and that I would expect a reply in 4 – 6 weeks but I am free to take my complaint to the ombudsman which I did straight away shortly after emailing complaints telling them this was unacceptable and they had 48 hours to respond before I escalated my complaint. No surprise there was no response.
More annoyingly prior to I made my claim, I received a notice of default 3 months ago from SafetyNet if I didn’t clear my balance of £679 they would default the account. Being in a DMP and not wanting to get another default 3 years into my plan (as all the others defaulted years ago) I agreed with StepChange to skip my DMP payment for a month to settle the balance with SafetyNet. Now part of me is thinking they knew this was coming all along and and that’s the reason they issued the notice of default.
Not only that I would have likely won my claim for around 2k based on what I’ve seen from other redresses and this would have gone a long way to clearing what is left on my DMP… now I am going to have to pay that out my own pocket!
Feel like I have been fully shafted here, is there literally nothing I can do?!
Sara (Debt Camel) says
Nothing.
Sara (Debt Camel) says
Do you have any other high cost borrowing in your DMP? Any large credit card or catalogue balances where the lender increased your credit limit when you were only making minimum payments? Being in a DMP is a good time to make affordability complaints – use the templates on this site and avoid claims company fees!
Krzysztof Szczepankowski says
I won a £6,500 claim they sent me an email on 19-12-2022 saying they would pay me within 14 working days and then they started lying that all payments were withheld for Christmas and that I would be reimbursed soon. In my opinion, they should respect the settlements that have been agreed
Before going into administration
Sara (Debt Camel) says
This is such a lot of money.
However administrators don’t legally have freedom to pick and choose who they will pay. Although ethically this is shocking, you are just another unsecured creditor of the firm at the point it went into administration.
Krzysztof Szczepankowski says
Well, just where is the law here that you can lie and deceive people like this because even when I wrote in the chat after going to the administration, they still claimed that I would receive money, only that they did not have a time frame now and that even if they were in the administration, I would receive compensation. I don’t understand that you can put people in a bottle like this… the fca just can’t control it. And the etiquette is everywhere. We are just another people deceived by them. If I was owed a refund of this amount then look how much they had to take money from my account
Sara (Debt Camel) says
I agree that’s bad. The customer service people should have ben told clearly by the administrators what would be happening.
John Roberts says
The FCA couldn’t catch a pig in a poke, write to your MP
Michael says
Sara, how about if you have an upheld complaint (by SNC itself not from ombudsman) before administration. Is there not a priority to pay these agreed redresses before other unsecured creditors?
Sara (Debt Camel) says
All unsecured creditors rank equally in an administration – you may think you should have priority but you don’t. And anyway it looks as though there will be no money for any unsecured creditors at all.
NB I don’t like this and I think it is unfair. But I am just explaining the facts of an administration, not defending them.
John Roberts says
Once in administration the debtors are in a world of hurt thanks to the regulators, no FOS, no FSCS….write to your MP.
Krzysztof Szczepankowski says
What will it do if I write to my MP
Sara (Debt Camel) says
in the long run it may help bring about reform in the insolvency laws and in the way the FCA regulates these firms, which has been a lot too light touch. It is not going to make any practical difference to your case.
Ryan says
My redress was £9007 which they acknowledged on the 20 /12/22 and payable in 14 days also
Krzysztof Szczepankowski says
Mine was confirmed on December 14th
Karol says
This is so bad.
I hope you get what you deserve as this is a joke!
Grant says
I accepted the offer of a complaint in December, their 28 day window to pay is up on Tuesday 17th, will I still receive the payment as it was agreed and being processed?
Sara (Debt Camel) says
I don’t think so. If you contact them they will probably explain you are now an unsecured creditor.
RobM says
Just had it confirmed in an email from them, no outstanding claims will be paid, and it gives an email to lodge a complaint with the administrators, so that’s safetynet washing their hands of the whole thing it seems.
Sara (Debt Camel) says
Safetynet Credit are no longer in control of their finances.
Ryan says
Just recieved the email that my redress won’t be paid as highly unlikely any cash left over after they pay secured claims ,im classed as unsecured and to contact admin partners on how to access the claims portal if I do want to claim,though spent them an email last week which hasn’t been acknowledged
John says
Hi Sarah, are you able to offer any advice to me? My comment is the one that begins “I knew they were circling the drain…” above. I noticed today that I don’t even have a reference number from them (noone does) and none is shown anywhere in their correspondence or when logged in to their website. Their emailed response offered the false binary that there is one (internal) reference for setting up a payment plan and one (external) one for entering a DMP with a 3rd party. I advised I want whichever one is needed for a complaint. Very sneaky of them.
Sara (Debt Camel) says
You don’t need this number to complain to them if you are have a current debt and are complaining from the same email address they know.
You said you were going to add up the interest you have paid so far. That’s all your payments less your withdrawals. What is this number?
John says
Hi Sarah,
Thanks for your reply. According to the spreadsheet of all monies I’ve paid since Dec ’21 it’s £600 of interest. However I suspect, and will check later, that it the interest component may be even higher.
John says
To add some more, their own unnecessarily complicated “statement” shows £761 of interest paid.
Danny says
Hi Sara,
I called my bank (Natwest) to cancel the Continuous Payment Authority but they say they cannot do anything and I need to speak directly with Tappily. Is this true?
Is this right or should I escalate this with the bank? If it’s true, would Tappily cancel the Continuous Payment?
Thanks for all you do!
Sara (Debt Camel) says
No it is not true. Read this from the regulator https://www.fca.org.uk/news/news-stories/continuous-payment-authorities-it-your-right-cancel and then phone Natwest up again and insist. Ask to speak to a manger and if necessary say yo7 want his looked as a formal complaint
Karol says
Thanks to Sara, I have called Nationwide and explained that I would like to cancel continues authority payment and they did help as they put me to Visa and they cancelled the payment with Tappily. They also offered me a number if for any reason Tappily would take money to call Visa and dispute the payment.
Danny says
Thanks Sara – I can’t find anyone at Natwest who knows what a CPA is and they think cancelling my card will work, which I know it doesn’t. I’ll go again tomorrow morning and update here for anyone having the same issue.
John Roberts says
Tell them you lost the card, get it cancelled.
Sara (Debt Camel) says
that doesn’t help as the CPA is carried forward to the replacement card. Natwest must agree to cancel the CPA.
Hannah says
I had this issue previously .. I removed my banking information from my online account. If you do this, they can’t take automatic repayments, but you can make the minimum payment each month – for me, they were originally taking the full borrowed amount from my account each month, which would leave me with nothing and forcing me to borrow more.
When I deleted my card details, I was in charge – this reduced my repayments down to £30 a month and I no longer needed to borrow.
It’s definitely worth doing, but just remember to log in each month and make the minimum repayment, or more if you can afford. If you forget it could have consequences to your credit score etc.
Ryan says
We understand your complaint relates to the creditworthiness assessment on your client’s revolving credit with us, from the initial lend. Having investigated this we are upholding your complaint and your client is due a refund of £9,007.46. This means we are refunding the interest your client has paid to date on the credit borrowed and are adding the 8% statutory interest onto this. Please see the below breakdown of this refund minus income tax deduction. Total Amount Borrowed: Interest Added: Total Repaid: Amount Written Off: £95,114.88 £7,855.88 (£102,766.46) (£204.30) Outstanding Balance: Interest (to be Written Off): Outstanding Balance Minus Interest: Total Amount Repaid: Amount Applied to Funds Borrowed: £0.00 £0.00 £0.00 £102,766.46 £95,037.41 ,that’s what I told I would get :(
Larry Catherford says
£102K! They (very much THEY, not YOU) should be ashamed they lent that much. My word.
Jason says
It is criminal what they have done and the FCA are just as much to blame as them. I have been waiting months for my redress and was hit with all the usual nonsense. I am 28 years old luckily I have time to repair my credit file, they better update my credit file. Sick of companies like this. They should have upheld everyone’s complaints that were agreed to be refunded on set dates. They knew what they are doing and the administration process is just a cop out!
Rob says
Exactly, the fact they essentially owe the money to themselves through various legal loopholes says enough, they realised they were in real trouble if they had to pay all the claims because everyone who used them was probably eligible, so they’ve taken the nuclear option before it gets too bad. They’ll be back, same board, same financiers, different name, watch this space.
Ian T says
My SNC account was sold to Lantern DCA who use QDR solicitors to collect my payments.
Is there anything I can do about this, please? Or do i still have to pay this?
Sara (Debt Camel) says
I don’t think so. There is no money for the administrators to settle any claims like this.
Laura says
Hi Sara
I made a historic complaint to SNC a few years ago which was not upheld. For various reasons, I didn’t escalate to FOS. I still owe SNC money but they have not contacted me for over 12 months. Where do I stand now? Can I make another complaint now they are in administration? I would be happy if I could just get the balance written off
Sara (Debt Camel) says
I don’t know yet what the administrators are planning to do with “standard” cases where ther was no previous complaint so I cant guess how that will be applied to you.
Rob says
Has anyone else received information from the administrators today about submitting a claim via themselves?
Sara (Debt Camel) says
what does this say?
Krzysztof says
Yes, I got it and I don’t know what it’s about, I got a supposedly unique password for it but I can’t log in
Rob says
Just details on how to log into a turnkey portal where you can fill out some forms to submit a claim as a creditor, not holding any hope for money returned but they are at least acknowledging customers owed redress which is more than safetynet were doing towards the end.
Krzysztof says
Can you log in because I can’t even enter a unique password
Rob says
It was a bit confusing for sure, when you follow the link supplied in the first box for logging in just start typing indigo Micheal and they will pop up from a list, then in the box under that enter your unique code that was in the email, that will get you to the place you need to be
Karol says
I did reach out to Tappily and made them aware that I will be sending complain. They did provide an email with. See below response
Thank you for contacting Tappily. If you want to submit a complaint to us, please could you email your complaint to complaints@tappilymail.co.uk If you have any further questions, please feel free to contact our customer services team via our live chat facility, this is available from our website. Alternatively, you can contact us on 0808 169 4927. Our lines and live chat are open from 8am-7 pm Monday to Friday and on Saturdays between the hours of 9am-5pm. Kind regards,
The Tappily Team
Gemma Middlemass says
This is a vopy of the email i got today from indDear Customer,
We are writing further to our previous correspondence confirming that Joseph O’Connor, Clare Kennedy and Simon Appell were appointed Joint Administrators of the Company on 9 January 2023.
Please find attached various information for creditors in relation to the Administration process.
You have already been provided with details of how to submit an unsecured claim against the Company via the Administrators’ creditor portal, however should you require any further information, please contact the team by email at IML@alixpartners.com.
I got the other email with the pass code on it so you can submit a claim but I have no idea were to start with it.
Angela says
Hi. I’m wondering whether anyone knows where I stand here. The FOS upheld my complaint in December so I was due redress from SNC just before they went into administration. On 5th Jan I called up to make a repayment as I’d not yet received my redress and didn’t want to make a late payment – but as I knew I was getting a refund, I asked whether my redress would be recalculated (as I’m further contributing).
They took a moment to check and then informed me that they would clear my balance (£550) whilst I was on the phone and redress would follow, so I would not need to make any further payments – which was great. I then checked my account and it said closed. But I noticed on my January statement, my account balance showed as £550, they then added roughly £800 in interest, and the amount written off shows as around £1400. So totally incorrect as my balance was only £550 to start with (which included the max interest chargeable).
As my account is now closed, I emailed the Administrators who said they have not been passed any of my details (presumably as it shows on my account it’s been settled) and I’ve not received any redress. Where do I stand? Not even had an email to make a claim as they have no record. I’ve sent them my Jan statement and correspondence from the FOS but not getting anywhere.
Sara (Debt Camel) says
what redress were you expecting before they went into administration?
Angela says
I was expecting £1400 but less around £550 of outstanding debt (as they were using part to write off my outstanding debt). So in total £850. My account shows my starting balance was £550, and then they added £850 of interest, and then it says -1400 written off, and my statement balance is £0. It’s all wrong as only £550 should have been written off and the rest reimbursed.
Sara (Debt Camel) says
As the article above says, the administrators have warned that there is no money for cash refunds. So the end result should be that they clear your balance which is what has happened, nut they did it in a weird way.
Daniel says
Having seen on here some customers were directed to a portal to submit their claims I emailed the adminstrators and this is what they came back with:
Hello
Thank you for your email.
Complaints already submitted will continue to be assessed on their merits in accordance with the Company’s existing policies and procedures.
Once your claim has been assessed, you will be contacted to advise of the outcome via a final response and explain what that means for you.
Please be advised that the Financial Ombudsman has advised that it will stop considering any complaints against the Company as a result of the Administration.
Kind regards
The IML Admin Team
I made my claim 12-13 weeks ago and all I received was that they are still investigating on the 8 week mark. A final response to put this all to bed would be nice.
Sara (Debt Camel) says
I am afraid you may be waiting many moneths. The 8 week limit has no meaning now they are in administration.
Becky says
I have no hope of seeing my redress but what is really frustrating is that I complained back in August 2022, then passed it onto FOS due to no reply. FOS did absolutely nothing said in December it was still to be assigned to a handler.
Called SNC on 17 January 2023 to be told the complaint had been upheld. They then sent me a copy of their letter confirming the redress amount which was dated 8 December 2022! This consisted of clearing my outstanding loan and further £2000 due back to myself.
Their failure to advise of this meant they received 2 further repayments from me as I was on a payment plan.
They are still to reduce account to 0 at their end and have now threatened court action if I don’t make further repayments. I would love for them to take me to court just so I could show that they actually owe me the money and due to their lack of competence they would incur court costs in addition!
Sara (Debt Camel) says
the have threatened court action? “Go ahead, make my day” comes to mind as suitable reply.
John Roberts says
That would be interesting
Sara (Debt Camel) says
it’s not going to happen. They are bluffing.
Lucy says
HI,
How do I make an affordability complaint?
I have just had an email telling me that they have decreased my credit limit, but this may now leave me short. I always used them as a top up.
Sara (Debt Camel) says
What was your limit, how much have they cut it to and what is your current balance?
How long have you been using them for?
Lucy says
It was £490 but they said it will be £370 from the 9th March 2023. Outstanding balance is £611.96.
I’ve been using them for a while now (since 2016).
Is there something that I can send them? I’m worried now as I may not be able to afford the necessities.
Many thanks
Sara (Debt Camel) says
so how much do they normally take each month? and you borrow as much as you can?
You need to read the article above – the only compensation you are likely to be able to get for this is to refuse to pay them any more and have the current balance written off. So to do this you need to phone your bank and cancel and direct debt or continuous payment authorty SNC has over your account. You cannot cancel a CPA in an app, you have to phone them.
What other debts are you repaying at the moment? Are there any debts you are not making any payments to?
Lucy says
I think it is about 330 each month and then I can top up after (which is bout 270)
What do you mean by CPA? I can phone my bank tomorrow and cancel the payment to them. Do I need to contact SNC about this and complain? Is there anything I can say to them to get the debt written off?
I have a credit card but those payments are being made (minimum sometimes) but I am making payments on my other debts.
Sara (Debt Camel) says
I have updated the article above to say how to cancel the payment.
In your case you have borrowed for so long you are likely to have a very strong case.
If not paying SNC doesn’t solve your financial problems, contact National Debtline on 0808 808 4000 and talk through your full situation. And also have a look at making affordability complaints about your other debts, see https://debtcamel.co.uk/tag/refunds/ which has link to different atricles for different types of debt.
Lucy says
They take 330 a month as a payment then I Can top up the rest.
Do I just call my bank and tell them to cancel? Do I need to phone SNC? If so what can I say to them? I’m so unsure about how to do this. Can you help?
Rob says
Hi Lucy, the best thing to do short term is to turn on breathing space via the SNC website and set it to as low as your minimum payment, then begin affordability proceedings, if you have been borrowing that long it’s clear that your SNC account is causing you financial issues. Don’t worry about credit file impacts as it will be expounded from your file on a successful claim, and your situation is very similar to mine and I was successful in the claim.
Sara (Debt Camel) says
but it may be better not to pay them ANYTHING. Every £10 you pay now, is £10 you are unlikely to be able to get back.
Lucy says
They turned off breathing space last year so that wouldn’t work.
So I will contact my bank and get them to stop the payments.
Thank you, I will have a look at the cancelling process.
Stacey says
Hi. My boyfriend has a tappily account – made an affordability complaint before tappily went into administration. He had actually paid the balance of the loan off before they went into administration, so he no longer owed anything. He accepts that he will probably get nothing from his complaint now, but what we would like to know is should we contact tappily to close the account or will this happen automatically now. He is trying to get his finances in order ready to buy a house next year, so ideally we want the account shown as closed on his credit report. Any help would be much appreciated. Thanks
Sara (Debt Camel) says
He may as well call and ask for the account to be closed – assuming he can’t do that online? I don’t know if they are dealing with requests like that.
realistically if a mortgage lender sees no borrowing on an account for a year they probably won’t care.
KY2023 says
I settled my account within the last 18 months and recently opened a case against them, however, I was met with a reply explaining they were in administration, I would be considered an unsecured creditor and likely to receive nothing in a redress as there likely would be no money left after the administration process finished. I have 2 questions if you could help?
1) Once the administration finishes will SNC be removed off my credit file?
2) Can I have them removed off my file sooner?
Thanks
Sara (Debt Camel) says
do you have missed payments or defaults on this credit record?
KY2023 says
Hi Sara, appreciate the fast reply. The account was opened 03 Aug 2017, and satisfied and closed 24 Mar 2021. It defaulted 30 Jun 2019.
Sara (Debt Camel) says
I do not know what the administrators will do.
If they were going to determine all the complaints, then the default would only be removed if your complaint was upheld.
They could decide not to determine the complaints but remove negative information. I don’t know if they will do that.
You could reply saying you understand there may be no money to distribute but you would like the default removed. – I have no idea if that has any chance of success.
The administration may well last for a lot more than a year. Your options after that will depend on what the administrators have done.
Khawer says
Great thanks for the info, do you have any template of a complaint letter that might be helpful?
Sara (Debt Camel) says
no, just send them a short email.
Lucy says
Hi Sara,
I’ve asked them to remove the CPA on my account and they said that I still owe the debt. But they will try and reply to my complaint email within 4 weeks.
So I know that I will default but is it worth it?
Sara (Debt Camel) says
I can’t make the decision for you as to whether this is worth it.
As I said, the only compensation you are likely to be able to get for this is to refuse to pay them any more and have the current balance written off. It sounds to me from what you said as though you had a strong complaint. If you win the complaint the default will be removed from your credit record.
I don’t know what the rest of your financial situation is like. If your credit record is already poor you may not care about a default. If you can’t manage without borrowing money from SNC, you have to look at your other debt options.
Please talk to National Debtline on 0808 808 4000 if you are unsure.
Lucy says
Thank you. My credit rating is just in tue good range, but I’m not prepared to keep borrowing from SNC. I’ll play it by ear and keep my fingers crossed.
Thanks 😊
John says
I hope people, especially Sara, are still reading these comments. Further to my previous comments as John I have used Tappily for approx 18 months and usually used, and repaid, my £1k limit each month. I complained a month ago and intentionally didn’t repay anything as that’s the only way I’ll get any redress (by them reducing the £1k+ balance). They advised they’re going to take until late March (the 8 week maximum) to respond to my irresponsible lending complaint and whilst they initially gave me 30 days to resolve the account, as I requested, they will not pause further action and have today issued a NOSIA (Notice of Sum in Arrears).
I can’t tolerate the hit of a Default on my credit score, but I believe they won’t be able to do that until payments are at least 3 months overdue so either they reduce/wipe the account and I pay whatever’s left or I will at least resume making the minimum payments until cleared.
Sara (Debt Camel) says
They advised they’re going to take until late March (the 8 week maximum) to respond to my irresponsible lending complaint
that sounds like an automated reply. the 8 week deadline no longer applies to a firm in administration.
John says
Hi Sara, thanks for the fast response.
No it was a human response, prompted by me chasing a resolution to the complaint. Reading it again they said the deadline is March 20th, but they hope to respond before then (not sure why it would take more than a month to sort it out, though, so I expect they’re dragging their feet to induce more complainants to repay and wipe out potential redress). Does a firm in admin. have a longer timeframe to respond?
Sara (Debt Camel) says
There are no externally set timescales in an administration
John Roberts says
I’m going to drag the regulator over the coals regarding its unsatisfactory handling of the regulated lenders, the FOS and the FSCS. Leaving vulnerable borrowers at the mercy of unregulated administrators is unforgivable.
Sara (Debt Camel) says
The FCA has made the decision that lender insolvencies should not give rise to FSCS claims.
But neither the FCA nor FOS has made a decision not to intervene in administrations. They simply no longer have any jurisdication. It would require major changes to insolvency law to change this.
Vicky says
I’ve got £1200 to pay back for Tappily. Not sure if it’s possible to get my debt written off?
Sara (Debt Camel) says
have you submitted a complaint? How long have you been using them for?
John Roberts says
Make them an offer.
Sara (Debt Camel) says
I think she means she owes 1200, not that she has 1200 she would like to use to settle the debt
Colin Hendry says
Hey Sara I just got told by my bank(RBS) that they couldn’t cancel the CPA.
I actually rang twice and got told the same thing.
I believe it is false information but I will keep trying.
Also I complained through this email that you put up complaints@Safetynetmail.co.uk
I have told them I will not pay until administrators have a look at my complaint and told them until such time do not take any money through CPA.
I know they probably will still try but it seems RBS are not very helpful.
Sara (Debt Camel) says
I suggest you phone RBS again. And quote them this from the FCA https://www.fca.org.uk/news/news-stories/continuous-payment-authorities-it-your-right-cancel and say if any money is taken now out of your account you will be making a complaint to RBS and taking it to the Finacial Ombudsman if that money is not reimbursed.
Make sure you get the name of the person at RBS you speak to and try to be put through to a manager.
Colin Hendry says
I will most certainly give this a shot thank you.
Jonny says
Hi Sarah, I put a complaint in last year to safety net credit, I have recently had a email back saying they uphold
My complaint. But they have gone into administration. Yet I put my claim in before they went into administration. So it looks like I won’t get anymore? Yet they say they will wipe my balance. But that still leaves £1200 owed to me. Any advice ?
Sara (Debt Camel) says
there is no money to distribute in insolvency – a write off is the best you can get.
Have a look at your other credit, open now or closed in the last few years. Was any of that high cost & unaffordable? Make the claim straight away!
simon bowery says
so after 8 weeks i have been told my complaint will not be upheld.
i owe tappily £426, i can afford to pay them in full at the ends of the month but i have been charged mega interest like many other and don’t feel they deserve the full amount back,
i have a question. If i make them an offer of say 50% of what i owe them will they put a default on my credit file? i am aware they will mark it as partial settled.
i currently have 5 defaults on my account that come off on april 2025 and do not want anymore
Sara (Debt Camel) says
If i make them an offer of say 50% of what i owe them will they put a default on my credit file?
there are no rules about what an administrator may choose to do in this situation. You will have to ask them.
simon bowery says
so this is what they have said on web chat
simon
11:09 AM
would this mean you putting a default on my credit file???
Omar
11:09 AM
No your account is not in default. We would sent you a notice beforehand
simon bowery
11:12 AM
but the question i have is
simon
11:12 AM
if i make you an offer and you accept it will you then put a default on my credit file?
Omar
11:14 AM
No, I can confirm this should appear as partially settled instead. No default.
they have rejected my £100 offer. i just do not want a fresh default on my account with the others ending in 2years time. however i know they are wrong for lending me the money. also they would take £350 a month back when i had the limit set at £100 per month. they reject my complaint.
Sara (Debt Camel) says
Well that seems clear doesn’t it?
Simon Bowery says
I sure hope so. I’ve taken a screen shot of it all just incase. They rejected my £100 offer so I’ll see what they will accept.
But in doing so if they accept and it shows partial settled, does this have much damage on my credit score baring in mi d I have 6 previous defaults and some partials settled accounts already?
Sara (Debt Camel) says
see https://debtcamel.co.uk/ff-credit-record/
Sandra says
Partner had account with safety net. Changed debit card so they could not keep taking 90% of his wages and just setup faster transfer. After going into liquidation offered a f&f but refused offer 50% & 60% only accept full pay. So i paid it to get rid of it as they lowered his credit limit even though he was not taking anymore and credit scores plummeted. I paid it over 4 weeks and ovet paid by £20 not a lot but this was on the 23rd February and i made another payment prior on 22.2 and that went though.
They still have his account marked in arrears for £2.50 but a balance of zero and still no refund or account credit with the £20 paid on 23/2.
So what other mistakes it fly moves do they do. My Bank has confirmed they received it on 23.2 so trying to get it back.
John says
An update from me (‘John’ above): after 7 weeks they totally rejected my affordability complaint. Not sure, how they’ve done that with numerous defaults from 2018-19 on my credit score. However, I will now emphasise that their advertised interest rate is misleading, as you end up borrowing the ‘same’ lump sum every month.
Simon says
Did the same to me as well and I have had 6 defaults in my account since 2019, constantly were taking £300 a month back on a loan for £500 even though I had the balance to be repaired at £100. When I went on web chat to find out why they were too busy training new staff up to discuss!!
Sent off to Ombudsman but I’m not holding my breath. Still owe them £429 but I think they should clear that balance and close the account.