Loans2Go offers what I have called the worst loans in Britain.
Since 2021 they have been charging 770% APR. See the representative example Loans2Go quotes on its website:
- £550 borrowed for 18 months is a monthly payment of £113
- this adds up to £2035, a bit less than four times what was borrowed.
Contents
MUCH cheaper to get a payday loan than a Loans2Go loan
Of course Loans2Go don’t point this out on their website, but check out these numbers!
With a payday loan for £550, the maximum interest that could legally be charged is £550 – the amount borrowed. So you would only have to repay £1,100 – the £550 borrowed plus the £550 interest. And the monthly repayments for a payday loan for 12 months can’t be more than £92.
So you would pay a payday lender £92 for 12 months
but Loans2Go is charging MORE PER MONTH (£113) for MUCH LONGER (18 months).
Loans2Go also used to offer logbook loans, but this article is just about their standard personal loans. If you had a logbook loan from them, use the template on this other page.
Is this legal?
The Financial Conduct Authority (FCA) calls payday loans “High Cost Short Term Credit”. Its definition of High Cost Short Term Credit is a loan over 100% in APR and of 12 months or less.
So the Loans2go loan is outside that definition because it is 18 months long. So it isn’t caught by the price cap rule.
Unfortunately, this means its loans have crept through a loophole and are legal. I think the FCA should close this loophole.
Many people are winning affordability complaints about Loans2Go loans
I think this is the worst loan in Britain.
A loan is unaffordable for you if the monthly repayments were so high you couldn’t afford to pay them without hardship, borrowing more or getting behind with important bills. This is a standard affordability complaint, used for many other sorts of loans. If you win this you will get a refund of all the interest.
Because Loans2Go loans are so expensive they are often unaffordable. Many people are winning Financial Ombudsman (FOS) complaints about these loans – here is just one example: Miss R’s personal loan provided by Loans 2 Go.
No-one who isn’t desperate would take one of these loans out, and the ombudsman says Loans2Go should make more detailed checks on affordability when it thinks the borrower may be in difficulty.
Several people have said they were not given the full details about the loan before the money was given to them. If this happened to you, say this in your complaint as well.
First complain to Loans2Go
It doesn’t matter if you have repaid the loan or you are still paying, you can still complain.
You have to complain to Loans2Go first, you can’t go directly to the Ombudsman.
Email customerservices@loans2go.co.uk and copy it to ps@loans2go.co.uk. Put AFFORDABILITY COMPLAINT as the title.
Use this template as a basis and make any changes so it reflects your case:
I am also complaining that the interest rate was grossly excessive. It is unfair to charge someone more per month over 18 months than they would have paid to a payday lender for a loan the same size over 12 months.
[only add this next sentence if the date of your loan was after the end of July 2023] This loan does not represent fair value and it is in breach of the FCA’s Consumer Duty.
[only add this if you were not told the loan terms] The loan was not adequately described to me before I was given the money. This is an unfair way to give high cost credit.
I am asking you to refund the interest and any charges I paid, plus statutory interest, and to delete any negative information from my credit record.
[delete if you have repaid the loan] I would also like an affordable repayment plan to be put in place if I still owe a balance after this refund.
I am also making a Subject Access Request (SAR) for all the personal information you hold about me including, but not limited to, my applications, all credit and other affordability checks, a statement of account for my borrowing, and a record of all phone calls.
Let me know in the comments below if you are making a complaint about a loan that started after the end of July 2023, as there are some new regulations about those.
Is an offer from L2G a good one?
If L2G has offered to wipe a small balance or take some money off what you owe, you have to decide whether this is a good enough offer to accept.
For example, they may offer 50% of the interest off “as a goodwill gesture”. Or to reduce your balance by 50%. These are often very poor offers, you could get a lot more by going to the Ombudsman.
Sometimes Loans2Go will increase an offer if you push them. Here is what one reader said:
They replied firstly with the offer to half what was left and agree a payment plan and I refused and they immediately came back and wiped the loan clean and removed it from my credit file.
It’s up to you what you think a good offer is. But you can’t change your mind later if you accept and then think you shouldn’t have.
So ask a question in the comments below if you aren’t sure.
Take a rejection or a poor offer to the Ombudsman
You can send your complaint to FOS if Loans2Go has rejected it or has made you a poor offer. This is easy, just use this simple FOS form which asks you what they need to know to set up your case.
Send your bank statements to the Ombudsman – 3 months before and 3 months after the date of the loan. These are the best evidence that the loan was unaffordable for you.
Refunds from large loans inc car finance
Can you get an overdraft refund?
Could a Debt Relief Order help you?
luc donato says
could you please help about a personal loan provided by Loans 2 Go Limited in
December 2018. L2G is saying that i owes £3,850.00 when
i only borrowed £900. im having difficulty repaying her loan. it was 12 month and changed to 18 month
Sara (Debt Camel) says
So you applied for a 12 month loan but they gave you an 18 month one?
This is a normal loan, nothing to do with your car?
Lindsay says
Hi, I took a loan out with loans2go while manic ( I have bipolar and ended up sectioned in hospital. I am obviously responsible for the debt but wasn’t in my right mind to read the T&C properly, i borrowed £250 and have offered to pay £500 to settle the account, money I’m borrowing off my family as I’m currently on ESA (temporarily I’m hoping to find a job soon) Is my offer reasonable? Do they need a good reason not to accept it? Thanks in advance for any advice
Sara (Debt Camel) says
when you took the loan, could you afford the repayments without getting further into debt?
Have you made the repayments so far?
do you have other problem debts as well? are you behind with any priority bills?
Danielle says
Want to say thank for all your efforts and the great advise you provide here it’s really very much appreciated!!:)
I have been dealing with Loans to go for several months now in an attempt to have them clear their interest charges on an affordability basis complaint.
The loan was taken out by my brother back in 2019 for the amount of £1000 to be paid back over 18months with total of £4000 to be paid back. My brother has an awful credit record to the extent of not being able to get a phone contract under his own name. At the time they issued the loan he was also in difficult financial circumstances already £1000 in overdraft with his own bank and incruing further unplanned overdraft charges. Nearly £800 has been paid back to date but they still want a further £3500. I have discussed all this information with them and sent the relevant bank statements but they are refusing the complaint stating that they have ‘confirmed they have not erred in their decision to grant the loan and that is was fair’?! His financial situation is not much better to date and he has small amounts still outstanding with two other payday lenders dating back before the loans 2 go loan, i honestly can’t wrap my head around how these poeple are able to give out money under such terms to people with situations like this!!
I just wonder if you think we have a case to escalate this with the ombudsmen?
Thanks kindly for any advise you have
Sara (Debt Camel) says
yes, send this straight to the Ombudsman.
Also look at helping him with payday loan complaints?
And that overdraft, does he still have it? how much does he use every month?
Danielle says
Thanks Sara, was feeling at a loss with the situation as getting nowhere with Loans to Go themselves. I mistakenly made the initial complaint by telephone before coming across your information and they responded with a lengthy letter, with a lot of fancy statistics they had used to work out the loan was affordable. Then i emailed his bank statements and explained the situation, and had to chase them for a reply which was that they are upholding their decision.
The payday loans that i’m aware of are old from companies that have gone into liquidation that creditors are trying to revover.
He still has an overdraft of £1000 which he uses every month and incrues a charge of £100 when he exceeds this amount. That was the situation he was in with unplanned overdraft charges at time of taking out the loan, which they mentioned flagging up in his credit check, stating ‘your credit report was on the whole very positive. Whilst i admit there is some adverse information, this would normally be ecpected given the type of lending that Loans2Go provide’.
Thank you again, i will pursue this with the ombudsmen hopefully have some more luck with them.
Martin says
Iv recently complained and they have offered to cut my interest owed by 50%, should I accept it
Sara (Debt Camel) says
can you say some more about your loan – how large was it? was it your first from them? how much have you paid so far? what is your balance and what are they offering to reduce it to?
L2G can often be persuaded to “improve” offers so it’s worth thinking about this.
Martin says
Loan was for £300, made 5 payments , balance left is
Current Balance: £801.38
Proposed Write Off Amount: £405.03
Proposed New Balance: £396.35
They say reduce it as a good will gesture
Sara (Debt Camel) says
how large are the payments?
Martin says
£61.67 a month for a total of 18 months, Iv made 5 payments
Sara (Debt Camel) says
ok so you have already paid off the amount you borrowed.
If this was a payday loan, then you would have to repay another £300, they are suggesting you should pay £396.
Your options are:
1) to accept their offer
2) to reject and send it to the Financial Ombudsman. For a £300 loan it isnt always easy to guess what FOS would say. But L2G will be hit with a £650 charge if you so this, whather the decision on the case is, which is why they may be prepared to compromise.
3) to offer some compromise – eg you will accept this if they reduce the balance to £200 , or £300.
Lindsay says
Hi I can’t find my original comment but I got a reply asking me some questions, I’ll just recap, borrowed money £250, while manic (have bipolar) NOT using it as an excuse. I know I’m responsible for the debt. I do feel like I wasn’t in the right mind to understand the interest and terms though, regardless I’ve paid just over £700 altogether. Tried speaking to them to see if they would take that as final settlement (they wouldn’t but thought I’d try!) I’m on benefits after losing my job after I took the loan out, so my income has reduced by a great deal so am now struggling to pay my priority bills as my payment to loans 2 go is £54 a month. I’m surprised they lent to me at all since I had only been with my employer for a month so still in the probation period, but I guess they still saw it as a regular income and it was at the time
Sara (Debt Camel) says
apart from this, do you have other problem debts?
Lindsay says
Thanks for the response
Yes I’m 20k in debt actually, I made some very bad choices In the last ten years, I get ESA and PIP at the minute (because of my mental health conditions) but it’s not a big amount, so im in agreements with most of time creditors but the payments are low
Sara (Debt Camel) says
In that case I think you should go back and say you have already paid much more interest that you would with a payday loan, say you are unemployed and have problems paying your priority bills such as [rent? council tax? energy bills? and food?]. Say you want them to clear the debt or you will be sending it to the Finaical Ombudsman who may order you to get a refund. Add that you canniot afford to pay them anything at the moment so you are canceling the direct debit to them (if that is how they are taking the money?)
But really I think in addition to this you need to talk to a good debt adviser. Because 20k is a mountain of debt and it won’t be helping your mental health. If your only income is benefits at the moment and is likley to be for a while, then a debt relief order may get you a clean start, see https://debtcamel.co.uk/debt-options/dro/. I suggest you phone National debtline on 0808 808 4000.
Lindsay says
Thank you for the advice
Net says
Hello Sara, Do you have any advice for CashFloat. I got a loan last month for £500, I’ve missed my first payment which is £202, I’m really struggling and in payment plans with other lenders.
Sara (Debt Camel) says
Can you say some more about your situation? Are you in work? Do you have priority debts – rest, council tax, energy bills etc! Do you have a lot of other high cost borrowing? Have you added up the total amount of your debts?
Nets says
Thank Sara, for responding
This is my first post so I hope I’ve followed the guidelines and posted in the correct place.
I’m working but on low salary. I have other borrowing Credit Spring, Fund Ourselves and Mr Lender. Cashfloat gave me the loan extremely quickly, i had already missed payments with Credit Spring and Fund Ourselves. Cashfloat seem very aggressive.
Any guidance would be appreciated. I suffer from anxiety and this issues is not helping.
Best wishes and thank you
Sara (Debt Camel) says
Suppose all those 4 debts you have mentioned weren’t there….
Do you have any other debts? Overdraft, catalogues, Klarna, anything else?
Could you manage your money then, or don’t you have enough for your expenses?
Sara (Debt Camel) says
I am asking because I am not sure if it is the expensive debt that is the cause of your problems or there is something deeper.
Shaun says
Hi
I had a loan 18 months ago from L2G. I took out £300 and have paid back £1234 in total. I have now cleared the loan and made a complaint. I’m being offered £250 in compensation. Should I accept this or refuse the offer? Would I get more if I refused? Would the offer disappear if I went to the ombudsman and they ruled against me?
Please help.
I have 6 days to respond.
Many thanks
Sara (Debt Camel) says
You could go back to them and say you don’t think £250 is enough – that if you had taken a payday loan you would have had to repay £300 in interest, so £300 overall, so you would be happy to compromise on a refund of £500?
I can’t tell if they would accept – they do seem prepared to compromise so this could be worth trying.
It’s unpredictable what may happen at FOS – you could win your case and get £934 back. The Ombudsman could say £250 is a reasonable offer and you should accept it. Or they could withdraw the offer.
sarah says
did you accept the offer? I have been offered a £300 “good will gesture” for my 2 loans taken out… I have already paid 3 times what i borrowed, they are writing off the rest of the payments owed and paying me £300. i have just sent an email to accept. I was in the same position as you are in, and wondered if you went back to them and what did they say?
A sheeran says
I recently took out a loan with this company ..it wasn’t adequately explained to me about the 770% apr ..
The funds were literally in my bank account before I finished reading the fine print …this interest rate should be illegal no doubt
Sara (Debt Camel) says
Are the repayments affordable for you.
A sheeran says
Not at all ,I’ve just been made unemployed and it’s all very worrying
Sara (Debt Camel) says
do you have other problem debts as well?
A sheeran says
I had a sizable United utilities debt but I’ve came to an affordable monthly repayment with them
Sara (Debt Camel) says
people don’t usually take a Loans2Go loan if they have no other problems debts?
Camilla says
Hi Sara,
Thank you for all of your help in this article it’s much appreciated.
I took out a loan of £250 in September 2021. I’m now paying £51 for 18 months, I’ve paid over £250 already but the total paid once finished will be over £900. I’ve been given a settlement figure now of another £250 (I can’t afford to pay the settlement now so this isn’t an option for me).
When I took out the loan admittedly I was desperate for a short term quick loan, I do read everything carefully and there was definitely no information about the loan being over 18 months and over £900 total when finished.
I don’t know what to do? I am in debt, I do have an overdraft but I do manage it all. It’s not affordable to me, and is causing a lot of stress. I’ve also recently been in hospital and therefore on a reduced income. I’m refusing to pay loans 2 go until this is resolved.
What do I do?
Sara (Debt Camel) says
Loans2Go will sometimes negotiate. Do you know how much you have paid so far?
How much do your other debts add up to?
Your overdraft – how large is it? Are you in the overdraft all the time, not getting back into a positive balance at all during the month?
Camilla says
My other debts are in the thousands, but I do keep on top of them (with most of my income). I am slowly paying them off. I am always in my overdraft (£1400), My salary brings me out of my overdraft but after bills I go into it each month.
I have currently paid just over £250 to loans 2 go.
Camilla says
I also have a default on my account. If they had made the appropriate credit checks then they would have realised that this loan was unaffordable.
Neil C says
Hi Sara, I have an outstanding loans2go debt, I borrowed £250 then 8 months later borrowed another £250. As I had made payments between loans the agreement was for sum of £387:55 & they wanted £1594:44 paid back
At the time these loans were taken out I had other loans that they would’ve seen on my statements. I ended up defaulting on this loan & they passed it to United Kash & it’s well over £1600 that they want me to pay. With the loan being passed to United Kash what should I do for making a complaint? Do I use your form for Loans2go or contact United Kash. I’ve setup payments for United Kash but I’m not paying much & will take long time to pay it off.
Sara (Debt Camel) says
You make the complaint to L2G. They should have looked closely at why you needed The second loan before the first one was half way through. Send it to the Ombudsman if they reject it.
What other debts do you still have? Are you behind with any bills? Will you be able to manage the repayments with energy bills, National Insurance, council tax, broadband, mobiles etc all going up in April? And rising petrol and food?
Michelle says
Is there a time limit claiming from loans2go, I had logbook loans from them years ago
Thanks
Sara (Debt Camel) says
2007.
But if it is alder than 6 years, FOS has an extra check that it can take the case.
Richard says
Hi Sara. I made a complaint to loans to go. They have not upheld my complaint. I had other loans at the time. And was gambling a lot and constantly in overdraft. These are figures on the loan
Principle: £1,000
Total Payable: £4,114.08
Total Paid: £2,471.32
Balance Outstanding: Status: £1,642.76
Taken on the 19/8/2020
They have offered to write off the outstanding balance. Do they often negotiate. Does this seem fair. Thanks
Sara (Debt Camel) says
They will sometimes negotiate.
If you go to FOS and win (and them offering to wipe the balance suggests they don’t think they are in a strong position) the balance would be wiped and you would get £1471 back.
What do you think would be acceptable compromise?
Richard says
And that won’t include the 8%. Correct? I will reply and see what I get from them. Thanks
Sara (Debt Camel) says
the 8% will be negligible, not worth arguing about.
Richard says
Thanks. For the sake of information for all. I’ll let you know what they come back with. But if it’s nothing good. I’ll be taking it to the FOS. Thanks again
Richard says
How long does it usually take on average for the FOS to deal with it. Thanks
Louise Stratford says
the FOS have finally got in touch with me today saying they will let me know of the outcome of my complaint in 2 weeks.
I sent my complaint in November as soon as I got the rejection from Loans2go. So I’ve waited from November up to today…
Louise says
I sent a complaint and had it rejected in November. I sent my complaint straight to FOS in November and I’m still awaiting to hear back from them regarding the complaint… anyone else has similar? I know covid has changed everything but still taking a long time…
Sara (Debt Camel) says
have you had a confirmation they have the complaint?
Louise says
Yes had confirmation I even rang about a month ago to make sure they have it and they said it’s in the right place. I assume I’ve just got to keep waiting..
Sara (Debt Camel) says
yes
Patricia E says
Hi Sara
I took out an initial loan with loans2go in 2019 for £250 (monthly payments £57.14). Followed by a top up loan 5 months later (monthly payments £114.28). Final loan in 2020 for £726.69 ( monthly payments £166.09 x 18 months £2989.62). This was cleared last year. I did not miss one single payment. Can I claim back some of this exorbitant interest? Please advise.
Last but not least, your service is excellent. Really appreciate you.
Sara (Debt Camel) says
Taking out 2 top up loans is often a sign the loans were unaffordable. I suggest you send a complaint in now. If they make you an offer you are not sure is good enough, come back here and check.
Robert James says
Loans2Go have ‘sold’ my what remains of a £250 18 month loan to United Kash Limited debt collectors and are demanding £628.45.
I have only miss 4 payments and the loan is less than year old, but they are charging 18 months interest.
Also, I believe payday loans are not allowed to charged more than double the loan- or is it the debt.
Who can I speak to legally and cheaply to get them to reduce the amount owed to say under £250? Perhaps I could sue Loans2go for wrongful lending and get them to pay it, that’ll teach ’em. Can I force Loans2Go to be shut down and put into administration so they can no longer operate? Legally of course.
Sara (Debt Camel) says
Unfortunately as this loan is 18 months long, it is treated as a payday loan and the “only pay double” rule doesn’t apply.
What is the rest of your financial situation like at the moment?
Robert James says
I owe money to 3 other payday loans and a credit card. But the loans2Go trumps the payday loans in value. I could set up a a £50 a month standing order, I wouldn’t trust with my card details they may leave me with no money. And try to reclaim the money from Loans2Go.
With this quickquid redress I can pay the other stuff and be left with plenty, but I don’t want to waste £628 on Loans2Go. I need to get a new bike ,etc with the remaining money.
Sara (Debt Camel) says
Look at affordability complaints against the payday loans and l2G. If the loan has been sold, the debt collector may accept a settlement offer.
Robert James says
If I politely ask the debt collector and demonstrate my financial history , they probably would. Is it possibe Loans2Go sold the debt without the interest to Uk Kash Limited and they are trying to make the profit?
Sara (Debt Camel) says
no, the debt would have ben sold, not just part of it,
Robert James says
The sneaky dogs, that are Loans2Go, have sold my loan to UK Kash limited for £628. This is for a £250 loan. I’ve already paid £399 of it off but missed three months of payments at £57.00 per month. The loan was taken out in March 2021,so not even a year has passed. The total owed would’ve been £1028. I think the £399 of payments would’ve classed as a substantial payment towards the loan so should be covered by FCA rules against this type of lending.
I see Loan2Go have sold the loan and charged a full 18 months interest to the UK Kash LTD, It’s my understanding if a loan go to collections interest and charges accrued are frozen not and added after the fact.
I have sent a written response to Loans2Go telling them what I think of there practices in my own immutable style. Including stating that selling the loan at that value amounts to fraud. Poor UK Kash LTD, I determined to make lose on this one!!!
All I can say, Loans2Go are ‘CRIMINALS and SEMI-LEGAL LOAN SHARKS ‘ and prison’s too good for them.
Sara (Debt Camel) says
Unfortunately with a loan all the interest is due at the start. If you settle early, the cost is reduced. If you default, it is all due. So they haven’t done anything wrong. They haven’t committed fraud and you aren’t going to help an affordability complaint by adding on this sort of accusation.
Have you actually made an affordability complaint?
Robert James says
Not sure what’s the best way to do that? Also, United Kash LTD might be amicable to a reduced settlement if I paid upfront rather than say £30 a month?
Is it true once Loans2Go have sold it to United Kash Ltd it is no longer their concern and I should be dealing the United Kash ?
Sara (Debt Camel) says
There is a template in the article above. The complaint still goes to L2G – they were the ones that made the poor decision to lend.
yes a debt collector may accept a settlement offer, but one big advantage of winning a complaint against L2G is that they have to remove the default and ensure the debt collector does the same.
Caroline says
Hi Sara,
Firstly thank you for all your help,
I took a loans2go loan may 2021, £500, 18 monthly payments of £114.28, I made 10 payments and was missing priority bills, I used your template, told them I had also just received an attachment to earnings for council tax, and emailed 21/3, on the 25/3 received
acknowledgement letter of my complaint, today 29/3, have received final response, after reading through the usual “we did everything right ” they said they would not accept my complaint but because of my circumstances they would write off the remaining balance (£914) and give me £250 compensation.
I’m happy with this and have accepted.
Sara (Debt Camel) says
Good.
What about the rest of your debts – do you have other high cost credit debt now? that has been repaid or defaulted?
Aprt form council tax, do you have other priority debts – rent, energy bills?
Caroline says
Hi Sara,
I am contacting likely loans who I still have a balance with and my credit cards are on a payment plan, do you have an email for very?
Thanks to you I have a claim in the schemes with quick quid and provident.
My energy is pre payment meters so I try to use as little as I can.
Sara (Debt Camel) says
they don’t like getting emails…
You have to complaint by phone or letter: https://www.very.co.uk/help/en/online-help-system.page#help-contact-us?PPI%20Complaint
David says
I stupidly took out a 2k loan from these sharks in February 2022 and the repayments will total almost 6.5k over 24 months, repaying 268 a month.
I got the money in minutes, no bank statements or payslips requested, didn’t speak to anyone.
I’ll be getting a conplaint based on this thread, and hope to have oayments reduced to an affordable amouny.
thank you.
Sara (Debt Camel) says
they often make poor offers and can sometimes be persuaded to increase them.
David says
Ahhh found the original post…
Loans2go offered to reduce interest by 50% and arrange more affordable repayments.
Should I accept?
They’ve agreed they used national averages and not my actual expenditure, they also confirmed they didn’t do a credit check or ask for bank statements as I’d already passed their “stringent checks”?
David says
Should I write to L2Go to inform them I want to cancel the CPA for the monthly repayment now that they have offered a reduced payment and interest reduction, even though I will likely escalate to FOS? Or if I reject their offer do I have to continue paying the full amount on the original agreement please?
Sara (Debt Camel) says
If you stop paying them, this will affect your credit record in the short term, but the negative marks will be removed if you win the case at the Ombudsman.
Are the repayments causing you problems? If you are, it’s better to not pay L2G – hoping that these negative marks will be removed – that to not pay another lender or get behind with priority bills.
If the payments aren’t causing you a problem, then you can continue paying – this will increase the refund you eventually gte. This will only go wrong if L2G go into administration, when you may get back little of the extra money you have paid them. I have no particular reason to think they are in difficulty at the moment, but this is a difficult time for many bad credit lenders.
If you decide to stop paying them, you need to phone up your bank and insist the CPA is cancelled. And tell L2G you are not paying. You aren’t asking for their permission.
David says
Thank you. I’m currently awaiting their response to my counter of their final response, which was to remove all interest and reduce payments rather then their offer of reducing the interest by 50% and reduce payments. I will advise them on my CPA, I appreciate the advice again.
David says
Hello. L2GO have accepted reduced payments for a period of 3 months and have agreed to not negatively impact my credit score. In their response they have asked me what I feel a suitable solution would be, why would they ask this? I’ve already requested the removal of interest and reduced reoayments, but it seems that may not be sufficient and they are implying I should ask for an alternative solution. What should I do?
Sara (Debt Camel) says
I suggest you repeat what you have said – that you would like all interest removed so you only have to repay what you borrowed and at a reduced rate.
What is the rest of your current financial situation like?
David says
OK thank you. I’m in arrangements with all other debtors, have been since around 2019, while I have one other loan for £333 which will be paid off by July and I have no issues with that one.
I’ve only repaid £538 of a £2k loan with L2Go, so I will ask for reduced payments and removal of interest. I don’t think I can get away with having the debt cleared of course, so I’ll go with that. Thank you!
david says
Hello Sara,
L2G have again countered and offered to reduce interest by only 75%. They have also said my credit report will now show this account with a Q (Query) Status. As this is their 2nd offer after their initial offer of reducing interest by 50% and they are still ultimately rejecting my complaint do you think it wise to escalate to the FOS now or try to negotiate with L2G further?
David says
Hello DC.
For anyone following people’s progress in order to get an idea of their own potential results, FOS have upheld my complaint. Asked L2G to remove all interest and negative markers from credit report. I can arrange an affordable repayment to clear the outstanding balance.
Good luck.
Robert James says
Good news. My complaint to Loans2Go has been upheld , they have proposed to write of the £628 I still owe, but they keep the £399 I’ve already paid. This was for a £250 18 Month loan.
Shall I accept or should I pursue further compensation?I think writing of the debt is a result, that is one less thing to worry about. £628 out of my Quickquid redress makes me shudder.
Sara (Debt Camel) says
It will mean you have paid less interest than you would on a payday loan.
It’s quite a personal decision – although it could be better it isn’t a bad offer. And ombudsman decisions about one small loan can sometimes be erratic.
Robert James says
Hi, thanks. I best accept at least I won’t have to waste a further £628 and no worry. You never know I might get a surprise in the bank, but that’s unlikely.
Jack says
Hi Sara,
Just wanted to say thanks so much. After following your template and advice L2G have agreed to write off my remaining debt and clear my credit file.
You’re a star.
Dave says
Hi thanks for the guidance on here Sara, had a loans2go account £600 borrowed, over £2000 repayable….paid off the original £600 borrowed and then used the above template tailored to my personal circumstances.
Received a reply stating complaint was not upheld as loans2go had not done anything wrong but as a gesture of goodwill we’re willing to reduce the remaining balance by 50% leaving me to pay the best part of £800 remaining.
I rejected this offer and stated I would be taking this to the financial ombudsman as I know they have a charge of £750 per complaint that goes to them.
Loans2go then replied a day later and agreed to then write off the full remaining balance of just over £1600 and to mark this as settled on my credit file……this was all done withing 2 weeks of the original email I sent.
So just a thank you to Sara and this site for the help and info here, and a FYI for anybody else who may be considering sending a letter to loans2go this was my experience….many thanks
Florian says
Hi ,I am in simular to your situation ,I took 950 ,payed 2 instalments ,then now payed all 950 £I borrowed and first had a claim company to send them affordability complaint ,then fired them and send it my self ,been 3 days since I have send them a complaint -nothing so far.
So you had all cleared up by them ?
Thanks.
David says
Hi Florian? Yes I raised a complaint directly with L2G, within the 1st week had a response stating this wasn’t upheld, however I was offered 50% off remaining balance. I thought this was contradictory, if L2G were offering me 50% off after saying they had done nothing wrong it begs the question why?? I didn’t think they were just being a nice friendly company and just helping me out!
Maybe 3/4 days later I basically emailed back and said no to the offer informing them I would escalate the complaint to the ombudsman to be looked at independently, the next morning I was told that they would write off the whole remaining balance roughly £1600! as i had paid back the original amount of £600 this was all interest and then wrote it off
In the 3rd week I received confirmation the debt was gone, and checked my credit file a few weeks later. my credit file had not been impacted negatively it had actually improved as the debt now shows that it’s paid in full. I hope you have a similar experience as mine good luck and keep the faith!
Angela says
Hi I currently have an affordability complaint with an adjudicator after being rejected by Loans 2 Go. My loans were back in 2013/14. Today I received this from the adjudicator:
Dear Angela
I’m contacting you about your complaint against Loans 2 Go (L2G).
As you know, L2G think you referred the complaint to us too late and we shouldn’t be allowed to consider it. But I wrote to them to say I disagreed with their reading of the rules.
I need a little bit more information from you before I can move your case forward again.
Thinking back to the time when you took out this loan, L2G say you would’ve met with one of their agents to process the application for the loan.
At that meeting you were asked to give them copies of your bank statements and asked about your income and expenditure. Can you tell me what you thought about that at the time? Can you tell me what you thought they were doing all that for?
I appreciate those questions might sound a little odd (and that the conversation I’m referring to happened nearly 10 years ago so it might be difficult to remember exactly what you thought at the time) but it would be really helpful if you tell me as much as you possibly can.
Has anyone had similar follow up by an adjudicator? Not quite sure how to respond, I don’t have a cleat recollection of what happened at the time other than being in significant debt and continually stressed about trying to keep my head above water. Any advice appreciated.
Thanks
Sara (Debt Camel) says
I haven’t heard of anyone being asked this.
was this a log book loan or a normal unsecured loan?
do you remember if you completed an application form or if you were asked questions and the agent completed it?
were you given the impression this was just some formality? or that the agent would help you get the loan?
was it suggested that you should borrow more that you asked for?
do you remember being asked about a lot of expenses or did it seem some quick check?
Of course you may remember very little, that’s unsurprising.
Angela says
Now that I’m thinking about it I think the first loan I had was a logbook loan then it was later topped up. I think an agent filled in the form, asking me questions about my income and outgoings. When it was topped up it was done over the phone, not face to face. I really can’t remember specifics though.
I
Sara (Debt Camel) says
I think you should just say that – that you think the agent asked you some questions and completed the form but you don’t remember much about it.
Angela says
Ok thanks that’s what I’ll do.
Darren says
Hi Sara
You offered me some good advice regarding L2Go, and their initial offer to me of reducing the amount owed by 50% (to £1500, which is with a DCA). I replied to them asking for my credit file (a default) to be amended as an additional request. They have come back to me refusing to do this on the basis they are “a responsible lender so have to record what happened”. Now their claim to be a responsible lender maybe be debatable (!) but, is this a fair point on their part? What are the chances of a complaint to the FCA being realised and indeed would this force the change? They are not the only default on my account, regrettably. Would i be better to take this 50%?
as a FYI my only basis for claim was your template, i have no other exceptional circumstances such as gambling etc. I did simply, miss payments due to a combination of payday loans and cashflow issues at the time. Their extensive initial reply showed my income and expenditure but as i pointed out they wouldnt have seen my out of pocket expenses i have to make as part of my job which gave me at the time the cashflow issues. Many thanks again, in advance.
Sara (Debt Camel) says
I don’t remember replying to you about L2G?
how good is this offer? How much did you borrow, how much have you repaid so far?
have they also agreed to let you repay the balance at a lower affordable rate?
If you could get more by going to FOS, that tilts your decision in favour of that!
If you couldn’t get more, well if your credit record is poor for a lot of reasons, getting one sorted out won’t help it much.
Darren says
hi Sara
Currently owe£3000, loan was £500. so its a 50% reduction. The debt is with a DCA who don’t pressure me on payments at all, and £50 a month is comfortable for me. I have 5 defaults, one or two i expect to get removed due to other situations i.e Satsuma. As i understand it, settling a debt in default does’nt really affect the credit scoring so much so to at least get it reduced so much is a bonus? The possibility of getting more from the FOSin terms of them instructing a correction is i guess, the guidance i’m looking for. Other than their unfair interest rate (which i signed up to) i’m not sure what if the FOS process would give me more, unless your experience suggests otherwise. Many thanks, again.
Sara (Debt Camel) says
the question is, are the repayments afforable? If not you may win the FOS case and then you would only have to repay the £500 borrowed, no interest.
darren says
hi Sara
very affordable, i’m in full time employment. So i guess i’m best advised to take the offer they’ve made.
Your help as ever is much appreciated.
Liam says
Hi Sara,
I took a loan out with L2G back in June 2020 for emergency repairs.
The loan amount was £1000 with monthly repayments of £228.56 over 18 months, totaling £4,114.08. That’s a total interest rate of £3,114.08 for a £1000 loan.
I used your template above but they are stating that I am liable for all charges. The loan was given to me with a much lower APR before I took it out and afterwards the APR shot up.
I’ve been through the Ombudsman as well bud they’re saying they can’t uphold it. Is there anything I can do or am I stuck with the insane interest to pay?
Kind regards.
Sara (Debt Camel) says
have you had a final decision from an Ombudsman? or just from an adjuicator?
what is the rest of your finances like?
how much did the APR go up?
Liam says
This was from an adjudicator, not from an ombudsman.
I’ve given them a breakdown of my monthly income & expenditure which basically breaks even with some weeks having me needing to make some adjustments on what I spend money on more carefully.
Sara (Debt Camel) says
well you can ask for it to go to an Ombudsman.
but it doesn’t sound as though the repayments were clearly unaffordable for you?
Liam says
My income was around £1,600 & my outgoings for everything were coming to around £1,660 a month before the loan repayments were coming out.
I was having to make sacrifices in other areas in order to pay the loan or having to borrow off my parents, leading up to me owing them around £1000 before they told me they could no longer keep bailing me out.
Sara (Debt Camel) says
then go back to your adjudicator and explain this. Ask for it to go to an Ombudsman if the adjudicator won’t change their mind.
Liam says
Hi Sara,
Quick follow up to my last comment. I asked the adjudicator to pass my case on to the Ombudsman a few weeks ago.
I finally heard back from them today with a provisional decision with the following “Put Things Right” terms”
•Remove all interest, fees and charges applied to the loan.
•Treat any payments made by Mr L as payments towards the capital amount of £1,000.
•If Mr L has paid more than the capital, refund any overpayments to him with 8%* simple interest from the date they were paid to the date of settlement.
But if there’s still an outstanding balance, Loans 2 Go should come to a reasonable repayment plan with Mr L.
•Remove any adverse information about the loan from Mr L’s credit file.
I think this is a great outcome for a bad situation of outrageous APR rates. I’m waiting to hear back from them with the final result but they’ve said their final decision will be along them lines.
Gabster says
Hi Sara,
I got £3500 from QQ last week – over the moon. But this is about something else – a log book loan with Loans2go (asking for a friend).
Details of payments: 12 x payments from March 2019 to Feb 2020 (just before lockdown for Covid-19) totalling £993.36 and 2 further payments of £70 on 15/10/21 and 13/09/21. Total paid to date: £1133.36 Total due: £1490.04
Debt outstanding £256.68
They originally borrowed £500 on 14th February 2019
Their financial situation isn’t stable and wasn’t stable at that time, They had some other payday loans/HandT pawn broker loan for an item. And had some arrears with other debts (credit cards and phone company)
After putting in an affordability complaint in early April that have offered to write off the outstanding balance but that’s all (final response) Should they pursue this and send onto to the Financial Ombudsman, it seems like a very high interest loan, your advice please. Thanks!
Sara (Debt Camel) says
who is the lender?
Gabster says
Loans2go – a logbook loan (thanks)
Sara (Debt Camel) says
If your friend wants a “full refund” then they need to send this to the Ombudsman where they could get back 1133-500 = £633, which would be a refund of just over 3400 after the balance is cleared.
But L2G will sometimes negotiate. If your friend would prefer a quicker solution, they could go back and say they think the Ombudsman would uphold their claim, but in the interest of a speedy resolution they would be happy to accept the bapance being cleared and a refund of 3200 say. I don’t know how likely that is to work.
But what is their finacial situation like now? You say “not stable”. If they have a lot of other debts, then it may be better to talk to a debt adviser about all their options, I suggest they call National Debtline on 0808 808 4000
Gabster says
Thanks, Sara. Bit confused on your calculations – sounds great, but think you may have mixed-up his calcs with someone elses? £3200? Sorry, my maths isn’t all that either ;) please explain figures.
FYI, all priority debts were paid (it’s my husband) and I pay mortgage, bills, CT etc. He has a few debts, totalling £4-6k maybe, nothing too heavy now. But his work vehicle was stolen on 2nd Jan 2022 and still waiting for payout from insurance (imminent, but no work in 2022.) Self-emplyed and affected by Covid heavily as couldn’t work due to restrictions We’ve had 3-4 illnesses in the family since 2014 (elderly parents) and have been caring for them on and off, and have 4 children, 2 born after 2014. (2 are 18+ and we help with Uni and college fees/care/accommodation So all very busy…and expensive.
His bank statements 2 month prior to this loan shows 1 payday loan (MyJar) and 2 x unpaid bills FYI.
Thanks again for your support and advice, what do you think we should do, offer for them to clear balance and give him back XXX ? sorry calculations were beyond my capabilities LOL
Sara (Debt Camel) says
Sorry, two of those “3”s should have been £ signs. This is how it should have read.
If your friend wants a “full refund” then they need to send this to the Ombudsman where they could get back 1133-500 = £633, which would be a refund of just over £400 after the balance is cleared.
But L2G will sometimes negotiate. If your friend would prefer a quicker solution, they could go back and say they think the Ombudsman would uphold their claim, but in the interest of a speedy resolution they would be happy to accept the balance being cleared and a refund of £200 say. I don’t know how likely that is to work.
But what is their financial situation like now? You say “not stable”. If they have a lot of other debts, then it may be better to talk to a debt adviser about all their options, I suggest they call National Debtline on 0808 808 4000
—————————————————————————
It is a stupidly high interest rate, but you win these complaints by showing it was unaffordable, not complaining the rate was too high.
I think he has to stop borrowing completely at the moment. And if he has no income he should look at token £1 a month payments until he is back working.
It’s up to you if you want to try to negotiate a bit of a better offer, take what has been offered (which sorts one problem – make sure they agree to remove any default or missed payments…) or send it to the Ombudsman.
Gabster says
Great, thank you so much for your help. Good advice, we will challenge their final decision and if not, we will take it to the FOS.
And thank you for the other advice, he has stopped borrowing, and we’re finally paying off a few things. Van insurance due to payout any day now, so hope we can get back on our feet one he has a work vehicle again. I have put in affordability complaints with Money Platform, Advantage Car Finance and Safety Net, all using your templates, about these loans being unaffordable. I’ll keep you posted on any good news regarding these, as and when. THANKS again for your support and advice.
Gabster says
Hi Sara. Good news. Loans2go have agreed to write off the balance, and pay my husband £250 and mark the credit file as closed. Thank you!! With your your advice, we’re finally getting on track!
Have a lovely weekend!
Sara (Debt Camel) says
Good result
Hels22 says
Hi Sara,
I stupidly took out a L2go loan in Feb of this year for £1200, over 18 months at £160 a month. I have paid 3 instalments. Obviously, the interest is hideously high and i am going to end up paying £3800. Can i submit an affordability complaint now even though i have only paid 3 lots? I have 1 other payday loan on the go at present & 3 credit cards.
Sara (Debt Camel) says
are the amounts actually affordable – can you pay them and still be able to pay your other debts, bills and living expenses?
Hels22 says
Its a big struggle i will be honest. Its 24 months, not 18 months as i said above.
Hels22 says
Hi Sara, had a very quick response. Loans to go offered to remove 50% interest. This takes my balance from £3400 down to £2054. Is this offer good or should i push for 75%? Anything helps but ive read they sometimes can negotiate?
Sara (Debt Camel) says
Can you afford to repay £2054 and still pay your other bills, debts and living expenses? Gwetting abalance reduced if you still can’t afford it doesn’t get you very far.
So what your problem debts do you have that you aren’t paying or are only making payment arrangements to? What other debts are you paying in full? Are you in arrears with any important bills – rent, council tax, energy etc?
Hels22 says
Not in debt with priority bills at all. They actually did negotiate with me and wiped 80% off the interest. That leaves me in a much better position than a balance of £3400! Ive learnt my lesson! Luckily for me, they were actually v easy & quick to deal with.
Louise says
Just out of curiosity has anyone on here won a case with these at financial ombudsman and how long did loans2go take to contact you regarding settling the way the ombudsman has decided? I just won a case and ombudsman said they should refund the interest and 8% on top. I know they have 4 weeks to do this but just wondering if they normally do it quicker…
Sara (Debt Camel) says
Hundreds of cases have been won at the Ombudsman.
Is your decision from an adjuidcator/investigator or an Ombudsman?
Louise says
Firstly the adjudicator agreed but Loans2go disagreed so I had a final decision from an ombudsman who upheld the complaint just wondered if it normally takes the full 4 weeks for Loans2go to payout…
Lauren says
Recently sent a complaint regarding unaffordable lending to loans 2 go.
Principle: £1,000.00
Total payable £4,114.08
Total paid £799.96
I note that you declared your monthly income as £2,250.00 we verified that you received a minimum of around £1,269.10 monthly via an online income verification tool. Following an extensive review of your application, in addition to your credit file, we calculated your monthly expenses to be around £815.40. Therefore, the contractual loan repayment of £228.56 per month would have still been affordable.
e. As a gesture of goodwill and testament to Loans2Go Limited’s commitment to assisting and treating our customers fairly, we are offering to reduce the interest on the active Loan Agreement by 50%.
Authorised and Regulated by the Financial Conduct
Current Balance: £3,314.12
Proposed Write Off Amount: £1,557.04 (0% of Total Interest) Proposed New Balance: £1,757.08.
Wanting some advice or maybe some feedback on anyone who has been in a similar situation x
Sara (Debt Camel) says
They will often negotiate on their offers.
What is the rest of your financial situation like at the moment? Do you have a lot of other problem debts? Are you in arrears on any important bills?
David says
I recently got offered a reduction of 50% then 75% of interest, but they maintained the loan was affordable despite admitting not using my actual income and expenditure when assessing affordability during my application.
It’s now with the FOS because they have marked my account as in arrears only 10 days after agreeing to allow reduced repayments for a period of 3 months.
Good thing is though that if you escalate to FOS and the fos don’t uphold your conplaint, l2g cannot backtrack on their original offer either. Go for it. Nothing to lose I reckon.
Louise Stratford says
go to financial ombudsman you’ve got nothing to lose. I didn’t expect them to uphold my complaint and they did. Currently waiting for loans to go to pay me redress. They’ve got 2 weeks left to sort it.
Lauren says
Thankyou all for your input and advice. Does anyone have a template they used to send to the FOS. Did you notify loans to go you was taking it to the FOS and what did you say. I’m rubbish with words, any input would be really grateful. X
Sara (Debt Camel) says
there isn’t a template. You just use the FOS form here https://help.financial-ombudsman.org.uk/help which asks all the questions they need the answers to set up your complaint in their system – things like what is your date of birth and is this a single account or a joint one with someone else.
Just say a bit of what you said to L2G to make your complaint.
Richard says
Hi. Does anyone know the current average wait to when sending to FOS. Sent mine to them on the 18th of March. Thanks
Helen says
Hi I have had a letter from Loans2go saying they will not look into my claim of unaffordability and on the end of the letter its states this…….Please note that, under terms of our Complaints Procedure, this is our final response. As the complaint was received outside the time limits stated in DISP 2.8.2, we do not consent to refer the complaint to Financial Ombudsman Service.
Does that mean I cannot take it any further? many thanks
Sara (Debt Camel) says
yes you can still take this further.
Does it say that you have the right to take your complaint to the Financial Ombudsman within 6 months?
Helen says
No I don’t think it did say about the 6 month part. I did ask previous for a list of all loans I had received from them but I never took anything any further. I shall recheck email they sent me. But in total I paid, just in interest alone over £1200
Sara (Debt Camel) says
then send this to the Ombudsmn. It may be slow but why give up?
Helen says
Thank you, yes I plan on doing it over the weekend! That loans2go were brutal and harassed customers! They actually looked at my bank statements and advised me on ways I could work things better so I could afford to pay the loan!!! Absolute sharks!
Angela says
Hi
They said the same to me because my complaint dated back to 2013/14. I referred to ombudsman and an adjudicator said they didn’t agree with Loans2go and told them that but they didn’t budge. Adjudicator said he was of the view it could be looked at because i only found out about affordability complaints within the past 2 years. Now in the queue for an Ombudsman.
Tom says
Hi, really good to have found this page. I took a L2G loan last year for £250. The interest wasn’t explained very well at all and now I’m paying back something stupid like £900. My circumstances have since changed and I’m no longer in full time work and I’m claiming carers allowence for my partner. I have sent your template to the email and I’m waiting to hear back.
Sara (Debt Camel) says
Do you have other problem debts too?
Tom says
I have other debts that I’ve managed to arrange into payment plans. I’ve paid the full amount I believe of my L2G payment it’s just the ridiculous interest
Tom says
They’ve also just asked for bank statements. I’ve sent proof of my benefit income.
Sara (Debt Camel) says
if they want bank statements then send bank statements.
Robert says
Hi Sara,
I contacted L2G using your template and this is the reply I have received:
We are sorry to learn that you have been dissatisfied with the service. I can confirm we have passed your complaint regarding irresponsible lending to our Customer Satisfaction Department for a full investigation and response.
As requested, I have forwarded on your request for a Data Subject Access Request (DSAR) to the relevant department.
With regards to your loan please be advised that the interest is frontloaded, which means that all the interest which will become payable over the term of a loan was added at the beginning of the loan term. You agreed to repay £1,000.00 over an 18-month term at a 17.3% interest rate meaning the total amount repayable is £4,114.08. The loan repayments and duration are clearly stated within the credit agreement you signed on 15/06/2021. So far, you have paid £1,419.96 therefore your balance outstanding is £2,694.12 (£1,094.20 of which is in arrears)
The Pre contract and Credit Agreement were both available for you to view and download before you electronically signed & accepted the credit agreement and it is your responsibility to ensure you fully read and understood the terms of the credit agreement before accepting this.
Do I wait to hear back from the customer satisfaction department and DSAR before responding?
Thanks
Sara (Debt Camel) says
Yes just ignore that. It has nothing to do with whether the loan was affordable for you.
Robert says
Hi Sara,
I waited as per your above advice…
Just wanted to say thanks so much, L2G have agreed to write off my remaining debt and close my account!!!
Thank you :)
Florian says
Hello,
I am in the same boat with Loans2go, for 950£ pay it back 950£,what you did after your personal complaint of unafordability lending.Did you waited 8 weeks for their “answer”.?How you made them to close your account?Have you paid them anything in 8 weeks.
They not only have their money lended to you, but they make 500£ profit. They robbing oracle in their tragedies.
Robert says
Hi,
I used the template from Sara… that was sent to them on 6th June, by 8th they had responded with the above.
I waited as per advice from Sara.
I did not make any further contact with them and I did not make any payments.
Yesterday I received an email from them that the balance would be written off and account closed.
The only action I took was to send them the template Sara provided.
Robert says
Along with a lengthy letter this was the reply I received (I was on a reduced payment plan);
In the circumstances and after considering all the evidence available to me, I cannot uphold any aspect of your complaint. However, based on the information you have provided about your current circumstances, I believe that it is important that we show that we care, and we try to help you, especially in these difficult times. As a gesture of goodwill and testament of Loans2Go Limited’s commitment to helping our customers and treating them fairly, I am offering to write off the outstanding balance of £2,694.12 on your loan and close your account with nothing left to pay. We are doing this in full and final resolution of your complaint.
Please advise us if you are satisfied with the resolution provided and accepts this as full and final settlement of the complaint within 14 days of this letter by emailing to ps@loans2go.co.uk
Florian says
Thank you for sharing,so that is after Saras advice.
God bless you,Sara!
Actually after the complaint you made and after 8 weeks.?
How long was it after complaint?
Thank you!
Robert says
I made my complaint on 6th June and received the reply on 27th June. No other correspondence apart from the template off Sara
Yohannes says
I Barrowed 250 pound. Know they are told me to pay back 925 pounds. Please help me
Sara (Debt Camel) says
Can you say how many other debts you have? What do they all add up to?
Abhiram says
HI Sara,
I took £500 loan from loans2go in Sept 2021 and paid £106 per month for 6 months. After that my financial condition became poor and stopped paying till now. I also have other loans for LikelyLoans balance of £1400 and FairFinacne of £1100. I stopped paying for all these loans from Jan 2022.
What options I have ?
Thanks,
Abhiram
Sara (Debt Camel) says
Are these all your debts or do you also have credit cards and an overdraft? Any arrears on important bills?
has your income dropped or is it mainly a problem with the rising cost of living?
Abhiram says
Hi Sara,
I have credits cards too and a 500£ over draft in Halifax. No priority bills are on arrears. My Income dropped and rising cost of living too.
Sara (Debt Camel) says
I suggest you need to do two things.
First talk to StepChange about your debt option. Call 0800 138 1111. It may well be that a Debt Relief order is your best options to clear all your debts and have a clean start. Or a Debt Management Plan where you make one payment to StepChange each month who divides it between all your creditors. Interest and charges should be stopped.
That will get you into a safe situation. Then you can look at affordability complaints against Loans2Go (see article above), Likely Loans and FairFinance (for both of them see https://debtcamel.co.uk/refunds-large-high-cost-loans/). These complainst can take a very long time as many need to go to the Ombudsman. They can really speed up a DMP, so they are well worth doing, but you can’t try these first to try to avoid the DMP as they will take too long.
Lucie says
Hi Sara,
I’ve had 2 loans with L2G, first one finished in April and I took out the other loan in April.(same month) I’ve also got around 5 other pay day loans, bank loan and 4 credit cards. I earn a decent wage but after everything is paid off leaves with me with very little per month and my credit rating is 599 on credit karma. Do you think I’ve got a good case to complain? Thanks
Sara (Debt Camel) says
how large were the L2G loans?
the payday loans – who were they from? how many loans did you have from each lender?
Credit cards – did the lenders increase your credit limit when you were only making minimum payments?
Lucie says
I think the first loan was £250 and the current one is £500 paying just over £102 for 18 months.
I’ve got payday loans from cash asap, money boat, fernovo. I did put in an irresponsible lending claim with some of these around 2 years ago and whilst they didn’t decrease charges I did come to payment arrangements with them.
None of my credit card limits have increased but have got around a £13k credit limit across them
Sara (Debt Camel) says
That sounds like a claim against Loans2 go that is worth making. Send it to the Ombudsman if they reject it.
BUT you need to get yourself into a safe financial space where you can stop borrowing and only pay what is affordable – so talk to StepChange on 0800 138 1111 about a Debt Management Plan. This is in addition to making a complaint against L2G – you can do both at the same time, wining the complaint will speed up your DMP.
Florian says
Hello dear Sarah,
I took 1 loan from loans2go in 2021(1500) ,then later on September and pay it early, then later I took 950£,and they want 3900£ the monthly payments are 195,I pay it only 2 payments ,and from October was having an private eye surgery in other country, then my partner and child came here ,I was on benefits and self emotes, low income ,have sorted priority bills ,no counsil tax arrears ,but I do have overdraft 1500 £i*make minimum payments ,another payday loan of 1500,£,3 credit cards ,one 450 ,another 200£ and one 250 £,,last 2 months I started well paid job ,earning over 3080 (but its seasonal ,but have my partner and a child and I have to payback a friend very high personal loan (private surgery.
I contacted an no win ,no fee ,they send complaint ,but I have no much trust.
What you should advice me to do ,as in September may be no job *only I work in our household,monthly installment is 195£ very high ,and balance is 3900? I am in arrears and default notice, paid just 2 instalnents if now I pay 950£amount borrowed what can I do.
Please ,can you answer me ,dear.
I afraid of bailiffs, my partner she lost her parents lately and can’t cause that to us.
Thank you very much!
Sara (Debt Camel) says
I suggest you talk to StepChange on 0800 138 1111 about a debt management plan to incluse all your debts, including the overdraft. They will help you work out what you can pay now, and that may need to reduce later if you can’t find more work at such a good rate.
You have to stop borrowing to cover problems. Getting into a DMP will help stabilise your situation. In a DMP you are very very unlikely to get bailiffs, not something to worry about.
Your complaint to L2G can take a long while to sorty out, you have to get into a safe place while this goes through.
It is a shame you complained through a no win no fee company as they will now expect a good chucnk of money if you win.
Florian says
Dear Sara,
Thank you very much !
I already was given a breathing place till tommorow,but now the company says with 3080 £ income can’t be on IVA,DRO and DMP doesn’t working for me.
(This income is just now from month and half and it will be may be seasonal,not sure)
I sorted all other debts ,paying them and the biggest problem is Loans2go ,my question is regarding the situation with them what to do.I am dealing and paying all priority debts and no problems with them.
Borrowed amount 950£
Balance they want 3900£ for 18 months,
I kindly ask you specifically with them ,I will pay all missed payments(950,2 paid)
Please, can you advice me what to do with them ,I authorised no win ,no fee company ,she put it complain affordability (they informed me ),but I saw here ombudsman goes up to 6 months.
Concrete ,what to speak and offer to them, as their insralnent is 195£ a month ,too much.
Help me ,please ,just don’t know what to do.
Thank you!
Florian
Sara (Debt Camel) says
the Ombudsman can take longer than 6 months.
Which company have you talked to?
Florian says
I engaged for unafordability claim (no win,no fee)
can’t give the name here ,and a private insolvency firm ,but now need to deal with Loan2go ,
only their robbery is the problem,
Can I offer them me to pay what I owed borrowed and to ask for 75 discount .
I haven’t wrote them personally unafordability complain ,the company for claim did.
Thank you.
Company for insolvency, or claim one.
MLSolvensy LTD and Alison Alcott.
Sara (Debt Camel) says
Now you are using a claims company you need to tell them what you want to do. They are the ones who will talk to Loans2Go
I think you should talk to StepChange about a debt management plan as I said before, not an insolvency firm..
Florian says
Thank you ,
I understand, but this company doesn’t look so concerned and they also are passing me speak to debt adviser, they care only about the claim, which can take ages.Do you think ,that I can refuse their services, no 9 days of signing ‘do I have right in 14 days to cancell this contract,as I am not happy with their services and competence?.I will do it right now (not sure if was stated, I owes them fee for writing one letter to lender).
So now ,what your advice willve if I act on my own ,please.I think ,that if I speak to StepChange, they will see I already was on breathing space, and I saved some cash to pay the principal amount I took from Loans2go, (950) ‘shall I pay it and send them affordability complaint (already paid them one loan 1500£ last year, but just can’t pay 3900£ for 950£,only my eye medicines are 150 £ a month in order to function after surgery ,(afraid ,that Stepcgange will say from 1 month and half you got 3000£ income,but exoences are 3135*not working partner ,take care about small child ,that’s why I am confused, git only one old car 200u to go work, no need of bailiffs.
Sorry for occupying you with my problems. JUST nobody to speak with.Red how you helped people .
God bless you!
Sara (Debt Camel) says
A complaint has been made to loans2Go. You need to wait for an answer.
All the time you see me talking to someone about what they might do it is because they have already got an answer and want to try to improve it or go to the ombudsman.
There is nothing you can do now except wait until Loans2Go reply, which will probably be 8 weeks after the complaint.
And talk to StepChange tomorrow! They will be helpful.
Florian says
Good evening,
Thank you so much ,that you give from your time to help.
Now is more clear.
Yes, I will speak to StepChange tommorow .
Extremely grateful to you.
Hope nobody experience what we went trough (unemployment, death of 2 parents,eye sickness (almost blind,need of emergency private surgery as NHS needs 2yrs.Hope nobody experience it Thank God for good friends who helped.
Thank you ,dear Sara.
Florian says
Dear Sara
I do apologize of being annoying ,just like to inform you ,that I cancelled services of claim company.
I will kindly ask you for your advice and won’t disturbing you.
I took one loan of 1000£ from Loans2go and pay it early in 2021 ,later got surgery no job ,took another in September 2021 950£,’principal amount ,for 18 months they want back 3900 interests and all ,Iwas in arrears I repayment small amounts as monthly instalment was 195€,then missed payment but before 3 days I pay it all 950£ I borriw it *the principal amount.
By mistake contacted insolvency and was 2 months in breathing place ,I got issues only with their crazy amount *have other loans but dealing)
First I was with claim company, but canselled their services and now I am asking you what to do.
To put complaint on my own *what about payments in those 8vweeks they have to answer?)
I will be extremely grateful if you answer me .
Thank you so much!
Sara (Debt Camel) says
I suggest you talk to StepChange about a debt management plan for all your debts.
Florian says
Thank you!
Shall I send the template to Loans2go on my behalf complaint as the other people here did?
Thank you!
Sara (Debt Camel) says
i think you need to talk to L2G about this – they may just carry on with your previous complaint and take the claims company off it. I really cant guess.
Florian says
Thanks, I am confused,they are the enemy so to say Loans2go
The claim company said ,that they will inform Loans2go, that they not going to represent me and they will let us Loans2go to know right away.I thought to use your template and do as the others here.
I have one loan 1000, fully early repaid to them and now this 950£.(which amount is paid).
On debt management plans no guarantee of protection from legal actions also weren’t they for people with houses,mortgage access,me don’t have.
Sara (Debt Camel) says
I have no idea if you need to make another complaint, L2G may simply proceed with the current one – this is a very rare situation and you need to ask them if you have to put in a complaint or not.
Florian says
Actually ,when I send it to their email wasn’t any confirmation they get it..
Yes might be rare ,but I don’t like the highly attitude and lock of any advice from claim company. That’s why decided to continue alone.
Sara (Debt Camel) says
I’m not saying you were wrong not to persevere with the claims company, I am just saying that I cannot guess if you need to send in a new complaint.
Florian says
Claim company has informed them and withdrawn complaint ,so I did mine and send it.Think that is the right thing to do ,can’t just sit and be robbed by greedy people who took advantage from desperate people.
Florian says
Hello ,actually this company ,I cancelled their service, contract, as they don’t act like someone concerned about my situation.I just did the template I found here to Loans2go, from my behalf ,as claim company already informed them ,that they aren’t in and no claim.
As I said I deal with my other loans, priority bils and the only problems are with Loans2go .
So I have send to the ema ,but was no confirmation they received ,so complaint was send to them.
Florian says
Hello xxxx
I apologize for bothering you.
I also made a complaint with the template ,Sara posted in article but I haven’t send any statements ,anything.,just send it the template with 3 sentences, that I already had paid back 1 loan to them and this second of 950 I have paid all amount borrowed, but no any other info from me.Also I added ,that I send complaint to the FOD ,so far any indication ,that they have red my email(sended 3 times)
Thank you!
Florian
Sara (Debt Camel) says
Florian you are asking a lot of people about their claims. But many people when they have won a claim will leave a happy comment and then not come back to this page.
Why haven’t you sent bank statements? Get them now for 3 months before the loan and three months afterwards and send them as an addition to your complaint. These prove the loan was unaffordable. They also show you are well organised and so are more likely to send your complaint to the Ombudsman.
Florian says
Also ,I did have paid after the loan and my statements 3 months after the loan won’t show up the difficulty it is afterwards ,I was in repayment with them ,also I said I have higher costs and hide it from them ,that I support people in my country ,but they could see it on credit checks, if they were done it, also I had already overdraft and other loans ,in bad credit so to say..
I apologize for annoying ,just in terrible stress as my Dad was diagnosed with very serious condition of heart and I cannot think and act properly have a wife and child to care for.
Sorry ,I apologize for annoying you ,but main problem debts are Loans2go no(with others I am dealing)
Apologies, Sara.
Not everyone is in perfect all the time and nobody insured to take stupid depiction.I appreciate very much support I receive here.
Sara (Debt Camel) says
If the bank statements before the loan and three months afterwards show that you had no difficulty in paying the loan and that your problems only happened later when your expenses went up, you may not win this complaint. “Affordability” is a test that is applied at the point the loan is given. A lender can’t be expected to guess that you will later have problems.
I am sorry but you clearly have a lot of expensive debt. It isn’t just this one horrible loan. I strongly suggest you talk to StepChange and get all of your debts included in a debt management plan. That will get you into a safe, less stressful place. Then winning any complaints can imporve your situation but you are already safe.
Florian says
Dear Sara ,
Thank you very much.
I looked the statements, they are all in minus ,and my credit score has been very bad at time of them lending me,also I took one loan from them and repay it fully in 1 month,and this one 950I pay at full the amount I borrow it ,because now I am in better job ,but not sure if seasonal ,so can’t pay insane interest.
If I can ask you to send you my statements o your email ,and of course I will pay for your competent opinion and time as I trusted company and people who mislead me.
Really need that help and will follow your advices.
Thank you so much for everything.
Sara (Debt Camel) says
I’m sorry but just send the statements to Loans2Go
Steve says
Hi, I have read your warnings about Loans2go, but 3 months too late unfortunately.
I took out a £1000 loan in March and only when I looked at my credit score did I realise I would be paying back £3,289 for a 18month loan, which in comparison to payday loans etc is way too much.
I am paying £205 per month and only have DWP benefits and PIP, plus small pension (£83pm) to pay this. I was seduced into accepting the loan because I was refused so many times by most lenders and now saddled with a debt that is preventing me further from getting another loan to settle it. The cost of living rises have made these payments unaffordable. Can I expect a reasonable reduction of interest after 3months payments if I ask L2G? The other point is my credit file still shows the total loan cost although 3 payments have been made. Is this expected?
Steve says
Sorry but I made a slight error in my comment. The Loans2go total debt was £3,700.08 in total so the credit file present total is correct and reflects the payments made. The main point is still that the interest rates and payments are excessive. What might have seduced me to applying was the mention of 15% monthly interest, which is confusing.
Sara (Debt Camel) says
That sounds very difficult to afford if you are on disability benefits.
Are you sure it was affordable at the start? A loan is only affordable if you can repay it and still be able to reapy your other debts, bills and living expenses. Few people on disability benefots with any other debts could afford to pay £205 a month for a new debt.
Can you say something about the rest of your financial situation – what other debts do you have? Are you behind with any bills?
Steve says
Hi Sara, thanks for the reply. To be honest I needed the loan to make up a shortfall towards equity release and needed 2K, but as Loans2go were the only company interested in helping I was pretty desperate to accept their offer. So not only was the loan insufficient it has cost me more than I could afford. I only have secured debts now as all previous payday loans and credit cards have been cleared but my credit file reflects the past defaults and issues I had 4to5 years ago. They were only interested in if my income reached 900 per month, and as my wife pays most of the household bills my outgoings were limited but of course food, and energy costs have risen exponentially in the last 3 months, so £205pm is now intolerable. You can’t put all the outgoings in the few boxes they request so according to their application I had funds left over but that in reality was not the case.
Sara (Debt Camel) says
ok so it sounds as though it was unaffordable when it was given. This is what you need to complain about, not the interest rate. And not the fact that rising prices means you now can’t afford it.
You also need to ask them for a payment arrangement to be able to repay the balance at a lower rate. Only offer what you can afford and ask them to nor add charges or additional interest – this will NOT remove the interest from the loan that was added at the start, only an affordability complaint will do that.
Steve says
Hi Sara.
I am going to complain using what you have said, but just one thing might deter me is that if I come to an arrangement with Loans2go, will it be classed as an IVA or similar and will it show up on my creditfile as some sort of debt management or IVA? I don’t want to affect my credit file too much as I am still in the processes of getting equity release and although the company seems not too concerned about past debt issues I don’t want something suddenly springing up as they make their final decisions.
Sara (Debt Camel) says
an arrangement will show as a payment arrangement on that one debt. Not an IVA which is a form of insolvency.
realistically if you can’t make the payments, what other option do you have? Borrowing to make these payments gets you even deeper into problems.
This equity release – I understood that this has been completed and your unsecured debts settled. Is this not the case? Can I ask how many of the debts you intend to settle are also high cost debts? Hav you considered whether making affordability complaints against them may be a better options than equity release?
Steve says
We are waiting for an offer from another lender for the equity release as the initial one, (which left us with a significant shortfall) was based on a valuation taken 5 months ago. The new lender seems much more of a reasonable illustration for the offer including most of the fees incurred so any shortfall will be minimal. There is only a mortgage, which has come to its term end and was interest only, with a remaining balance, and a secured loan. That is the main debt to be cleared, and anything else, apart from the Loans2go is insignificant. The two main debts have been running for 6 years with minimal payments and both have acted very reasonable towards us, but the mortgage needs clearing before further action is taken, and equity release was our only alternative so both debts needed to be cleared as the lender will only accept their charge on the property. Total debt to be cleared is 62K, and we have only been paying a total of £260 per month for 6 years, so anything less would have been unacceptable from our creditors.
The equity release gives us peace of mind, plus a period of 12months to consider how much, if any , we want to pay towards the new lender. We have had plenty of advice from independent advisors as to the agreement we will be entering, but the main point is what will be going forward will be on our terms, and the interest rate fixed forever.
Steve says
I have put an unaffordable claim in to them today as I have missed August’s payment due to lack of funds and hope that this is evidence I cannot afford to pay the loan. I still can’t believe I took out an 18month loan at those interest rates as I originally was seeking a 12 month to pay off old debt but accepted a lower amount and longer term in the end as that was all that was on offer. I gather there are a lot of people complaining to them and hope that the consensus from the Ombudsman is that the interest rates are extremely high. I will keep you informed.
Geoff says
Hi Sara
Since 2019 I’ve taken out 8 loans with Loans2go normally paying it off early to take out a higher amount. Over the 2/3 year period I have loaned principal £4,230 with total repayment of £7203.
I’ve got a shocking credit rating at the times of all the loans I had numerous other payday loans, klarna, overdrafts, small amounts on credit cards etc.
I’ve used your tool and complained for a response from l2g saying they don’t see any problems with 7/8 loans however 1 loan they agreed they could of potentially done more and therefore offered me a refund of £1053 do u think this is a good offer or should I go back and say I’m unhappy with the amount offered
Many thanks
Sara (Debt Camel) says
well it doesnt sound great, does it… Can you list the size of the loans in order, eg 300,300,400,450,400 etc
Do you have a current loan?
Sara (Debt Camel) says
Have you looked at complaints to any payday lenders you have used more than once? Any odd lenders such as Safetynet Credit or Drafty?
Tell me about your overdraft – how large is it? are you in it all or almost all of the month? has the limit been increased?
Geoff says
Hi
The loans ranged from
380
1300
950
250
400
250
300
400
I’ve been with numerous payday lenders and no there’s not any current loans my overdraft is £1500 and I’m upto the max every month and live in it.
Sara (Debt Camel) says
so the second loan was 1300? In that case the Ombudsman may well decide to refund all loans from that point. plus 8% statutury interest.
It’s up to you if you want to go back and say that offer isn’t acceptable, but you would be prepared to accept £x. If you want the maximum, you should just send the case to FOS now. But if you are happt to accept say “2250, then say that.
For complaints against payday lenders, see https://debtcamel.co.uk/payday-loan-refunds/
For overdraft complaints, see https://debtcamel.co.uk/get-refund-overdraft/
Geoff says
Yes the second loan was 1300. What do u think is a good figure to go back to them with? £2250?
Sara (Debt Camel) says
its really up to you what you think a fair compromise would be.
Geoff says
I don’t really have an idea? What’s the maximum u think I could receive from them? £1053 I thought was low seeming as the total interest was over 3k
Sara (Debt Camel) says
Well the maximum would be all interest which is just below 3k – £7203-£4,230 = £2,973 plus 8% interest which is hard to guess.
Geoff says
Ok so somewhere between 1053 and 3300 would seem better. Thanks il let u no how it goes
Angela says
Hi, I’ve had an adjudicator uphold my complaint with Loans 2 Go. I know they can still dispute this so just wondering if anyone has experience of them refusing to accept a decision at that level which means it then needs to wait for an ombudsman to look at it?
Adam says
Wish i had access to this info earlier, i’m at either paying £900 for a loan i didn’t need (£300) or paying it off.
despite me complaining to loans 2 go years go about the loan being unaffordable and i made the application in error they just passed it off to a collection agency, it’s not that i didn’t want to pay it back, i was struggling at the time, needed money for christmas presents for nieces and nephews and took out a £300 loan, i then got a bonus from work so let loans2go that i could return the £300, they refused, this was back mid december 2020.
now i’m stuck paying over £900 because i couldn’t afford to pay it regularly after losing my job.
Talia says
Hi Sara
I used your template on the 30th June (thank you) I struggled to pay back the loans to L2G they have not responded as yet, how long does the initial acknowledgement take?
Florian says
Hello Sara,
I’ve sent an complaint of my behalf using your template,my statements 3 months before taking the loan are showing ,hasn’t been an affordable loan (pay it back one 1000tobthem),U paid back the principal amount ,I borrowed)Donyou think they can send the debt collectors or issue an CCJ ,I told them ,my next step will be a complaint to FOS ,how do you think.
I have received confirmation about complaint.
Thanks
Sara (Debt Camel) says
As I have said before, there is nothing you can do now except wait until Loans2Go reply, which will probably be 8 weeks after the complaint.
You said you were going to speak to StepChange – have you done this?
Florian says
Dear Sara,
Thank you.
Yes ,I will wait of course.
But yesterday I red a comment of person here who made complaint and shared ,that Loans2go gave him on collection agency ,even on the complaint time
I will speak to Step change tommòrow when I am off, but worried to speak as now for 2 months my income is higher over 3000abd I manage to pay some arrears and also dud pay up to date the 3 of loans ,overdraft is ok as well.So my concern was if they say “You are on higher income(3000£) ,but for 2 months you can’t fix a year spent in surgeries ,hospitals, being unemployed ,I,want to make sure they will objective on my situation.Thank you.
Sara (Debt Camel) says
if you aren’t paying the Loans2Go debt then it’s likely they will send it to a debt collector.
StepChange will look at your current debts and income and what you can afford to repay now. Explain if you think the income is seasonal and when it is likely to reduce.
Florian says
Actually I paid off the principal amount and have one other loan paid to them as the most people here ,and some people during complaint haven’t paid anything and he stood firm to his point ,so why should they do stupid things to go to debt collector if you bring them to ombudsman, yes 6 months or more ,but once there us a complaint they will be charged 650£ fir complaint and there is a big possibility the ombudsman to judge a full refund,yes no logics in greedy people.(Ombudsman can huhe and the debt collection to stop and e.t c).
I am really confused but they landed unaffordable, with any credit check and nothing.
So let us continue to make legal “regulated” theirs rich yeah.
Have a lovely afternoon!
Sara (Debt Camel) says
There is no point in worrying about this. Talk to StepChange to get into a safe financial space and wait for L2G to reply.
Florian says
Dear Sara,
Thank you for everything you do for people.
Ok ,I will talk to StepChange .
Richard says
Hi. Firstly just want to say thank you for the advice and help this page as gave me. It’s worked wonders. Had to go to ombudsman. But they are upheld my complaint and now I’m just waiting for payout from loan 2 go. Secondly just wondered how long others waiting from this point to get there refund. Literally Loans to go have now closed my outstanding balance and I can no longer log in. And the information as been sent to the finance team from them to pay me. How long did people wait from this point. Are they quick or do they drag it out.
Thanks again
Angela says
Hi, have you heard from L2Go yet since ombudsman decision? I received an email on 14th July from adjudicator saying L2Go had accepted her findings and would be in touch re redress. Her email states they have 8 weeks to get in touch with me but hoping it’s a lot quicker than that.
Shirley says
Hi Sara,
Do you have any experience with credit spring?
They have refused my claim stating it was affordable. I can not access my reports showing it wasn’t. I also had a CCj in which they said they checked and it wasn’t there. It is, I have a screenshot of it on my account from 2018. Should I respond back to them or go to the FOS?
Sara (Debt Camel) says
I can not access my reports showing it wasn’t.
what reports can’t you access?
Also how long have you been borrowing from CS?
Shirley says
I can not access my historic credit reports on Experian or Equifax.
It has been since March 2021
Sara (Debt Camel) says
Realistically a CCJ in 2018 would not have been a bar to a bad credit lender giving a small loan in 2021.
Can you get your current credit reports?
Shirley says
Ah ok.
Yes I can access the last month- I’m not sure if this is because I’ve only recently joined Experian/equifax.
Sara (Debt Camel) says
That is all you need for an affordability complaint. It should show your credit history going back 6 years which is ample for a complaint about something that happened last year.
I haven’t seen many mentions of CS and I don’t remember anyone winning a case against them. But if you think the loan was clearly unaffordable then make the case.
Angela says
Hi, can anyone help out with timescales? Loans 2 go have accepted adjudicator decision upholding my complaint. Just wondering how long approximately L2Go take to advise of redress and payout? Thanks
Florian says
Dear Sara,
I have received a response, final from Loans2go
,of course they ignore the fact ,that the loan hasn’t been affordable, according to their “online tools for check of incomes”.My statements are showing I am on minus overdraft, minus other debt that time September 2021,and I have payed off them one debt at full(1000£),also I paid them the principal amount I borrowed 950£
And they are offering me to write off 50% like gesture of goodwill-they want me to pay them back 1129£ afforyour contractual instalments. Had there been any cause for balance, rather than having to factor the accrual of any , we are offering to reduce the interest on the active Loan Agreement by 50%. Current Balance: £2,412.04 Proposed Write Off Amount: £1,282.52 (50% of Total Interest) Proposed New Balance: £1,129.52 Please advise us if you are satisfied with the resolution provided and accept this as full and final settlement of the complaint within 14 days of this letter to ps@loans2go.co.uk s
Sorry for long write and post ,
What will be your advice to me in this situation(I sorted my other loans ,scheduled and no need of StepChange-after all is up to date now)
What to do with these loan mafia?
Thank you so much!
Sara (Debt Camel) says
The first loan – you borrowed 1000 and repaid how much? Then was there a gap before the second loan, or did the second loan settle the rest of the first loan?
You borrowed 950 for the second loan? How much have you paid to the second loan so far?
Florian says
Hello Sara,
First loan was 1000£ and paid off in 1 month -June 2021,the second one of 950£ was taken September 2021 ,and repaid 1103£(principal amount 950)
They are saying in their “final responce”
According to them the loan has been”
affordable”
How affordable one account with Bank statement of minus, -1500£ can be and other loans, yes I had them up to date (paid minimal paymenys”,but minus is a minus.
Sara (Debt Camel) says
ok so you can’t have paid much interest on the first loan. If you can reach a satisfactory agreement of the second loan, you probably don’t care about not getting a refund on the first loan. But if your case has to go to the Ombudsman, ask for a refund on both of them!
The second loan you borrowed 950 and have so far paid 1103 (correct? say if this is wrong)
If this loan was upheld as unaffordable by the Ombudsman the balance would be cleared and you would get a refund of £53.
Instead they are proposing that your balance should be reduced to £1129 (correct? say if this is wrong). Their offer seems very poor to me.
Loans2Go are sometimes prepared to negotiate on an offer. In a negotiation you won’t get everything you could get by going to the Ombudsman. What do you think would be a satisfactor offer:
– do you want the balance cleared?
– would you be happy if it was reduced to £250? £500?