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Mr Lender Says No


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Hi all

 

Hope you don't mind me posting but I've been inspired reading all of the stories on here to complain about past PDL's. I only complained to Mr L this morning and they have already replied stating that they have investigated and will not uphold my complaint.

 

My complaint was on the grounds that upon granting me my second loan, my credit file shows that I'd had 12 PDL's (in the space of 3 months).

 

Now, I want to forward this to the FOS but just want to check whether this is indeed a case of irresponsible lending or am I barking up the wrong tree!

 

Many thanks.

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IMHO yes

 

 

good case dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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I've complained to the FOS so will see if anything comes of it.P2P on the other hand have replied to one of my complaints again dening that they lent irresponsibly but that once I have settled my debt they will reconsider my request to remove the default that they placed on my file as a gesture of goodwill. I asked them to clarify that they would remove the default once settled but they have yet to respond (it was only last night). I'm not optimistic though.I am yet to hear from Payday UK.I don't mind waiting though :)

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yep, I've complained to Mr L and they too have said no, to refunding any charges and interest so have taken to FOS who now have a response from MR L so I am now waiting for a decision....mine being that of a similar position to you with various PDLs at the same time

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Katie, i wouldnt waste my time trying to negotiate over the credit file entries with payday lenders - they will use it as a bargaining chip and will agree to anything. Go direct to FOS and if ur complaint is upheld then typically they will remove all credit file entries relating to the unaffordable loans in order to put you back in the position you would have been if you had not taken the loan (including removal of default)

 

Check the following FOS decision as an example:

 

http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=86002

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  • 3 weeks later...
Oh good luck Neil - hope you get a result!

 

Hi Katie, I have had a response from FOS this morning and they have upheld my complaint on the basis that Mr L although they did check my crddit file Mr L didn't believe that they should have carried out any expenditure checks and FOS dissagreed with them....hoorah!!!

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That's fantastic, well done. Funnily enough I've just had an email from the adjudicator asking for info such as bank statements and a copy of my credit file. Is this normal procedure? They also want proof of my income at the time. Now, at the time I fibbed on my application, I was a student. Should I leave that bit out?. I don't want to flag up any possible fraud. Perhaps I should withdraw my complaint?

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That's fantastic, well done. Funnily enough I've just had an email from the adjudicator asking for info such as bank statements and a copy of my credit file. Is this normal procedure? They also want proof of my income at the time. Now, at the time I fibbed on my application, I was a student. Should I leave that bit out?. I don't want to flag up any possible fraud. Perhaps I should withdraw my complaint?

Yes that seems standard practice as I was asked for bank statements and credit file, but not asked for proof of income. I no longer use the bank accounts that were in use at the time I had the loans with Mr L so advised FOS and they went directly to the banks for the information they needed. Perhaps side step this issue a bit by saying you don't have any copies of your income but this would be visible on your bank account. That way you leave it up to FOS to determine what you were earning and don't drop yourself in it. And in anycase this just goes to prove that all they wanted was to lend to you as they should have noticed your income in some way by doing a credit check and as in my case didn't carry out expenditure checks.

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  • 3 weeks later...

Hi Neil apologies for the delay. Not such good news for me unfortunately. It has been ruled that MrL didn't lend to me irresponsibly due to the information that I provided on my application. A bit disappointed as I was in such a mess at the time but hey ho!

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Hi Neil apologies for the delay. Not such good news for me unfortunately. It has been ruled that MrL didn't lend to me irresponsibly due to the information that I provided on my application. A bit disappointed as I was in such a mess at the time but hey ho!

 

ok so what did FOS have to say exactly then. for what reason did they not find in favour?

 

an update on my complaint with FOS - they are now saying mr lender acted properly for the 1st loan but not the 2nd or 3rd, so I will be getting a refund for the last 2 loans and both removed from my CRA files.....this is part of what they had to say......

 

I appreciate Mr Lender have also obtained information about Mr X’s income and they believe they weren’t required to look at Mr X’s expenditure under the OFT guidance. However, they are required to do appropriate checks- and income without expenditure doesn’t give an accurate picture of affordability.

A high monthly income doesn’t indicate a person’s ability to repay a loan-as it could easily be offset by even greater monthly expenses. Had Mr Lender also asked for Mr X’s expenditure, they would’ve known how much disposable income he had and whether he could afford to make repayments.

It should’ve been clear to Mr Lender when providing the third loan on 1 March 2012 that it wasn’t affordable to Mr X. This is because, Mr X had other borrowing from payday lenders. He had taken out a loan with Active Securities on

29 December 2011, this was rolled over three times because Mr X couldn’t make the repayments. This should’ve been something Mr Lender picked up on from their credit search.

In addition, I can’t see Mr Lender has taken into account his previous payment history. This alone should’ve prompted increased checks.

 

this may help you dispute what FOS have to say and get a second opinion....worth a try....dont give up unless you have already esculated it with FOS.

 

 

did you have any rollovers with them, how many loans did you take

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Hi Neil apologies for the delay. Not such good news for me unfortunately. It has been ruled that MrL didn't lend to me irresponsibly due to the information that I provided on my application. A bit disappointed as I was in such a mess at the time but hey ho!

 

Escalate it to the ombudsman. Sounds like a bad adjudicator. The FOS is meant to look at everything. Not just the app. Otherwise you could put whatever you want.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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I had an initial loan that I paid pack, then another loan that I rolled over, then paid back and reloaned for a much higher amount. I then had to enter into a repayment plan. I don't know what to say to be honest, I feel a bit dejected and because I told them my income was X, just to get the loan, that's why they lent to me. The response is that basically it should have been my responsibility to tell them about my other loans.

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First part of response:

 

I’ve looked at the information you provided Mr Lender with when applying for your loans. The application form indicates to me that you filled in your monthly income as £1750. Based on what you’d filled in as your monthly expenditure, your disposable income was recorded as £1270. I also noticed that you hadn’t noted any other loans.

Mr Lender also provided with me with the information it saw when it carried out credit checks. Mr Lender made a decision to accept your loan applications based on several factors. From looking at your credit file, it noticed that you’d settled previous accounts in a satisfactory manner. It saw that you had a high credit score. It also noticed you had no account defaults within the last three years, as well as no evidence of IVA’s, CCJ’s or bankruptcies.

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thats not what FOS have said in my case....they are saying and I suggest you push these points that;

1) A high monthly income doesn’t indicate a person’s ability to repay a loan-as it could easily be offset by even greater monthly expenses. Had Mr Lender also asked for Mr X’s expenditure, they would’ve known how much disposable income he had and whether he could afford to make repayments.

2) they are required to do appropriate checks- and income without expenditure doesn’t give an accurate picture of affordability.

3) 29 December 2011, this was rolled over three times because Mr X couldn’t make the repayments. This should’ve been something Mr Lender picked up on from their credit search.

In addition, I can’t see Mr Lender has taken into account his previous payment history. This alone should’ve prompted increased checks.

 

seriously if you haven't already done it esculate your complaint higher with FOS. I would have thought that on the 3rd loan they should have been asking more questions and taking a deeper look at your dependency on these loans

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appreciate you’ve said Mr Lender didn’t carry out thorough affordability checks. You feel it should’ve noticed you’d received 12 short term loans in a very short period of time. However, in the section of the online application titled ‘other loans’, nothing was filled in. If you were experiencing financial difficulty at the time, it would’ve been your responsibility to inform Mr Lender. Based on the information you provided it with, and the information it saw when carrying out credit checks, I can’t see that Mr Lender has lent to you irresponsibly.

I understand you feel Mr Lender caused you further financial hardship. I’ve looked at the emails you forwarded to me. You informed Mr Lender on 15 July 2014 that you were experiencing financial difficulty. The following day, Mr Lender offered you a repayment plan of £32.50 per week. I think this was a fair and reasonable response to your financial situation.

I also noticed you missed a payment on 5 September 2014. You’d informed Mr Lender that this was due to a change in your employment, meaning you were unable to make weekly payments. Your account was then placed back to Overdue Status on 9 September 2014. Your repayment plan was cancelled and your account was no longer frozen. Interest then began to accumulate on your outstanding loan.

You then requested a new repayment plan on 11 September 2014, and for interest and charges to be removed. From the list of transactions Mr Lender has sent me, I can see that a new repayment plan was set up. I can also see that the interest and charges you received were then credited to your account as a discount on 13 November 2014. Your loan was paid off in full on this date.

I therefore won’t be asking Mr Lender to refund you interest and charges. Based on the information you filled in on the applications forms, and what Mr Lender saw when it carried out credit checks, I can’t see that you have been irresponsibly lent to. I also don’t see it as reasonable to offer you compensation as I feel Mr Lender has acted fairly and reasonably in assisting you to pay off your loans.

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something else FOS said on my complaint which may be usefull....

Mr Lender carried out credit searches before they provided each loan to Mr X. From just looking at these searches and Mr X’s credit file it would appear the loans provided in May 2011 and September 2011 were affordable as there were no defaults or lots of other borrowing from payday lenders. However, I don’t think a credit search alone is enough to make an assessment on affordability.

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Thanks Neil I just don't know where to go really. He said if I didn't agree then to let him know and he'll look at any new evidence. I don't have any new evidence though, I sent him everything I have.

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I think asking for compensation is wrong....its best to stick to the main problem...the loan was unafordable ...so the best you should be asking is that all loan charges, default fees are refunded and that this loan is removed from your CRA files.

 

Hopefully someone else on here can help you with the more technical aspects. but going on the response for my complaint, there are similarities (although FOS say they take each case seperately) maybe you should take another approach using the info I have now given you

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did you increase you loan size each time? how many loans did you take. was it just the 2? - you say you had numerous PDL's when you took the second loan, the main point here is how many did you have before you took the 2nd loan....these need to be montths prior to the 2nd loan to allow time for them to appear on your CRA and any defaults on any of them? Also at the time your bank details should have been available on your CRA files, what would it have shown the balance to have been at that time?

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1st one was March 2014. For £150, I rolled over on 14/04 for £52.50. I had loans with P2P, wonga and PDUK prior. I then rolled over again 2/05 and paid £59.50. I then settled in full on the 5th May.

 

I reloaned on 21/5 for £400. I rolled this over on 6/6/14 and paid £120.

 

I then owed £520 and set up a repayment plan. To be honest I'd forgotten about the first roll overs until I just looked. That might be an indicator that I was struggling?

 

My bank account at the time was £3000 over drawn. Even if all the PDLs weren't showing on my credit file, I'm guessing at least half of them would be.

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